What to do with $17k?
Hi all!
I’ll keep this short and sweet. So my mom lent a friend $17,000 recently and he has just paid her back in cash. We’re trying to find a way to allocate the money into investments and are trying to do so with avoiding as many tax penalties as possible.
We’ve already decided that she will open and max out a Roth IRA (she’s 68), but we don’t know where to put the rest. Is this the right move? Can you recommend anything else?
For context we are in New York, she already has a 401k which she doesn’t take withdrawals from from her previous employer. She also gets about 26k in social security income yearly.
TIA