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About those index funds: they return well, on average, but with some down years expected. Would your parents be OK with fluctuation in the value of their investment? If not, those utility stocks look, well, useful.

On the plus side, your parents' advanced age makes their safe withdrawal rate higher than younger retirees'. It's likely they could take out 7% or more of their investment per year, and not exhaust their capital too soon. Again, there's a comfort issue to deal with. I suggested to my father, age 78, that he could reasonably plan to exhaust his savings over the next 20 years. He had visions of being 98 and broke, and didn't go for it. Can't say I blame him.
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