[sokoloff]

On the first day of a typical someone’s retirement, they should probably be 40-50% invested in equities. An often cited rule of thumb is for your equity exposure in percentage to be 100 minus your age in years; others suggest 110 minus your age.

[GCA10]

Directionally right. I saw older family members switch out of stocks at 65, only to discover that their ultra-safe fixed-income investments failed to keep pace with the next 25 years' relentless increases in medical and care expenses. Assuming that you're not facing an immediate health catastrophe, your time horizon at age 65 is still decades, not single-digit years.