All, I've lurked for years and love everyone's advice and commitment. I feel like I have a decent handle on my own investments but now I'm trying to advise my mom who became unexpectedly widowed earlier this year, and I'd like a double check if I'm steering her down the right path. She's 60 and still works and is contributing to a 401(K) through her work. My dad had a pension under which she will be drawing the survivor's benefit -- it can be taken as an annuity or a lump sum. He also had a 401(K) with a balance of around $45,000. Her 401(K) is through Fidelity but I have advised her to use Vanguard funds for her inheritance from my dad. My plan was to have her take the lump sum pension and put it into a target retirement date fund to at least get a little growth before she retires. Should we do the same for the 401(K) rollover or stagger target date funds -- or do something entirely different? There also is about $25,000 in life insurance money she has currently sitting in the bank. She owes on the mortgage but it is scheduled to be paid off in 2 years so the payment mostly is going to principal at this point. I also need to find out how she has allocated her own 401(K) and make sure that fits into the plan as well. Thanks for everyone's thoughts! It's a little unnerving to be trying to help someone else manage their money.
