I will tell you for sure @catch22, if I was handed a 1/2 million dollars at 70 years old to supplement my retirement days, I personally would not seek financial opinions from a posting board. I would go straight to a financial advisor.
Obviously there are a few, if not more than a few posters here that are more than capable of giving good fund-investment advice (yes-also known as opinions). That group very much includes yourself. But none can set up an individualized plan for this couple for the rest of their lives. None can tell them how to set up their investments which seems to include both taxable and non-taxable savings, real estate, a business, SS and maybe more. None of us understands their goals and time horizon, how to safely spend down, where to pull income and in what investment order to divest, how to reduce their tax exposure, ect, ect, ect...

"not random opinions from a posting board."

Random opinions can be good advice or bad advice. Time will tell which is which.

@yogibearbull Thank you for the follow-up.
Their investing experience is zero, as far personal knowledge of investing choices available. This is why I mentioned a 30% piece of the monies to be in a U.S. equity etf to allow for a type of conservative allocation mix. A starting point, more or less.
@MikeM
I didn't mention an advisor in the initial write. I know that several years ago they had a "retail" advisor affiliated with a large firm to manage a less than $50K T-IRA. I don't know the status of this relationship at this time.
As to a fee only advisor opinion, yes. At least 3 opinions should be adequate. Not unlike a quote/bid/opinion as to a major expenditure for a home remodel or similar expense, one needs more than just one review.
However, you noted:

"not random opinions from a posting board."

I'm fully disappointed with this, from you; regarding valid investing information one is able to obtain at MFO. At the very least, opinions here about this subject provides more input for their future decisions.
There are a number individuals here, who I would place against any chosen "advisor", as to quality investing knowledge and opinion.
Otherwise, there is not much of value for one to be involved with this board, be that a reader or a poster; and one would be as well suited to use an "electronic robo-advisor", yes?
Remain curious,
Catch

I was sure that there was a MFO piece on FMSDX but I couldn't find it on search. Then I realized that MFO Home is a different site than MFO Discussion, and there I found that piece by @lynnbolin2021 that I was looking for (LINK0). This piece compared 5 funds for 5 years then from 10/2017 using Fido charting. I have updated that for 3 funds, FMSDX, FSRRX, FADMX (FAYZX, FSRIX used for longer PV run) using PV charting (it allows 3 funds only) since 10/2017. LINK1
Looking for FMSDX piece in October 18, 2021 Barron's? Check Summary, Part 2 in LINK2.

Per Fido - FMSDX:
Portfolio Data Portfolio Data Additional Information
30-Day Yield 4
2.62%
3/31/2022
Duration
4.20 Years
3/31/2022

Distribution Yield (Daily)
1.41%
4/7/2022

Thanks, stillers, I should have checked Fidelity first instead of taking M*'s stale data for granted. This changes my outlook significantly.
Much appreciated.
Fred

Per Fido - FMSDX:
Portfolio Data Portfolio Data Additional Information
30-Day Yield 4
2.62%
3/31/2022
Duration
4.20 Years
3/31/2022

Distribution Yield (Daily)
1.41%
4/7/2022

FMSDX is about 50th out of 512 NTF "Allocation" funds offered by Fido, DOWN ~3% YTD. Not bad for an allocation fund this year.
If you sell it, where do you re-deploy to?
US? We sold ALL of our dedicated bond funds earlier this year except a toe-hold in two closed funds. We also sold a few allocation funds but DID hold onto FMSDX due to its strategy and holdings. We however cut its allocation in half. We still think it's a LT keeper and would NOT want to be closed out of it down the road.
Proceeds were immediately used to replace the equivalent stock %'s using dedicated stock funds instead, and the remainder (bond portion proceeds) are being re-deployed throughout the year into 1-2 yr (the sweet spot) CDs and TNotes.
This is a really worthy strategy this year and has been paying off well now, and expected to continue until such time, if ever, that "bond" is no longer akin to a four-letter word for us.

Barron's ... https://www.barrons.com/articles/inflation-is-here-to-stay-how-to-adjust-your-portfolio-51649426800 suggests FLCSX in the stock section. It wasn't on my watch list. Let's see YTD performance / ER:
FLCSX -.45% / .48%
SCHD -1.04% / .06%
TRVLX -1.80% / .77%
FXAIX -5.46% / .015%
PARWX -6.24% / .88%
PRBLX -6.59% / .84%
Parnassus funds previously discussed lack of energy / ESG focus sure affects performance. SCHD has the lowest ER, followed by FXAIX and close behind FLCSX. Any other favorites?
Barron's: "The $3.2 billion Fidelity Large Cap Stock (FLCSX), which returned 13% a year over the past five years, beating 88% of peers, is another core fund with a value bent that has a higher allocation than peers to inflation beneficiaries such as energy. “If you think oil prices will stay high, energy stocks aren’t expensive versus history,” says manager Matthew Fruhan."

Hi stillers,
I think this is the first time I've talked to you but have read your posts on M. Saying that to say this: FSELX I sold last year due to rising rates. This year my point is......are you not early in the buying of it along with FSUTX? I know the market factors in things and one does not want to be late to the party. But I still feel this market could still have a fall ahead of it as rates rise. As for full disclosure, I own FSENX and FARMX, which are inflation-lovers, so to speak. Just looking for your thoughts to help me with my thinking.
God bless
the Pudd

FSELX is DOWN ~22% YTD and FSUTX is UP ~9% YTD. So they are on two very different trajectories.
That said, not sure how an investor would be able think of being too early or too late to BOTH of them. Wouldn't it be one too early (FSELX) and one too late (FSUTX)?
Anyways, thought I explained my thinking previously but will give it another shot.
FSELX:
I posted previously...
(1) We have recently been DCA'ing into the iconic FSELX - Fido Semis, DOWN ~22% YTD. Expecting the eventual semis move UP to be parabolic when it happens, and we can easily wait for that move while DCA'ing into it. Yes, talking heads make a worthy case for NOT buying the whole sector and concentrating on the best names, but that just ain't our style or risk appetite.
Yeah, I KNOW I might be too early on this pup and maybe should try to be more selective than a broad-stroke play like FSELX. BUT I am not interested in a "Which semis?" guessing game (or volatility) and I can easily wait for what will inevitably, over time, be one of the better "explore" plays I can think of, especially given the large hole the sector has dug. Still DCA'ing into it, so any BIG DOWN days are BUYING opportunities under my current strategy for it.
FSUTX:
I posted previously...
(2) Thanks to regular reading of anything uncleharley posts anywhere, we finally "saw the light" (so to speak) and a while back bought utilities, choosing FSUTX - Fido Select Utilities, arguably the best utilities OEF on the planet. Note that uh meanwhile prefers ETFs UTG, MGU and MFD.
While many others I read think otherwise, uh thinks there is a lot of upside left to utes. So if anything, I'd be too late on it given what many others are saying. I've followed uh for a decade. He knows energy, metals, agr and utes FAR better than most, and light years better than me. I'm rolling with him on this one. Either way, utes are looking like a possible LT replacement for my long-since departed dedicated bond funds, and may eventually move to a "core" holding.

The Fed is now talking about significantly accelerating raising interest rates and unwinding its huge balance sheet of Treasuries and MBS.
Last week, for example, FMSDX, an allocation fund with 40% in bond holdings, lost 2.2%. M* still reports that as of 12/31/21 the fund has "extensive interest rate sensitivity" with a duration of 8.5 years.
In light of the Fed's release of the minutes of its March meeting, was last week's poor performance due primarily to the fund's bond holdings? Is it possibly a forerunner of things to come? Is it time to consider selling FMSDX?
Opinions/suggestions are appreciated.
Thanks,
Fred

Pg 16 (Better fit here): There are opportunities after an epic selloff in BONDS. Lot of rate hikes ahead may be in the market as the FED has been talking aggressively. Bonds may also be attractive for those who think that core inflation will come down later. But be careful as actual monetary tightening has barely started.
Munis: VWITX, BTT, NEA
Treasuries: SHY, TLT, TIP; Savings I-Bonds
Corporates: PRCIX, MDFIX (mostly CEFs), VCSH, AGG
HY: PRFRX, HYG, BXSL
Preferreds: PFF; individual JPM-M, Qrate-P
Convertibles: PACIX, CWB
LINK

Yes. Lots of recent pain in the bond market. And, yes, it makes sense to be on the lookout for upping my allotment to bonds (that will be welcome after several years of struggling to locate good options among bond investments). But, inflation is still raging and the Fed's tightening cycle is just beginning. There appears to be a good case to be made for the painfully high rate of inflation not coming to an end soon and for the bond market having further to fall. So, its too soon for me to increase my allocation to bonds.
Here is one short article from this morning's reading about some of the factors that are likely to influence the course of inflation for the balance of the year:
U.S. Inflation May Peak in March, But It’s a Slow Go to Fed’s 2%

@msf - First, thank you for your detailed response and for all the dedicated work you do at MFO. Folks are fortunate for your labors.
I believe that you and others are making lots of assumptions. Nothing wrong with that. So far, over the past 3 or more years the Fed has raised the overnight lending rate by 25 basis points. That’s the fact. The bond markets, however, have gone into hysteria.
If there was an easy way for me to reap that 7% reward on I Bonds (more like 5% if you cash out early) I’d do it. But I’m not willing to upset my “perfectly balanced” apple cart (forgive the exaggeration) by selling a long-term holding just because it’s off 6% this year and something else offers a short term guaranteed return.
I’d never argue that PRIHX is as safe as I-Bonds. Just that it already has a well thought out place in the portfolio. I’ve owned it for several years. It’s run very conservatively (reason it scores poorly by M* standards). I have so much confidence in it I recently took advantage of the (likely overdone) sell-off this year by tossing in a chunk of household cash that won’t be needed for six months or longer.
Frankly, to earn 5% on $10,000 isn’t going to move the needle very much for me. I’d rather dwell on the riskier portions of the portfolio. Those include 3 individual stocks, a gold mining fund, 2 nation specific funds (invested in Japan and Norway), both market neutral and long-short funds, a global bond fund, plus a half dozen broadly based equity funds. That’s where my “investment brain” is normally focused. Those are the investments that move the needle for me and, working together, achieve the balance I desire in the portfolio.
On a lighthearted “sour” note, I do believe the recent clamor by every Tom, Dick & Harry to “scoop up” those hot 7% (err ... 5%) I Bonds is one reason my own PRIHX and most other short - intermediate term bond funds have suffered this year. Yikes - hot money has been fleeing ... :)
Re: “Would you expect bonds of any sort (aside from Treasuries) to go up then, or aside from a possible flight to quality?”
@msf - I suspect your intended inference here is correct. But I don’t want to own only investments I “expect” to do well. I like it when some things rise while others fall. And get nervous when everything is rising all at once. The future is impossible to predict. But there certainly are a few experienced market observers predicting falling rates longer term. That’s not my belief - but it’s out there along with every other possibility.

Savings bonds don't have to be held for years. One can cash them out after a year if one wants. At current rates they'll still net 5%+, which is still "kind of like giving candy away".
"Withdrawals, both the anticipated and the unexpected, come out of the whole investment pot."
The usual expectation is that one won't cash out (withdraw) 100% of one's portfolio within a year. Given that expectation, there's going to be some money, say at least $10K, that will remain in fixed income investments for a year.
For that $10K that we know isn't going to be withdrawn, it's hard to find a better place to keep it than in I-bonds. There's a guaranteed 5%+ rate of return, which is more than one hopes for this year with most fixed income investments. Then there's the guarantee that one won't lose principal (no interest rate risk). And as an added bonus, no credit risk.

:) Must be tough not knowing what to do with an extra $1M ...
I’ve stayed away from this vehicle not wanting to restrict my fixed income investments in any way. Probably dumb on my part, as 7% today is kind of like giving candy away. But I value the simplicity and flexibility of having that money available for other investment at any time. And, to an extent, more traditional bonds / bond funds help provide an element of portfolio balance.
ISTM the 7% I Bond is ideal for those who maintain several years’ anticipated expenses separate from their more aggressive portfolio. I’ve never done that. Withdrawals, both the anticipated and the unexpected, come out of the whole investment pot.

Doubled down on DKNG at $16.50. To make room, sold CVSIX. Moved GLDB from spec position into fixed income sleeve. With the 10 year above 2.7% I believe longer dated higher rated corporates (GLDB) are beginning to look attractive as offsets to a possible market selloff as well as for generating a stream of income. Increased weighting of TAIL (defensive) slightly to around 7%.
Every “advisor / market expert” and his brother is expecting a recession unless the Fed eases up on the brakes. Predicted time of onset range from 6 months to 2 years out. One early hint, home sales are falling off. Enjoying all the comments above. Noted @Mark bought some Medtronic. +1

April 9th Episode:

The new era of higher inflation and interest rates is already proving to be a challenging one for investors. The first quarter of 2022 was the worst one in two years for the stock market. Inflation reached 40 year highs, and in response, the Federal Reserve raised interest rates for the first time since 2018 and is signaling an aggressive policy of multiple rate hikes in the months ahead.
Then there are all the other disturbing and disruptive developments to consider: the extended impact of Covid on global growth, supply chain problems, Russia’s unprovoked war against Ukraine, and aggressive actions from China, North Korea, and Iran.
How to navigate these challenges as investors is the job of this week’s guest. She is an influential strategist, Savita Subramanian who has two leading roles at BofA Global Research. She is Head of Environmental, Social, and Governance (ESG) Research, the first in that position, and the Head of U.S. Equity and Quantitative Strategy.

@Puddnhead: HC has disappointed in last 2 years. I watch RYH and a couple of select biotech stocks to try to detect positive sentiment in HC and I finally see some upward momentum. (Mentioning it will surely kill any rally.)

Hi BenWP,
Good for you. I'm a Ron fan just like I was a Michael Price fan years ago. BCHCX was on my buy list but with healthcare slowing the last 2 years, I did not buy. But did add to FSMEX and FSPHX and am waiting for a pop in healthcare. Will add to BWBFX on weakness. And I like owning funds others don't want, especially young funds because they tend to run with good managers.
God bless
the Pudd

And a world-wide perspective via NPR:
Global food prices hit their highest recorded levels last month, driven up by the war
Excerpts from that report:

A United Nations agency says the war in Ukraine sent food commodity prices soaring in March to the highest levels it has ever recorded.
The Food and Agriculture Organization announced on Friday that its FAO Food Price Index, which tracks monthly changes in the international prices of a "basket of commonly-traded food commodities," averaged 159.3 points in March. That's up 12.6% from February, which already saw the highest level since the organization began tracking in 1990. It's also 33.6% higher than it was last March.
Russia and Ukraine collectively accounted for about 30% of global wheat exports and 20% of maize exports over the last three years, the organization said, with conflict-related export disruptions in both countries prompting a surge in global prices of wheat and coarse grain. The FAO Cereal Price Index was 17.1% higher in March than it was in February.
"The expected loss of exports from the Black Sea region exacerbated the already tight global availability of wheat," the organization added. "With concerns over crop conditions in the United States of America also adding support, world wheat prices rose sharply in March, soaring by 19.7 percent."
It also notes that Ukraine is the world's leading exporter of sunflower seed oil, and says the rising prices of sunflower seed oil and crude oil raised the prices of other vegetable oils, like palm, soy and rapeseed. Altogether, the FAO Vegetable Oil Price Index rose 23.2% in a month.

@yogibearbull : The bigger question , IMO, can one exchange I-bonds or must you sell & then buy. That would leave one with $10K in I-bonds over two years instead of a total of $20K.
Thanks, Derf

@racqueteer, for I-Bonds, the new inflation rate will apply to existing bonds with some delay. The rate cycle starts with 6 months at the "current rate" from the purchase date, then another 6 months for the "new" rate, and so on. Think of it as applying rates with a phase shift. So, it doesn't make sense to trade old I-Bonds UNLESS the fixed rate changes significantly and inflation rate also remains high.
EE-Bonds are different. The rate at the time of purchase is locked in for 30 years and that rate is a terrible 0.10%. But EE Bonds are guaranteed to DOUBLE on 20 years + 1 day, so that is one-time realized rate of 3.53% annualized (if held for 20 years + 1 day). I don't recommend new EE Bonds although the old pre-2005 bond are OK to hold to maturity.

@Crash and @Puddnhead et al
New Canadian budget to add tax burden to banks/insurance companies for 5 years.
Before one gets into a huff about this (taxes)..........during the pandemic, the Canadian gov't. provided back stops for these institutions.....now is repay time. The article explains the circumstances.
I haven't a clue as to how this will affect profit performance going forward for the banks/insurance companies.