This is my life-cycle guide to the Life-Cycle Investment Guide for Asset Allocation (AA) from the book A Random Walk Down Wall Street (RW).
Mid-Twenties: Run across RW while browsing a book store an find it fascinating
Late-Forties: Start managing my own retirement investments. Discover that RW now has Life-Cycle AA guide. Seems like a good choice. It tells me to overweight International and Emerging Markets (EM) and invest in US Total Stock Market (TSM) or similar, REIT, and Bonds.
Late-Fifties: Get inheritance, have my first taxable account, put most of the stock portion of my AA in taxable based on the fairly common reasoning and recommendations.
Early-Seventies: Look at the current revision of RM and realize that the recommended AAs have taken a random walk away from so much EM and International and is now vague about the REIT allocation. And, at my age, my domestic should now be in value/income funds. But I would have to take a cap-gains tax hit to change my AA that way.
PS: I know, crying over capital gains is kind of like crying all the way to the bank.
PS2: REITs did good!