Hi all, here's the situation: My mother just passed somewhat unexpectedly, and my dad is talking about working 1 more year and then retiring. Mom took care of everything financial so we're trying to understand/help him understand options.
-He's 73, with a living mother (that he supports)
-SS income of $2k/mo
-$250k in mutual funds, not a retirement account
-Owns a house outright that his 94yo mother lives in
-Lives in a house worth ~$350k, owes $130k on it
-Has about $50k in 'toys' that represent his hobby and honestly what will keep him happy/healthy/sane in the coming years, though some of that could be sold without impacting his fun too much
Current monthly expenses are north of $4k, but that's maintaining 2 homes and there's plenty of fat there (lawn svc, pool svc, etc).
I have considered an immediate annuity, would cost $155k and bring in $1k/mo, leaving ~90k for emergencies/early years.
Also familiar with the "4% rule" and bucket system, but those seem more complicated than fixed income and don't deal with longevity risk.
I guess I'm looking for things to research. I'm decent with my own retirement planning but at half his age it's all theoretical to me. I would like to know what people think so I can learn more and then hopefully meet with a CFP (fiduciary!) before he makes any moves.
I appreciate any advice you could offer. This is suddenly very real and I don't want to lead him down the wrong path.
Submitted May 17, 2018 at 09:30PM by namesogibberish https://ift.tt/2KzYrVk
