Ben, I think the word you're looking for is milquetoast not "milk toast" - sounds the same but it's not the same.
Also I disagree with your thesis of reduced stock holding in older age. I'm well retired and hold not a single bond in my portfolio - 100% equities. I figure I can withstand a sustained 50% drop in the market and not really care. I sleep soundly every night. I've also experienced 3 major market pullbacks and they didn't phase me one bit.
Bonds in this current environment have negative returns income wise and also a great potential for capital loss as rates increase - not a pretty picture.
Ben, I think the word you're looking for is milquetoast not "milk toast" - sounds the same but it's not the same.
Also I disagree with your thesis of reduced stock holding in older age. I'm well retired and hold not a single bond in my portfolio - 100% equities. I figure I can withstand a sustained 50% drop in the market and not really care. I sleep soundly every night. I've also experienced 3 major market pullbacks and they didn't phase me one bit.
Bonds in this current environment have negative returns income wise and also a great potential for capital loss as rates increase - not a pretty picture.