Depends on how wealthy she is in my opinion. If her income needs are small compared to her savings, then she would be fine with most of it in US Large Cap Stocks. However if she only have enough savings to last her for a few years, then she should be extremely conservative and leave it in investment grade bonds. I don't like the way the question is worded because it does not give enough detail about her situation. Sorry! A balanced combination of the top 3 would probably be fine, just don't go with gold!

A mixture of stocks, bonds and cash.

Forget gold.

High Yield bonds means junk bonds. Only a small %, if any.

ETF's are low expense way to invest. Go to assetbuilders.com and check out Couch Potato Investing.

As Mark Twain said, I am more concerned with the return OF my money than the return ON my money. The widow should be like Mark Twain..

1 Diversified U.S. Large-Cap Equities would be the less risky of all of them. At her age she cant handle much risk.

Which of the following asset classes is most likely going to be the best investment for a 60 year old disabled widow who relies entirely on her investment portfolio for income?

1 Diversified U.S. Large-Cap Equities

2 Investment Grade Corporate Debt

3 High Yield Bonds

4 Gold