Well, this is the classic definition of "chicken money" -- money you cannot afford to lose. I'm glad you have other savings, and delighted that you are living so long and obviously productively at age 85. But you never know what expenses might come along! So leave the money in a CD -- not a "conservative" mutual fund. Even conservative stock funds lose money when the market drops! Or you could just put it in the Vanguard Treasury Money Market Mutual Fund. That way you could draw down on the money, if needed, without penalty.