Our cash ratio continues to go down. We are currently at 17% cash. This, despite cash trickling into the portfolio. Equities are doing so well, they are quickly outgrowing the expanding cash. What to do about the cash. - I have a long standing limit order to buy VOO. - We have sufficient quantities of our core holdings but these will be expanded, if they should take a significant dip. - Lastly, we are just starting out retirement. The money very well could end up simply being spent by increasing the burn rate for a few years. This probably wouldn't be the worst case scenario. If I was younger than 45, I would buy VOO as money came in and stay fully invested. At my age, I need a significant cash buffer to defend against sequence of return risk.