The recovery from DOW 5000 in 2008 happened because of QE, zero interest rates, and other artificial interventions. Savers have been crushed and often persuaded to invest in "higher yielding" securities and annuities that often pay 6-8% commission to the agent who talks them into it. I'm not against stocks, just disagree with conventional wisdom that one should be heavily invested. I'm using a fixed rate of return of 2% with inflation the same. We pay no income taxes upon full retirement. Everything is paid for. Our big purchases are behind us. Health is generally above average despite problems causing desire to retire early. We definitely won't be investing aggressively to try to fully fund LTC costs. (Few spend any length of time in a LTC facility). Currently 70% CD, zeroes, ST Vang bond. 30% index stock funds, a few ind securities, and high yield and longer duration bond funds. 2 low cost annuities. We have very low fixed costs now and in retirement. A significant portion of our budget is discretionary, which is a wonderful thing. If you have 3X the money you need to fund actual cash needs, I see no harm in ramping up risk and playing the market. (You're playing with money you will never touch anyway. )