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My parents recently inherited 100 K (CAD), and want to use this money to supplement their income over the next 7 years until my dad can retire at 65 and he starts collecting his pension. The reason is that my dad recently had lymphoma, and so he is slowing down in terms work (he's an auto mechanic), and so my mom would like him to have the option of not working, and just use her income (about 24 K or something) plus this 100 K until their retirement stuff kicks in when he's 65 in 7 years. They would like to take about 1 K a month out of this 100 K pot over the next 7 years (84 K), and the question is: how should this be invested? The snake oil salesmen at their bank want them to put it into some highly-managed fund so that they can make maximum profit off of it, but I doubt that's the best option. Suggestions?
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May 22, 2014 03:18
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| # ¿ May 14, 2024 18:06 |
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