<prompt> Human: My mother is being laid off from her job in August and she doesnt know what to do. She went to see her Edward Jones advisor to figure out a plan. She says he tried to sell her an annuity. Im not sure why.Here her specifics.She turns 62 in FebruaryShe has about 120k saved in an IRA with Edward Jones. She told me that it is invested in a moderate growth investment, but she couldnt give me any details.The social security site said she would receive the following depending on when she starts drawing it.Age 621,071.00Age 661,425.00She thinks she can live off 1kmonth. Her current salary is only 12kyear. She gave her house to my sister and is living rent free. She currently watches my two kids one day a week for which I give her about 50week to cover any of her expenses however, I could afford to give her more. If she doesnt have to work anymore, that would be opportune.Any help would be greatly appreciated.  <response>: Hey, just fyi, if shes in good health it would be immensely important for her to not draw on social security until 3 years after her full retirement age. For us youngins, our full retirement age is 67. We can retire at 62 with a 30 penalty i.e. 70 of the full benefit or retire up to three years later at 70 with a 24 benefit i.e. 124 of the full benefit. If she is in good health, waiting is really, really important. I actually put together a calculator that includes social security not too long ago, if you want to play with it The bad news is that 120k is not a lot. The good news is that she was making 12k per year, and was okay with that. What do you mean she gave her house. Did she give her house? Did she sign over the deed? Did your sister have to pay taxes on it? Why on earth would she give her house away? This sounds more like poor money management to me than anything else. Shes 62 for spaghettis sake, not 92. How much would a teenage babysitter cost you? Please pay your mother at least that much. She will likely not ask you for that amount, as she will feel its rude. Dont be rude and undervalue her contribution. Are you paying her above minimum wage? I dont want to make you feel super guilty, just somewhat guilty.Does she have any savings outside of her IRA?What is her health insurance situation once she is laid off? How much will COBRA cost? From my experience, COBRA will bankrupt her.Is your dad in the picture? Are they still married? She may be able to claim spousal social security retirement benefits, then get her own benefits at age 70. 