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What you’re doing now is trying to time the market. The biggest losers in a stock market downturn are the people who pull their money out at the bottom and reinvest when stocks go back up
Why? That fund will already contain bonds.
So you're 40+ years from retirement, you have an opportunity to continue investing in stocks at a discount, and you want to buy bonds instead...? Doesn't make sense. Stick to investing consistently and you'll be fine.
If you could invest now at last year's prices, you would. If you could invest now at the prices from 5 years ago, you would.
Time in the market beats timing the market.
If you look at recoveries from corrections, the biggest gains are often at the beginning and unexpected. Moving allocation to time the market takes 2 good timings, getting out and getting in. Instead use these down markets to understand your risk tolerance, get there and let it ride. At the right risk tolerance, about half the time you feel too aggressive and half the time too conservative.
One more thought. Just because you have years to retirement doesn’t mean you have the risk tolerance for 100% US equities. This is deeply personal. Figuring out your own, and not what others say, will serve you well over the long term. I don’t think I’ve ever had over 80% equities.
Not sure why you'd need to if you're going to retire in 40+ years? Give it time to settle
Don’t try to time the market