Retirement Income Question
They are an elderly couple (66 and 65), my neighbours here in Toronto. They have their own house which is paid off. They are immigrants, they've been here 40+yrs. They were working random jobs - cleaning jobs, cash jobs, labour work etc. Enough to say, no RRSP, no company pensions, or CPP or anything like that. They were working regularly until Covid hit, last year. Haven't been able to find to work since. They've told me that they are too old to do any more labour work and I think they are set on trying to retire asap.
Expenses: luckily they don't have any rent or mortgage to worry about. Besides regular expenses like property taxes, gas, utilities, phone/internet etc. maybe some regular maintenance.
They don't take vacations or travel so no expenses there.
Savings: they have about 75k in just a savings account.
My question is: I want to suggest a monthly income fund/place to put their 75k so they have some income they can count on. What is the best place for them to invest or put their savings so they can maximize their monthly income. And since they wont' be working they would need it in a stable place (not something risky but also max return monthly for their regular expenses)