Trying to help my Mom with retirement
Hey all - I love this community. I am in my 20s but my mother is 52. My interest in this sub got me talking to my divorced and single mother about her plans. She showed me her Fidelity 401k. It had some good options but she had her money split between a high fee blend fund and a money market account (not sure why and she isn’t either). It is worth about $500k, which is great. She wants to retire at 62 or 65 and will have social security and a small pension (2000 a month nominal). We talked Bogle philosophy and I think I have her convinced to change things up.
I am suggesting changing her investment and allocations to this:
FXAIX -50 FSMAX -15 FSPSX -15 20 VANG BOND
Is this the right mix for her stage in life? I figure she can glide the bonds to 30 or 40 by retirement.
She earns $115k a year and is allocating 15 percent including employer match. I also talked her into setting up a talk with a fiduciary planner, who I hope backs the Boglehead way. She got the house in the divorce and it’s paid off and worth about 400k. Has $30k in credit card debt from paying the lawyer and replacing AC.
I think she is doing better than I expected but I really want to help her because she has always helped me. Thanks for any advice!