"You need to check on how much is in stocks and how much is in bonds right now".

Of the $800,000 (all of the money the bank manages for her) 55% is stock funds and 45% bond funds. I don't think she'd be able to keep up with inflation if she went a lot lower in the percentage of stocks.

"There isn’t any magic number but for each fund you should be able to write down why your are buying it"

I suggested the particular types of funds because the were recommended in Money Magazine and books like "Mutual Funds for Dummies", and by people like Jane Bryant Quinn.

"Putting the majority of the money in something like the Vanguard Target Retirment Income Fund would cover a lot of diversification"

I'm not sure I trust those target funds. I've heard some did worse than average in the financial crisis. I think it might be better to have more control of the portfolio.