Cash Allocation

[greenspaces4peace]

I’m 66, switched to self directing my investments (tax sheltered for retirement).
I’m not in need of the money but at 72 will need to begin to withdraw it.
I’m at 28% cash (GIC’s)the remainder stocks.
based on my age and no immediate need, should I continue to switch from stocks to cash?
aiming for 60% cash 40% stocks? Or what combo?

You could use Short term money market funds instead of cash, currently paying around 5.5%. We’re building up cash in our Sipps in preparation for early retirement and I’ve just stuck the majority into the Royal London STMM fund, it’s only a 0.10% fee.
I’d just keep 3-5 years income in cash or STMM, you still need investment for the longer term, you could also use income funds to top up your cash reserves, so you don’t have to sell when markets are down.

thanks @BorgQueen by cash I do mean GIC’s yes paying about 5%. There are a few older ones paying 3.8% that were set up prior to my taking over. 3-5 years of retirement income currently 45K workplace pension, plus 7K government (old age security pension), I’ve not accessed my Canada Pension Plan (which is growing at 7% per annum, I’m hoping to avoid this till 72).