So my father recently sold one of his businesses, and he is due to get the remaining balance of about 500k in October for the final payment. He is 61, and needs to use that money to provide income for the rest of his life. Needless to say he has never had that much liquid cash at any point, his money has always been tied up in something or the other.
At my age I really don't know much about investing for income/cash flow now or investing at that age, so what options should he consider? We are going to lean to the more safe choices, at this point of his life he isn't going to do anything too risky. Just wants steady and stable cash flow.
I told him he gives it to me I'll make him 30% every year but he won't go for that unfortunately