As more and more baby boomers start to retire, many advisors will tell them to shift much of their equity assets into less volatile "buckets" like bonds and annuities, or even cash. In many cases, advisors will tell clients that their equity holdings in retirement should not exceed 20% of total assets.

But this conservative advice can be painful and even damaging for many modern-day retirees who have too few assets to afford them a comfortable retirement, or who are at risk of outliving the actuarial tables and their assets.

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