Aha, that's the question on everyone's mind: Where do I go if I don't stay in stocks? The alternatives are not very attractive these days. Money in the bank pays literally nothing. But bonds can lose value when interest rates rise -- and the Fed promises to raise rates. (Why be stuck in a 3% long-term bond, if higher rate bonds will soon be available??) Real estate is an interesting alternative, but has its own set of risks. Likely you'd want to do that through a Real Estate Investment Trust (REIT). (And, by the way, what makes you so bullish on real estate in Europe??)If investing in bonds, I'd keep maturities (duration) shorter than three years. Recognize that higher yields imply higher risk. So pick a short-term bond fund. And perhaps you might want to move into more conservative stock funds -- balanced funds or equity-income funds --and let the professional make those decisions for you.