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You can get an immediate annuity for your father that pays $500/month for an up-front cost in the $50,000 - $60,000 range. It would pay out that same amount for the rest of his life. There are riders available (payout period guaranteed at least ___ years regardless of annuitant's lifespan, payments increase __% annually, payments increase at rate of inflation) for an additional cost, but those depend on the annuity broker and insurer.

Or you could put some money into TIPS or other inflation-indexed securities and other money into an immediate annuity.
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