No. of Recommendations: 3
As for couch potato rebalancing--they prefer something like a Wellington/Wellesley fund where the company takes care of it. All they want is $$ arriving in their checking account every year (or month or quarter). ... A lot of people would be happier with a pension where $$ arrives like paychecks, if smaller.

I'll probably get lambasted for this, but it sounds to me like you're describing an annuity. Specifically, a Single Premium Immediate Annuity (SPIA). They're not my favorite choice, but they have their place, and this might be it.

Turn the money over to the insurance company, and they send a check every month/quarter/year for life. Given the health issues, I'd go with an annuity that pays for their joint lifetimes - so the payments continue until the second one passes away. And it might be worthwhile to look into some inflation adjustments.

An alternate way to get the inflation adjustments is to buy an annuity now with only part of their money. Then buy another in a few years. Their shorter actuarial life span would generate higher monthly payments then.

If they didn't want to leave any estate, they could put everything into annuities. (They'd need separate annuities for the after tax, traditional IRAs, and Roth IRAs. So that could be as many as 5.)

I don't know if that would provide the monthly income they need/want. But it's at least something to check out.

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