That is sound and oft repeated advice, but I do wonder how many people actually follow it. Anecdotally my parents are half retired and still have most money in

That is sound and oft repeated advice, but I do wonder how many people actually follow it. Anecdotally my parents are half retired and still have most money in stocks, as did one set of my grandparents. They lost a huge amount of their retirement in the .com crash and worked into their mid-70s to recover it. The other set of grandparents put everything into CDs and stable investments. The set of grandparents that lost it and had to get it back still ended up with 5x the money as the more risk averse pair.