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Thanks for all the answers. I realize that maximizing current retirement income inside a risk (variability) tolerance and leaving an inheritance for our offspring are inversely correlated.

Goofy listed the priorities in the correct order. Leaving an inheritance is the last priority. If the market winds favor us for the next 40 years, we'll leave a big inheritance. If they don't, hopefully we won't run out of money before we run out of time.

I tend to favor the 60/30/10 AA. I watched my entire portfolio melt by 50% once in 2000 (90/0/10) and by 30% in 2008 (60/40/0). My wife freaked out both times and wanted to sell. I learned about keeping some powder dry after the first ride down. The second time I simply rebalanced to 70/30/0 and rode the market back up.
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