TRC wrote:They don't understand the mechanics of asset allocation and rebalancing, so one fund would be ideal.
Vanguard has a Target Retirement Income Fund (VTINX) that may be more in line with what you were looking for. You might want to check it out. The rebalancing and asset allocation is taken care of by the fund.
I'm sure Schwab could find something similar if you were about to move some of the money over to Vanguard. Check the ERs of similar products, of course.
Livesoft has a good point about the $100k being an emergency fund - so investing the entire amount in a retirement fund may not be appropriate.
"Everything will be all right in the end. If everything is not all right, then it is not the end." - The Best Exotic Marigold Hotel