[scho63]

Originally Posted by arrowheadnation

Everytime I see this thread get bumped to the top I think, "I'm going to ask if anyone might have advice for my dad." and I never do....until today.

I'll try to avoid writing a book as best as possible. My dad is a 67 year old widower. He worked as a manual laborer at a cattle feedlot all of his life so no 401K, no retirement, nothing. He still works there, but is planning to retire in the next couple months. He gets social security and his rent (which has not moved since the 1980's is still $125/mo.) So his monthly bills/obligations are not too big. He doesn't tell me a whole lot about his financial situation, just bits and pieces here and there. I do know he has a modest savings (probably in the mid five figures) that he believes will "get him bye until he dies." He currently has a pretty large chunk of that savings "in the stock market." I believe this is actually in some sort of an IRA with Edward Jones. My question for those on here is: his Edward Jones rep told him he could pull his money out and put it into an annuity where he would get a check for roughly $300/mo. for the remainder of his life, but after death, that money is gone. I wanted to see if this was correct and if there were better options for him. He keeps telling me he's going to "get his money out of the stock market," but each time he meets with Edward Jones, they talk him out of it. I know my question isn't clear, but I guess I'm just looking for recommendations from people who have been there or have some knowledge in this area. Thanks in advance. Sorry, I tried to keep it short.

Paragraphs are your friend........