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I think the investment company idea is great; to invest with Fidelity or T Rowe Price makes a lot of sense. Vanguard is another option in its extremely low cost hands-off investment approach.
At your current status, you wouldn't want to own more than 70% equities and in this economic environment, you really don't want to own less than 40%. Of course, only an advisor can get to the specifics of your situation to help you come up with a plan that works for you. I consider investments in real estate, commodities, or high-yield bonds to be part of the equity percentage so if your advisor ever recommends a money market fund that can grease your returns by a percentage point or two, count that as equities since it's not really a money market fund.
How I might invest $500,000 towards retirement
25% Domestic Large Cap (or 15% Large Cap & 10% additional LT bonds, i.e., when the market is overheated and Fed Funds is above 5-7.5%)
10% Domestic Small/Mid Cap or an extra 5% High Yield (Junk) Bonds and 5% LT Bonds
10% International (or an extra 10% of large cap domestic)
5% Real Estate Equities (or 5% in extra large cap domestic, international, or up to 2.5% emerging market and 2.5% of domestic or developed international)
5% Long-term Bonds or GMNAs; this is the 10+ year variety
5% International Bonds or 5% addt to GMNAs
20% Intermediate US GVT Treasury Notes or 20% State General Obligation Munis (depending on tax bracket and overall return)
10% Short-term Bonds (i.e. T-Bills)
10% Cash
Hope this helps!
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