My parent is retiring in the next few months. They have no private pension at all, but own a house outright and are in the process of downsizing which should leave them with at least 200k in cash (but probably not much more).
We've worked out that an extra 200-250 euro p/w on top of the state pension should be enough to live on. The 200k would last about 15 years if rationed out like this (parent is 70 now).
So questions are:
Is there some mechanism or way to put the money away and just pay out per week almost like a salary into their current account?
Would it make sense to try and invest a chunk of it? E.g. invest 100-150k in something relatively safe to try and grow it a bit as we go along? Any recommendations for this? I know stuff like Zurich products exist and I think they have high fees but convenience might be a big factor here as well. Is it possible to do this with a lump sum as well rather than with monthly contributions?