the 80 year old has a past accumulation of $1M...Let's assume X amount of this net worth is *just enough* to throw sufficient yield to cover all living expenses at 80 years old.Out of that $1M, how much is suitable to put into the S&P500? If you believe Bengen, Bogel, Plau, innumerable others, and hundreds of papers and studies by the likes of Credit Suisse, Fidelity, Vanguard, etc.: 60%.The other 40% would be in bonds.This is not hard.
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