How much should Gerry, in his 70s, have in equities, bonds and cash?

Gerry and his wife are comfortably retired in their late seventies with more money than they are likely to spend, and after years of holding blue-chip Canadian stocks, they are second-guessing whether it is time to cash out and move everything into GICs. Allan does not answer with a single number on a pie chart. He separates the money that needs protecting soon, roughly the next three to five years of income and near-term expenses, from the money that has time on its side and can keep doing the job equities are good at. The piece is also a quiet warning about inflation: cash and GICs feel safe today but can quietly lose ground to rising prices over a couple of decades, so going fully conservative carries its own risk even for a couple who feel done taking chances. The bigger point is that a question like Gerry's cannot be settled by a risk tolerance questionnaire alone, since it depends on time horizon, spending needs and what the money is actually for. It is a useful read for older retirees with more than enough who are tempted to trade growth for a feeling of safety.