Being a 30-something year old with a 30+ year window until retirement, I generally subscribe to the "VOO and chill" method for the bulk of my non-qualified long-term investing. I also have a target-dated 401K and some speculative stocks. My income is over the Roth limit so that is not an option.
While my target-date fund will continuously rebalance as I approach retirement, what is the best strategy to reduce risk in my (eventually) heavy-weighted VOO portfolio in 20+ years when I am closer to retirement?
From what I understand I would either have to realize gains to move funds to a more conservative option (while potentially still being in a high income tax bracket), or simply stop contributing to VOO and invest in more conservative funds to slowly rebalance.
Am I missing another strategy?