You can do both. You can invest the entire amount, but make it short/medium bond heavy on Day 1. As you go thru the year, you rotate more and more of your fixed

You can do both. You can invest the entire amount, but make it short/medium bond heavy on Day 1. As you go thru the year, you rotate more and more of your fixed income allocation towards equity until you reach your target equity %. This is relevant if, for example, you downsized your home or received a retirement payout.