Q. I am 38, work part time, and no longer contribute to a 401(k) plan. From a previous employer, I have $195,000 in a 401(k) program, of which 18 percent is in a US Treasury money market account, 48 percent is in a growth equity fund, and 34 percent is in shares of BankBoston common stock. Considering no additional contributions, is this account invested properly for me to retire at age 60 with $1 million or more?

C.S., Dedham

A. If you read the letter above you know I'm not particularly happy about that big bank-stock position. And I think the money market position is equally ill-advised.

But even without additional contributions, you should easily achieve that $1 million target over the next 22 years, a chore that would require average annual returns of 7.71 percent. If you realized 10 percent average annual gains, the figure would be $1,587,286.

I suggest you pare the bank-stock position to 15 percent of the total portfolio, using the proceeds of the sale to bring the growth equity position up to 60 percent. I would also cash out of the money market fund, putting the proceeds (plus what remains from the sale of the bank stock) into an intermediate-term bond fund.

Generally I don't suggest bonds for the retirement account of someone your age, but I suspect that the presence of the money market account indicates a fundamental conservatism on your part, so I'm confining myself to nudging you into a slightly more aggressive position rather than making you uncomfortable with the risk level.

Also, the higher risk in the bond position that I suggest is more than counterbalanced by the reduction of risk achieved by reducing the bank-stock holding.