My dad is 59 years old, has a great paying government job and has no plans to retire. He loves his job and wants to work until he dies. Subsequently, he has never really planned for retirement. He has some funds in his 401k but the majority of his money (around $400k) he tends to hoard in a savings account because he sees it as being more liquid as opposed to having his money “tied up” in investments.
I have tried explaining to him numerous times that he needs to put his money to work so it can earn some interest as opposed to it just sitting there. But I am no pro at investing. What would be the best advice for next steps? Ideally I think he would benefit from a “set it and forget it” type approach where he can dump his funds and watch them grow over the course of the next 10-15 years. Assuming an average annual return of 6%, I think he can make some decent gains. But again, I am no pro - my best guess for him would be Vanguard ETFs. Or is this amount worth looking into a fiduciary?
Thanks in advance.