It seems to be common knowledge that a younger person should invest their retirement funds in growth stocks since they can ride out any market swings. It is also common knowledge that as a person approaches retirement age they should tone it down a bit, investing more in bonds, for example.
Why is this true?
I just ran an online actuarial life expectancy calculator and a person 63 years old today can expect, on average, to live to 87. I put in my pretty average "good health" criteria and I jumped to 93 years.
That's 25 to 30 years. It seems to me that, especially in the early decade of retirement, that you should keep a "risky" portfolio, to maximize your retirement income.