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In my opinion, they need to be comfortable with whatever they do.

This is the bottom line.

I have a somewhat similar situation with my 70-something mother, who holds what I consider to be an inordinate amount of money in a money market fund. She also holds some equities and mutual funds, but is "nervous" about them.

Thus, even though, were it mine, I might move a good portion of that money market fund money into equities, I'm certainly not going to advise her to do it.

I'd just as soon she sleep at night.
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