Do You Need Bonds in Retirement?
Wade D. Pfau
Traditional financial advice suggests you invest in a mix of stocks and bonds in planning for your retirement, and shift the mix more towards bonds as you age. The reason for this advice is that bonds tend to be less risky and have lower volatility than stocks, and are often countercyclical to equities.
Hull, Jason, "Do You Need Bonds in Retirement?" (2012). In the News. 524.