Financial commentator Dave Ramsey has publicly challenged the traditional retirement advice of shifting one's entire investment portfolio into conservative bonds as one ages. Ramsey characterized the strategy as "bull crap," arguing that such a move is mathematically unsound for long-term financial health.

Ramsey’s core argument rests on the necessity of growth. He contends that retirees who move exclusively into low-yield bonds risk losing purchasing power over time due to inflation. By abandoning the stock market, he suggests that individuals may inadvertently deplete their savings faster than necessary, as bond returns often fail to provide the capital appreciation required to sustain a multi-decade retirement.

While Ramsey advocates for maintaining a growth-focused portfolio, he does not suggest ignoring risk entirely. His approach typically involves a diversified mix of mutual funds, even during retirement years. This stance contrasts with the conventional "glide path" theory used by many financial planners, which systematically reduces equity exposure as an investor nears their target retirement date to protect against market volatility. Ramsey’s perspective prioritizes the risk of running out of money over the risk of market fluctuations, suggesting that the latter is a temporary hurdle that can be managed, whereas the former is a permanent failure of a retirement plan.