Omega
Recycles dryer sheets
Take the lump sum and roll it into an IRA at Vanguard. Invest the ~$400k in Wellseley Income Fund. Set up an automatic monthly redemption for $3,000/month from the IRA to his checking account.
Then move on to more important things in life like getting a handle on health issues, family, etc.
Wellesley is quick and easy, but it could be STAR fund or a combination. Life Strategy Moderate Growth would not be a bad option either.
If $3,000/month is going to be bad from an ACA perspective then he can shave it down as necessary to optimize ACA given his spending needs.
Thank you!!! This is exactly the kind of info I was hoping to get from the FP (or this forum!). He has no idea about what fund to invest in once he gets the money. And to be fair, he has to take some responsibility for not being more clear with the FP. He should have just asked to for that kind of advice specifically for a fee.
Do you think he is better taking the lump vs just keeping the monthly pension?
Thanks