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My father needs to withdraw interest or dividend income per month. He's hoping for around ~500/month. Keeping up with inflation with a top priority. Also he's 70, so-so health, we've discussed his living another ten years or so.

With today's medicine, there is a reasonable chance that he will live 20 years. A good plan to meet the 6% withdrawal rate with some inflation protection would be to mix equal parts an immediate fixed
life annuity yielding over 9%, a REIT Fund yielding over 6%, and TIPS yielding 3 1/8%. Adding a value stock index fund would lower yield slightly but might juice returns.

Also, Spending on the term life insurance policy seems like a waste of resources.
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