> People about to retire shouldn’t be that exposed anyway. Target day funds exist for a reason. Most research about safe withdrawal rates finds having 50-75% e

> People about to retire shouldn’t be that exposed anyway. Target day funds exist for a reason. Most research about safe withdrawal rates finds having 50-75% equities is necessary for retirement periods of thirty years: * https://en.wikipedia.org/wiki/William_Bengen https://en.wikipedia.org/wiki/William_Bengen * https://en.wikipedia.org/wiki/Trinity_study https://en.wikipedia.org/wiki/Trinity_study * https://en.wikipedia.org/wiki/Retirement_spend-down https://en.wikipedia.org/wiki/Retirement_spend-down Of course you could have less, but then your initial withdrawal rates becomes quite low, and so you need a much large portfolio to begin with: this would mean much more saving and much less spending (i.e., enjoyment of life) during your working life.