‘I feel shoehorned’: My father funded my $800,000 Roth IRA. Does that give him the right to say how I invest it?

I'm 56, and my partner is 59. Together, we're worth about $2.3 million. My Roth IRA is worth $800,000, and I've had it since Roth IRAs were first introduced. My generous parents have funded it every year, and, following my father's advice, I've kept 100% of it invested in stocks.

Now that I'm 56, I'm wondering whether it makes sense to add some fixed income to the mix. My father strongly disagrees. He believes I should stay fully invested in stocks because of their long-term growth potential — "You're going to need the money!" — and points out that any market crash will eventually be followed by a recovery.

His argument is essentially that, since my parents provided the money for the Roth, they have a say in how I invest it: "We gave you the money, and this is what we prefer." I understand and appreciate everything my parents have done for me. But it is now my money, and I'm trying to decide what level of risk makes sense for my own circumstances.

He also reminds me that I will likely inherit substantial assets when he and my mother are gone — my best guess is somewhere between $1 million and $2 million. At age 65, I expect to receive a pension of about $5,000 a month, and I'd like to delay claiming Social Security until I turn 70. I currently don't earn any income, and my partner supports me. My partner plans to retire around age 65.

Should I keep the entire $800,000 in stocks and accept the risk of a major downturn, in part to honor my father's wishes? Or, given my age, lack of other assets and upcoming transition into retirement, does it make sense to diversify and add some fixed income — even if that means giving up some potential long-term growth?

I'm grateful for what my parents have given me, but I feel shoehorned into an investment strategy that may no longer fit my circumstances.

I agree with your father, to a point, but mostly I agree with you.

If you have a strong constitution and are willing to ride the peaks and valleys of the stock market, and you're not retiring for another 10 years, then sure, keep 100% of your Roth in stocks. Does that tally with what the experts say? Nope. But everyone has their own unique approach. It's your retirement, after all.