If there is no plan to leave money to anyone or institution, it seems to me at this age, one should assume an optimistic life-expectancy of 100, and the best approach would be a split of bonds and stocks, with majority (e.g., 60-80%) of money spreading out in a few months up to 10 years bonds, and the other portion in super-safe stocks like BRKB or index funds.
----------------------------------------------------------------------------------------------------------------------Thanks BIGSHAN

Lately, the last year, I have been doing something very similar to what you described.
I have been using the barbell strategy, 80% in 3 months treasury bills, and about 20% in various trades, which I enjoy.

I have been trading and investing for about 60 years, stocks, all types of options trades, futures, and even currencies at times. I have mainly used technical analysis over the years, along with some fundamentals. I had been a member of the
Market Tecnicians Asscociation years ago.

I became interested in mechanical investing many many years ago and used it. I also worked on a couple
brokerage computer software systems, as a programmer and computer analyst.
in the 1960's.

Lately, I became very risk adverse because of my age, and that is when in planning for future. I have asked the questions.

Also, thanks to all for constructive help.