At 25+ years before retirement I would be 100% in stocks.MZ4 ... I agree with that sentiment. In addition, as you approach your retirement date, you might want to consider keeping a very high allocation (i.e. 90+%) in equities since any pension that you get as well as SS could be considered a "bond like" annuity. If you were to convert your total annuity income into the lump sum of cash that would be needed to provide that annuity income using a Tbill rate of return; you could convince yourself that the "portfolio cash value" of these annuities would more than make up any "bond / cash" portion that might be required by asset allocation theory....
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