Definitely. You invest 10-20% over 30+ years into a diversified portfolio, let it sit and your work is done. Those that might try to gamble their way into building a retirement nest egg at the last minute are fools.
If the retired investor already has the diversified portfolio that was invested over 30+ years, and it consists of stocks, bonds, and money market funds, and the rising interest rates clobber the bonds, and the investor fears etc clobber the stock market, then that investor will not have time to recoup his losses.