Originally Posted by TransWorld

My investment manager has 12 - 18 months of withdrawals sitting in cash equivalents when retired. That handles a recession. Otherwise, 100% in stocks. They have selected stocks that give an overall less of a decline on the down side and more of an increase on the up side, by a few percent after expenses. They have less risk than an index fund. Significantly better long term return. Runs counter to the old rule of a balance of stocks and bonds. But long term analysis (they have been in business for 40+ years) shows they are correct.

Remember, if you make it to 65, a majority will have 20 years, and a good chunk of people will have 30+ years. Significant investments in bonds erodes the buying power.