Not so young: Is 100% equities too dangerous?

[drboston]

First the background: My wife and I are hoping to retire in 10 years at age 55. We have approximately equal amounts of money in each of 3 accounts (his, hers, and ours) and contribute nearly equally each month to all accounts. His and Her accounts are all pretax though our work and the "ours" account uses after-tax dollars. We anticipate first drawing from the "ours" account after retirement.

Although the "ours" account contains both stocks and bonds (~75:25), the other 2 accounts have strictly stock mutual funds (albeit well diversified among large, mid, small, domestic, foreign, etc. funds). Our view has been that since stocks have beaten bonds over the long term, we preferred to stay with stocks. Given our time frame and the state of the market, should we be moving some money into bonds? Things have gone well the past few years, but I'm begining to wonder if the market is headed for a correction.

Thanks