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Earning Interest - Not Spending Principal
My father is going to be retiring in the near future with about 1 million dollars from company profit sharing. He mentioned rolling it into an investment firm for investing. He wants to try and obtain a guaranteed interest rate to have an income stream through retirement. I dont like the idea of going into an investment firm without some ideas already planned out.
I know he would like to get 5% a year on his money without touching the principal.
1. What kind of strategies should be employed here?
2. Is there any kind of vehicle that provides a guaranteed 5% a year on your money without touching the principal?
3. There is not much room for a lot of risk here, this is his only nest-egg. He needs an income stream off of it without losing principal.
Any suggestions would be greatly appreciated!
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