I need to get my dad set up for retirement. We're going to see a CFA on Thursday, but I wanted to get some information going into the meeting. His financial situation is thus: He receives around $1000/month in social security disability payments and $9,000/year in cash rent for farmland he owns. He is also on medicaid. He owns his home and has no outstanding debts. He recently sold a home and is sitting on $180k in cash, mostly from the sale, in the local bank (before this year's income tax on the proceeds!!). There is also a chance he may need to pay back some SSDI funds in the future, maybe ~30k but I'm unsure. The farm land he owns is valuable and I would like to have it remain in the family if possible.
My main concern is that his current monetary assets are enough to keep him taken care of as he ages. How should we invest them? I can see him being tempted by an annuity because he is quite risk averse, but I was thinking about some of the money in a Betterment smart saver account and the rest in a Betterment personal investment retirement account.
What am I missing? What else should we be considering?
EDIT: Typo, he gets about $23k/year pretax.
Submitted January 14, 2019 at 12:17PM by jonelson80 http://bit.ly/2AM7Bvv
