Q: My father (89 years old) has sold his home and moving into an "over 55" facility near me. He lives on social security, plus some distributions from some prior investments (currently worth about $70,000). That covered all his expenses (his home was mortgage free).
He has just sold his home, and will have about $100,000 in proceeds at closing from the sale. When I asked own investment adviser what my dad should do with the 100,000, he was reluctant to offer more than "put it in the bank". My dad will need to withdraw from these funds monthly, probably a few hundred $ per month to meet anticipated expenses.
At the age of 89, seems the SEC takes a critical look at advisers investing money for people of that age. I should add my father is in very good health, given he is 89.
So, keeping my dad's money in an interest bearing account is unappealing to him, (and me, tho I understand that may be the wise choice). He is keen to invest it somehow, but is less than a novice in that area.
My main questions are these:
Should his money be invested at all? Should it sit in a savings account in a bank?
Or, in spite of his age, would the risk of owning a solid dividend paying stock(s) be worth the extra income?
He has just sold his home, and will have about $100,000 in proceeds at closing from the sale. When I asked own investment adviser what my dad should do with the 100,000, he was reluctant to offer more than "put it in the bank". My dad will need to withdraw from these funds monthly, probably a few hundred $ per month to meet anticipated expenses.
At the age of 89, seems the SEC takes a critical look at advisers investing money for people of that age. I should add my father is in very good health, given he is 89.
So, keeping my dad's money in an interest bearing account is unappealing to him, (and me, tho I understand that may be the wise choice). He is keen to invest it somehow, but is less than a novice in that area.
My main questions are these:
Should his money be invested at all? Should it sit in a savings account in a bank?
Or, in spite of his age, would the risk of owning a solid dividend paying stock(s) be worth the extra income?
