Well you should adjust the allocation between stocks and bonds as you get older with more in cash / bonds when you are retired. When young -- full in -- and then over time less in stocks. Basic investing 101. Start early and leave it alone except for occasional allocation tweaking.
Even after retired you want to have something in stocks to hedge inflation. I've been retired 3 years now and still have 30-40% in the market. However the "market" to me now is mainly blue-chip stocks that pay healthy dividends and have been paying out dividends for decades. Live off the dividends & SS and draw out cash.