Dynamic Risk Tolerance and Stock/Bond Mix

[Alan]

Instead of trying to adjust a portfolio depending on risk, how about William Berstein's idea of creating 2 portfolios: (1) a safe portfolio (CDs, short term bonds, etc) for lifetime necessities, and (2) a risk portfolio for luxuries/growth/legacy.

If pensions, SS and annuities count as part of a portfolio, then I do have a 2 portfolio system

I even have diversification in the safe portfolio, with 2 UK pensions and a UK SS as well as 2 US pensions plus mine and DW's US SS. That took a lot of [-]good luck[/-] planning.