> People are told to “invest for retirement” and to do their financial planning based on 4-8% per year growth after inflation, when the risk free rate has been

> People are told to “invest for retirement” and to do their financial planning based on 4-8% per year growth after inflation, when the risk free rate has been 2% or less for 20 years. You're trading risk for reward, so the standard advice of de-risking your portfolio as you approach retirement age is quite reasonable. Doesn't make much sense for a 24 year old to stick to the risk free treasury rate for 40-50 years.