....help the clueless like me ...Since you asked the question you have got a clue, you just don't know what the answer is.One option for the "clueless" would be to use the targeted retirement funds where they try to select an asset allocation of several mutual funds that is appropriate for someone retiring in 2025, 2030, etc. Fidelity calls theirs "freedom funds" like the "freedom fund 2030". Fidelity's expense ratios on these funds are a bit higher than would be best but not too outrageous. An alternative would be to move the account to Vanguard to get lower expenses One thing to look at is the composition of the assets in these funds and then select either an earlier or later dated based on the rest of you situation. For example if you will retire in 2030 and you already have some stocks in a different account, then you might want less stocks in your IRA so you could buy the 2025 or 2020 fund Since this money came for a 403 I would assume that it is now in an IRA. There are tax issues with these types of targeted funds which makes them best in accounts like IRA's and not a taxable account.There are some other pros and cons but overall they are an OK. You might be able to learn and handle a few other simple way to tweak your portfolio to slightly improve on this but sometimes keeping it simple has a lot of advantages. You might be are able to do something a bit more complicated now but by the time you are 70 or 80 you might be prone to making mistakes which is a common problem. Just having one targeted retirement fund would help avoid age related mistakes.
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