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At age 64 and in good health, her life expectancy is probably at least another 20+ years. She should still have some growth investments in her portfolio. Unless she will need more income presently than her annuities provide AND you think there is no future in technology, why unload all her tech investments? Sure they may be more volatile, but if she's in "blue chip" tech investments for the long term (that is, she won't be needing to sell off her portfolio piecemeal to meet living expenses), then she would probably do well to retain a portion of her tech investments. The "tax efficient growth mutual funds", while more diversified, are going to have a significant percentage of their assets in tech anyhow, and their is nothing more tax efficient than an appreciating portfolio of individual tech stocks (no distributions or tax on appreciation until YOU decide to sell).
And unless she plans on a part time job in retirement, she won't be able to fund a Roth IRA, as it must be funded with earned income.
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