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I'm kind of in the same situation although my parents ages are slightly less. IMHO, they should be oriented almost 100% towards income. Further, one needs to be realistic about how many years they are likely to remain with us.

In that regard, I would suggest Utility QUIP's with a death put. QUIP = Quarterly Income Participation (Certificate) aka a Utility Preferred Stock which are yielding in the 7% to 7.25% range at the moment. Some of these also come with a "death put" feature which permits the estate of the deceased to "put" the QUIP back to the issuer if the holder dies before the QUIP is normally due.

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