Best Online Brokerage for Retirees?

Discussion in 'Retail Brokers' started by esmonkey, Aug 4, 2010.

  1. esmonkey


    Surely this is off-topic, so I apologize in advance. I'm a short-term futures trader and make my living as such. Like a lot of you, I have no clue about retirement planning, long-term investing, or any individual stocks.

    Anyways this is about my parents, who know exactly what I do, yet still somehow manage to ask how my portfolio is They have to take some money out of a 401K very soon and are asking my advice. Yikes! Knowing their financial condition and their hinting on wanting to keep a lot of it in cash, I want to suggest on online brokerage where they can buy bonds, etfs, cd's and keep a bunch in cash.

    So any advice on the most solid brokerages or other alternatives is very much appreciated...happy trading all!
  2. What do you mean by "They have to take some money out of a 401K very soon"? Are they over the age of 70.5?

    Why the desire for a lot of cash?

    Why not roll the whole 401K into a self directed IRA?

    Schwab and Fidelity are good for retiree investor types. IB is good for retiree trader types.