> There's so many variables here that it's really not worth discussing. Fair enough. I only want to clarify what you wrote: "the average retiree should not hol

> There's so many variables here that it's really not worth discussing. Fair enough. I only want to clarify what you wrote: "the average retiree should not hold stocks." To be crystal clear: 1. don't go out and buy individual stocks on a lark (good advice) 2. get all worried because your 401k is a conservative mix of mutual funds (hopefully index funds, probably managed mutual funds) and bonds (bad advice) > Plenty of American retirees (maybe even a majority) own little to no stocks and live on a fixed income The logically necessary flip-side is all I'm addressing: plenty of American retirees hold stocks in a 401k. To them I reiterate: don't fuss around with your target retirement fund.