I would take a look at current asset allocation vs. your desired allocation. Has the market rise pushed your equity allocation too high? Sell some and either put the cash in short term bonds or just leave it in cash. Are you taking withdrawals from your 401k now? Then make sure you have enough in cash plus expected dividends and interest to fund withdrawals for a couple years at least. This is something I've just done in my own accounts. Even though I'm generally bullish, I think the markets may be headed for a correction. I've positioned myself so I won't be forced to sell at the bottom to meet living expenses.
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