If you have saved up enough money that you can retire with your portfolio in nonvolatile investments, then that works great. For others, the options are to accept some additional risk or keep working. I find that it helps to keep a portion of the investments in cash and consider the remainder to be a long-term investment. During a market down turn (like 2020), I know that I can ride it out for a couple of years or so before I have to make a hard decision about what to sell at a loss.
Money is not the only factor in retirement planning. When we bought our house in 1994, one of the attractions was that it was a single story ranch style with no steps. My wife and I both had parents who owned a 3-story house that became impractical and unusable as they became elderly.
We have since remodeled the master bedroom and master bath to be wheelchair accessible, not that we need it. It's there. We paid off the mortgage in 2008, and have spent big bucks on upgrades including insulation, doors, windows, upgraded HVAC, plumbing, and a new shop. Not only are those assets nonvolatile, they make living cheaper. Our electric bill is actually lower than it was 25 years ago, and electricity is our only utility bill.
Watching housing prices go insane in recent years has brought home the importance of locking in costs before retirement. As far as money goes, I favor the "lots of socks" technique. Stocks, bonds, tax sheltered account, metals, antiques, art, real estate, offshore investments, and even cash. The cash sock is shrinking rapidly thanks to inflation. I have faith that a recession will be along eventually, when cash will once again be king.
I try hard to never buy something for what it's worth. Pickings have been pretty slim since the Fed started spewing money with a fire hose in 2009, but the spigot looks to run dry soon. There's nothing like people trying to raise cash to put great deals on the market. A deep recession is a great time to build an asset portfolio.
