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There are differing rules of thumb about how much should be invested in equities vs bonds/fixed income. The 100 - age is one. There are also pretty reputable mutual funds that go with approx 60-40 for a more steady 6-8% growth target.
It comes down to numerous factors such as level of wealth, risk tolerance, availability of other income sources, expected life expectancy etc.
Personally, assuming retiree is not just living off social security, I would never go 100% into bonds/fixed income. I think 60-40 or 70-30 is a nice balance.
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