I have been reading Bogleheads for a while now and have come to the conclusion I need to rebalance. I haven't updated my incredibly aggressive strategy and now realize I need to make some shifts. My question is should I do it all at once or slowly over the next (fill in the blank) period of time? Or a mix? Let me also express my appreciation for the smart people that share their knowledge here!
I have just under $2 million in my 401k but almost all in stocks (with about 80/20 domestic to international). I just woke up and realized I could retire in the next few years if I get my mortgage paid off, etc. so most likely 5-8 years until retirement (I'm 55 in a HCOL area so more is better). I would like to have closer like $3 million (with a target of 2-3 years of living expenses liquid and at least another 3 years in bonds, and I just don't need to be so risky (I started late and had nothing for retirement, so i'm here by hitting the max for about 15 years plus catchup). To get to something like 70/30 stocks/bonds in the next (uh, year?) - how to do this? Just rebalance now or spread it out over time, like a few percent a month, year, etc? Or I could rebalance to 90/10 right now, and make adjustments every quarter? My risk tolerance is high, but my job tolerance is waining. Also, what to do with my contributions - 70/30 or all into bonds?