That’s deeply unfortunate if you were planning to retire next year, but you might just have to live simply for a few years while the market recovers.

Otherwise, no big deal unless we reach Russian or Argentinian levels of collapse.

That’s possible. The East Asian demographic cliff, a US debt crisis, global soil collapse, there are plenty of imaginable scenarios.

But none of them have happened yet, unless you live in Argentina or were a Soviet citizen. The west could continue to get lucky.