My dad recently retired and is asking me for some help to earn money on his payout. I gave him some ideas but I would like to see what the community thinks.
60 yo
Pension income: ~$65k
Mother earns 43k but is going to retire in 2-3 years with only 10k in retirement assets currently, so she is dependent on his income.
Investable assets: ~$300k currently in a stable value fund earning 2% interest.
I will note that he wants some of this money for his toy purchases (boat, RV, jet ski, sports car made it there) so not all of it is available for investments nor is it all needed for retirement due to his pension, however, he doesn't get life adjustment increases to the pension.
He said he is comfortable putting 100k in the market and he won't need it for 10 years. I suggested a "bucket" style structure or even just buying into a 2020 target date fund. He is super conservative and is worried about losing his retirement assets (pulled out money from his 401k like option to stable value fund before October dip validating his assumptions, then I told him how great the run has been since December). I'm willing to do the work for him on it but I dont want the blame if markets drop and he pulls it out either. I can be clear with him on that.
He asked also if he should consider a financial advisor, to which I said it was fine as long as he goes to a fee-only fiduciary advisor.
Any thoughts are appreciated.