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She's 80 and her expenses are covered by her pension; presumably SS is just gravy; no debt.
What is her goal with respect to this 1 million dollar portfolio?
I would be concerned about the lack of FDIC insurance on any money market fund (although it's a very small risk, still it's a risk).
If her husband was conservative enough to keep the money invested in govt bonds, I don't see why she should change that strategy right now, especially now that she's even older and appears to have little need for the money to grow. Life expectancies what they are, the most important thing may be just to keep up with inflation and maintain the stash for her estate planning bequests to her younger family members.
Basically, without a better idea of exactly what her goals are with respect to this money, I don't think I'd do anything other than invest in something solid like TIPS etc.
(Just like your advice to her, mine is worth exactly what you paid for it! :-)
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