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My dad, now 73, was diagnosed with Alzheimer's Disease about three years ago. It's been my job ever since to make sure his money lasts as long as he does, and that there's some left over for inheritance. But until now I've just stuck my head in the sand and let his Merrill Lynch broker continue to make all the decisions.

Now that I have pulled my head out, I want to make sure there's no changes that should be made to ensure the money is as productive and safe as possible.

Right now the money is invested in 50% "mutual funds - equity" and 50% "mutual funds - fixed income." Does that generally sound like an appropriate game plan? I have my own retirement money invested in S&P 500, but maybe that kind of strategy is too volatile for a retiree? Are some mutual funds (equity/fixed income) significantly better than others? How to pick the best ones?
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