Reduce Stock Exposure in Retirement, or Gradually Increase It?
For the past 20 years—due to the growing research on safe withdrawal rates, the adoption of Monte Carlo analysis (a method of considering many simulations), and just a difficult period of market returns—there has been an increasing awareness of the importance and impact of market volatility on a retiree’s portfolio.
Pfau, Wade, "Reduce Stock Exposure in Retirement, or Gradually Increase It?" (2014). Faculty Publications. 131.