Some seniors with a lot of guaranteed money want to start sharing with others while still alive, and leave an inheritance.
If that is the case, I would protect the principal and spend the income that is being generated. So... Invest in dividend paying investments. Each year she can choose to spend the income on herself, her charities, or give / buy for relatives.
Some seniors don't travel well, but would like to see relatives, so buy them plane tickets, that sort of thing. Making the most of life while you can with what you have.
If there is a lot of money, an estate freeze or other planning method may be suitable... and the US has this nifty way of transferreing property when inherited on a stepped up basis that the rest of the world doesn't have.....