On this episode of Simply Money presented by Allworth Financial, Bob and Brian break down why many investors who feel diversified may be taking on far more risk than they realize, as a small group of mega-cap tech stocks now drive a disproportionate share of market returns. They explain how popular index and total market funds can quietly become concentrated, especially for investors nearing retirement, and why volatility hurts more when you’re transitioning from saving to spending. Bob and Brian also share practical ways to think about true diversification—looking beyond cap-weighted U.S. stocks to international equities, small-cap value, private investments, and buffered ETF strategies—so your portfolio supports your retirement lifestyle instead of putting it at risk.