Let's return to my original point which you all seem to be ignoring:
Pointing Out the Obvious wrote:
Igy, as you near retirement you change the allocations in your portfolio. Most are not in that position and should be open to more risk. I'm not telling you anything you don't already know.
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Fount of the common wisdom. That makes no sense.
If you are nearing retirement and are say, age 62, you have a life expectancy approaching 25 years.
The common wisdom tells us that you should be in the market over the long run. It also tells us 25 years is the long run.
But then it contradicts itself by saying get more conservative as you near retirement.
And guys like POOV repeat it like it makes perfect sense.