[YPCrumble]

How would that increase risks in retirement?

[Retric]

When spending down money you get the reverse of cost dollar averaging. In a good year you might sell say 1,000 shares but in a down year you might need to sell twice that to take out the same money. This means more of your shares are sold in down years than good years.

This is why people say to increase the bond ratio in retirement, but that also reduces expected returns.

[cj]

It shouldn't if you transition to heavier weighting of cash/bonds as you approach retirement (which most people do and most financial planners advise)