<prompt> Human: My parents are retired teachers and have run out of money. They just sold their house and are about to move in with me while they look for a downsized home. Their plan is to use the money from the sale to pay cash for a home near us, and hopefully still have 50k left in the bank. Then... see where life takes them. I think this plan seems precarious, at best. Im scared theyll be right back in the same position in a couple years if I dont help them to get a better handle on their future, but I dont know what to recommend or where to look for guidance. Theyre mid 60s in age, so theres plenty of years left to account for. What do we need to do? EDIT: Many helpful comments - thanks! I agree that theyve got to go back to work. Is it generally agreed that paying cash for a modest home is the best use for their money from the sale of their previous home? Assistant: I think they should look to rent. Why buy a home when they know it leaves them with few options afterwards.Human: short term, makes sense. but 30 years of rent is GREATLY more expensive than buying a house outright. Assistant: Is it always greatly more expensive? Most likely, theyll buy a home built in the 70s, since thats whats available in our area for their budget. Inevitably, there will be maintenence needed on the home throughout the years that could be costly.  <response>: Why would they rent a whole hous when they clearly cant afford that. A one bedroom apartment should be much cheaper 