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The 60-40 mix of stocks and bonds is a popular investment strategy for retirees. It offers a decent mix of income and capital gains while providing good returns in bad times. However, there is nothing magical about this mix and it may not be the best option for everyone. The theoretical justification for the 60-40 mix came from historical data but times have changed and stocks and bonds are now more correlated. It is important to consider individual risk preferences when deciding on an investment strategy.