At 4.0% inflation, cash will lose 82.88% of its value over 45 years. Such loss of value can ruin a retirement plan more so than any market returns. Your long term investments need to appreciate well over inflation. The best method to do that is to stay mostly invested in stocks.
To solve the deficit reduction riddle, Obama reportedly is embracing an idea that purports to raise tax revenue without a tax hike and claims to cut Social Security outlays without cutting benefits. Better check your wallet.