Duplicate from Rodi's poll
Until 2 years ago, was 100% in stocks for the 401k. Of course there were some stomach flips during the Great Recession and Dot Com bust, but held fast during those times because I was blessed with pretty secure employment.
Upon realizing that Sequence of Returns Risk is devastating to early retirees, began to throttle back to a rising equity glidepath (ala Kitces and Pfau) the year before retirement (too late statistically, but I got lucky). In January 2020 rolled 401k to an IRA and took a single lump sum distribution on the most appreciated company match stock accounts and placed that into a brokerage account before turning 59.5 yo. Bulk of the IRA rolled into FUAMX Intermediate Treasury Bond Fund - which has appreciated 7.5% to date since purchase. (Sheer Luck). Immediately after rollover, did our annual expense to cash using Net Unrealized Appreciation from brokerage in January and February in order to capture Long Term Capital Gains. Caught the highs of company Mega. Sheer luck again to catch the highs - but then again the annual bonus structure at Mega is always tied to stock price during Valentines week.
Because I want to harvest LTCG before claiming SS for DW and myself, holding onto megacorp stock in brokerage to gain the 0% tax advantage for a few years. Down from its all time high, but I can always sell out of the IRA next year if that option is more appealing. Its a risk to have such a concentrated stock position in a single company - but it is the utility NextEra. Most people will keep paying their electric bills during the downturn - but I do expect some additional impact on an already high PE stock.
For those retiring early - the NUA and LTCG strategy during an IRA rollover is an awesome tax strategy. Just ensure you do not take any 401k with drawls before the rollover to IRA or you will have to wait for another triggering event to avoid tax consequence (reach age 59.5, disability, and my favorite out - death).
Originally at 40% equity per plan in January, Declining balance in brokerage for mega corp stock coupled with selling some S&P 500 index fund during rebound now has us down to 33% equity. Which allows me to sleep soundly. When stocks become less expensive, I will dollar cost average back into MSCI ex USA index, Russel 2000 index, and S&P 500 index. Particularly with the tiny Roth and go from all cash to all equity in that account.
Its amazing how much my personal risk tolerance changed between accumulation with a steady paycheck and retirement before SS/Pension with drawl phases of investment. The impact is immense.