Bonds are definitely not without their own inherent risks, as has been pointed out. Their inverse relationship to rates can be both beneficial (like in recent times) and harmful in others (when rates rise).
Of course, such risks can be managed to an extent. Such as short term bonds when rates look to be on the incline, minimising the lock in period on a lower rate.
In saying that, and given your investment timeframe/stage of life, 50% in bonds/fixed interest is by no means overkill. If anything, still would be pretty thin compared to most retirees.
The old rule of thumb used to be the age test. That is, if you are 60 (60% bonds / fixed interest) etc. Rigid, yes, but gives you an idea.
Having your nest egg in cash certainly would be painful given the rates at the moment. The main reason everyone is flooding the equity markets and driving valuations through the roof.
Good luck...
I am not really one to predict crashes btw... history has shown no one can. However, if passive funds like the continual rise of ETFs don't cause a catastrophic failure... nothing will.
