Retirees beware, the fabulous stock gains over the last six or seven months could be an indicator of an overvalued market. In general retired people relying on market equities for income should be more conservative to protect assets designed to generate income. No one really knows when the next correction will arrive, only that it will arrive.
There is often a temptation to 'play on the beach' when rallies like this one take off. Retirees however should be prepared to leave something on the table to avoid getting caught in any downturn. Better to exit just shy of the peak than to exit at bottom of a large correction.
Young people have the advantage of years to earn losses back over time, retired persons do not. Large losses for those drawing cash from retirement assets will effect monthly income. Seniors are well advised to take council from professional financial advisers when making significant changes to their retirement portfolio.
Washington State has no personal income tax so take those profits fearlessly knowing the IRS will get a piece but Washington State will let it be. Caution is always a wise approach when nearing or in retirement. Even when you are in the amazing Evergreen State.