Now I am 87, should I be more cautious?

Fred Griffiths is a retired chartered surveyor, aged 87. He and his 85-year-old wife have been saving and investing for many years in individual savings accounts and pensions.

Fred says: "Our objective has been to build an income fund to help with the sort of expenses we are likely to meet in later life, such as healthcare and care homes. Thankfully, we are both presently fit and in good health. We have a dog!

"With regard to our shares portfolio, my wife has left the selection to me and my trusty Investors Chronicle. As we have other investments, our attitude to risk has been medium and geared to income, my selection favouring quality UK large-cap companies and investment trusts.

"This simple policy appears to have served the portfolio well, but is not consistent with policies suggested for investors of our age, which should lean more to wealth preservation.

"My recent readings lead me to wonder: Have we too many holdings? Are we sufficiently diversified among companies and sectors? Am I aware many shares are duplicated in investment trusts? A review of our portfolio is long overdue needing particular skills that I do not have.

"Except for our state pensions, all our savings and investments are jointly owned in equal shares and our incomes are pooled in our joint current account. We therefore regard it as a family portfolio."