[MuffinFlavored]

> but gradually going back up in retirement.

Why would you want to be more exposed to riskier equities (a la they are down 20% in the past year) when you are 65 years old and have no income other than dividends/bond yields?

[triceratops]

First time I've heard this idea but it intuitively makes sense to me. You spend from your bond investments in the first part of your retirement, which is when you're most vulnerable to market declines. If you have a long retirement then you might still need the higher growth from equity holdings to fund the latter half of your retirement. So start putting spare cash back into equity for that.