It really depends upon your age, your financial situation, what you want to do in terms of passing down money--and, as you suggest--if retirement means opening the money funnel on extravagant vacations... If you're comfortable with your ongoing situation with very conservative investments, that's probably what you should do. If you want to play the typical equity numbers over a reasonable timeframe, that may be a better bet. I've certainly been ratcheting down my equity, especially individual stocks, over time even if the expected value is probably lower.