I have a millon bucks in an IRA. Half of it’s in the S&P 500. I’ll take my chances.
I bet you also have Social Security, and maybe a pension. These things have a value, and many consider them fixed-income investments.
When you put them in the mix, most people are heavier in fixed-income investments than they realize.
Your IRA is an investable asset, your SS and possible pension are assets you have little control over. I have both, which is why the assets I control are not in fixed-income.