Mom passed away so we are trying to help my 76 year old father with finances. He has plenty in retirement fund (1M+), money in several different moneymarket/cd accounts (500k or so) and another 500k in a bank account. Since mom passed his pension doubled, so he is collecting around 20k or so a month, when it was around 10k. Even the 10k was way too much for him to spend.
He wont buy ANYTHING, new car etc - we have tried. House and vacation house are paid off, no debt on anything. What is the best way to utilize the money sitting in a savings account and the new 120k a year he is getting? He says the money is mine and my sister's and we are able to take half of the bank account and invest if we wish/propose ideas for the extra money he is getting monthly. I was thinking taking some a putting it into just a vanguard with mine and his name on it (100k or so). Wife and I are having a baby, so another 100k in a 529? I just don't want to screw this up.
original posted by Inevitable_Tap_1419 to r/personalfinance on Thu, 29 Feb 2024 21:29:00 GMT.