What you are talking about is Sequence of Returns Risk, fondly jargonized here as SORR. A search will bury you in threads to read.
Nobody knows what's right for you. For us, the strategy was to stay nearly 100% in stocks until maybe a couple of years before retirement, then to move enough money into fixed income that we could live for several years without selling stocks if there was a big downturn. Most people here talk about that as an asset allocation, often around 50/50 but the allocation depends critically on each person's assets, goals, and spend rate. Another way to talk about it is to visualize "buckets" where the first bucket is what gets tapped in a down market. I think both views are useful, but a little searching here will find heated debate.
Another consideration is inflation. Recently calm inflation has, IMO, lulled people into not worrying too much about it. Look back around 1980 +/- to see how exciting it can get, though. Our strategy there is to hold a good bit of FI in TIPS, viewing the yield penalty as the cost of our inflation insurance. We are definitely not with the mainstream on this.
You will get generally good advice here, but remember that it is coming from people who know nothing about you, your goals, your priorities, and your risk tolerance. On the latter subject, try to remember that volatility is not risk and that every single market downturn so far has been followed by a recovery. So the risk is not a permanent loss of money; it is having to sell equity during the downturn.
