No. of Recommendations: 58
Let'n not lose focus on the key point of the OP:
I'm 70 this year, and my wife, who does not care much for hands-on investing, is likely to survive me by several years. She is interested in learning an easy to apply yearly ... approach

"If money management is not enjoyable, then a lousy job inevitably results, and, unfortunately, most people enjoy finance about as much as they do root canal work." -- William Bernstein

If she is not already interested in hands-on investing, then pointing her to Faber, Permanent Portfolio, etc. is just a waste of time. When push comes to shove, she just won't do it.

Based on the statement "does not care much for hands-on investing", the only responsible thing you (the OP) can to is to set her up with a one-time-decision fire-and-forget portfolio.

I wrote up for my wife/kids a set of instructions to read to each of our brokers, in case the circumstance comes up. She/they don't even have to understand them, because the broker will. Basically:
1) Close any open short positions immediately.
2) Unwind and close any option positions.
3) Pause until all that is completed. Probably 5 minutes, maybe up to 5 days.
4) Sell everything. Close all open positions and go to cash.
5) Transfer everything into the Vanguard Balanced Index Fund.
6) Set up an automatic periodic monthly withdrawal plan, taking no more than 5% of the portfolio balance per year. Recheck once a year to make sure it has not crept up over 5%, and reset as necessary.
7) That's all. That's it. The End.

8) No a little bit more.
9) When you get calls insurance agents, Financial Advisors, annuity salesmen -- and you will -- tell them no, you are not interested, you already have more guaranteed income than you need, that the kids/heirs have already been taken care of -- so thank you for your ocncern and never call me or send letters or postcards to me again. Don't invite me to a free dinner [N.B. and don't *go* to any free dinners!). And anyway everything is locked up in a trust and cannot be touched for 10 years. (Not true, but they don't need to know that, it's not any of their business and their objective is to sell you something and make a large commission off you.)
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