If you took all the cash, he could get an immediate annuity paying $200,000 per year. That's not inflation protected, so you wouldn't want him to spend all of it. On the other hand, if you know how to target for yourself at age 66, why is your father different? Are you worried he'll blow it, or are you worried he'll leave too much in cash, or are you worried he'll freak out at losses at the wrong time?