🔺 r/personalfinanceuyagottagetouttathere·41 days ago
Dad with no savings or retirement inheriting 35,000 - how to make it last?
Hi all, I've looked through some of the wikis and perused the Boglehead articles a bit, but I'd like to get some more opinions or insights. My grandma passed and my dad will be getting around $35,000 from her estate. My dad is 65, has no savings, no retirement, and will likely not draw very much from social security (if anything) at all when he decides to take it. He has no debts either. He rents. Is there a way to make this money last for him for a little while? I know it's not a huge amount, but it's more than he's ever had at once and it's not nothing. I was thinking maybe paying for 6 months of rent and putting the rest into a CD or a HYSA. But is there something more we could do? Thanks in advance Edit to add - thanks all for the good ideas. Adding a few more notes - my dad does work, but it's intermittent and unpredictable and his body is in rough shape. It's more of a barter situation most of the time. I'll get him set up with the Social Security website. Also, as an aside - he has asked for my help with this. I'm just gathering information and opinions to give to him. I won't have (and don't want) a final say what to do with this money. I follow the Personal Finance flow sh…