I have both a general and specific question. For those of you who have an IPS (either written or not), when and how do you update it? I've followed mine for more than a decade, but now that I've FIREd I'm not sure it's appropriate any longer. However, I'm also aware that one of the primary reasons for having an IPS is so you make investment decisions when things are stable and you're thinking clearly. In other words, you want to set up rules so that when markets crash or when the Top Is In tm you don't do something stupid.
However, I find myself in a position where I'm not sure my IPS is correct for me now that I'm in the drawdown phase. I can add details if anyone needs them but in short, I oversaved. I am currently 44 years old with approximately 37x my annual expenses (2.7% withdrawal rate) invested and there's plenty of fat to cut in those expenses. In addition, I expect Social Security and a pension to more than cover my expenses at age 65. If both the pension and S.S. only pay out 70% of their expected payouts at that time, my expenses will be fully met without touching my investments, although the pension will not adjust for inflation once I start taking it.
My old IPS was pretty short and basically just had me pumping 100% into an S&P 500 fund until about a year before hitting 25x, at which point I moved to 60/40 with a plan to use a rising equities glidepath post-FIRE. Since I worked OMY and with the growth in the markets since I FIREd I ended up with more than I need. I can't tell if I'm getting paranoid about the markets right now or if it makes sense for me to make an adjustment since I'm now in a position I didn't foresee when I created my initial IPS.
One last thing - I made it through nearly 25 years including the dot com bust, the 2008/2009 collapse, and the other blips we've seen since 1998 without deviating from my IPS. I firmly believe in picking an IPS and sticking with it, which is why my worry now is concerning.
So the general question - when do you update your IPS?
My specific question - Should I update my IPS now, and given what I've posted do you have any suggestions for a new one?
Any and all comments appreciated!