I wrote: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?You wrote:What are his needs and how much does he have? What is his life expenctance?My reply:Dad needs an income of about $2,000 per month, plus an additional $20,000 per year for taxes. The rest of his income is covered by other income sources.He has about $300,000 in his portfolio.He will probably live for another ten years. If the money runs out, he has two daughters who will be able to financially support him. But we'd like to see the money last as long as he does.
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