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Greetings, Duquince, and welcome. You asked:

<<Can anyone suggest proper portfolio allocation for a 58-year-old retired FIT with about $600,000 to invest. It's currently with an advisor who charges 1.25% and has averaged about 21% gain after 1994. I take about $20,000 annually from earnings.>>

There are many theories as to the "appropriate" allocation for those already retired. I personally don't want any money I know I will spend within five years in the stock market, but I want 100% of that which won't be used for five or more years in stock.

Phil aka slwjpw and Zev aka zgriner gave you their takes. You can find more in the 23 posts on this board starting at http://boards.fool.com/registered/Message.asp?id=1040013000079000&sort=postdate . The bottom line is it all rests with your comfort level and your need. One thing for sure -- Were I you, I would certainly try to avoid using a service that costs me 1.25% per year unless I was totally uncomfortable with doing the investing on my own.

Regards….Pixy
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