Everybody recommends index funds. I mean, after all, you can't do worse than the market, right? Not a great place to be in September 2008. Index funds have their place, but they should be part of a diversified portfolio, not dominate it.

And when you get to retirement age, it is not a great strategy, unless you are OK with risking your savings. For most people, their risk aversion rises once their monthly income stops. For them, a better strategy is heavy on target-date funds and treasuries, maybe a couple of CDs, a few low-volatility funds, maybe some commodities like metal to beat inflation. If the stock market tanks, then it would be a good idea, after it drops a lot, to invest in equities, like index funds, for a few years.