<prompt> Human: Recently my parents asked me what they can do with roughly 2 million dollars if they sell the family business. They dont have a traditional retirement and have been self employed their entire lives. I didnt know the answer to this question or how to even begin. Im sorry if this isnt the appropriate sub.Basically what are some possibilities or places to look for what they can do with that money to ensure a decent enough return for the rest of their lives? Is that even possible or would you need more to live off of? Assistant: Is that even possible or would you need more to live off of?It depends on their expenses, as does any question along the lines of do I have enough...? A conservatively allocated lazy portfolio is a good way to hold assets during the years leading up to or in retirement. They should also be contributing to a tax-advantaged plan like an IRA and paying down high interest debt.Please read the information found in the FAQ particularly I Have X ... What Do I Do With It?! You may find Your IRA and You: Basic InformationHuman: Thank you. Would an IRA be worth it at their age though? With a contribution cap would they really net much of a return when theyre already at retirement age?  <response>: This Vanguard Fund is aimed at people like your parents: Weve got this big chunk of change, how do we invest it wisely while we live off of it?This fund pays out roughly 4 of principal every year in monthly payments, recalculated annually. You keep control of the money.Another alternative is an immediate annuity, which is kind of like reverse life insurance. You hand over a lump sum of money to the insurance company, they in turn pay you a fixed amount per month for the rest of your life. Upside? This will likely get them more income per month than the Vanguard Fund. Downside? When you hand over the money to the insurance company, that money is gone - it is essentially an irrevocable paid-up income insurance. 