<prompt> Human: Looking for advice for my parents who are to retire in the next year or so. My parents are great and loving people but bless them they no nothing about money. They had no idea what a RRSP or TFSA were till tonight. They have no investment profile. I have changed my own life by spending countless hours in books on investments but I have only read for my situation and not for my parents. So they are 65. Mom is already retired she never really worked much bc she raised me and Dad will retire in about a year. They own a house worth 500,000 and have 100,000 to pay off still. They have 10,000 sitting in a savings account 1 interest, bless themMy dad will have a good pension and should be able to afford most there bills for now but Im worried as inflation does its thing his pension will not cover it. So what can they do? First off Im teaching them about a TFSA and telling them to put their 10,000 into that. But is it to late for stocks. Is it to risky for them to invest index style. Should they only been in bonds and GIC. Looking for any and all options for my aging parents as I want them to live the best life they can. Also I know the obvious option of sell their house and move to a small town for cheaper life. Lets pretend thats not an option.  <response>: 10,000 is not a sum of money that will ever amount to anything significant during their lifetime. Even if they get lucky and achieve a doubling every seven years this is a really high rate of return, they might have four doubles in them. 160k, if they never took a cent out until they were 90. At a safe withdrawal rate, thats like 300 per month after taxes. And again, not until theyre 90 and assuming their investments really outperform. Youre a good child for wanting to help them. Teach them how to budget and get some answers on the pension increase. Keep the 10k in savings as an emergency fund. Downsize the house if that makes sense, to free up some equity. 