Every text book on Personal Finance tells you that as you grow older, you should reduce your investments in Equities and increase your exposure to Fixed Income products. The assumption is that your income from your job, business or profession will decline.
You will need regular income from your savings to sustain yourself. Also your financial goals will have to be fulfilled from your income from investments. I disagree with this in the case of wealthy Indians. Most Indians don’t tend to save with financial goals in mind but to create inheritances. In such a case when regular needs are well taken care of a large systematic allocation to equities is warranted.