I retired in 1999. The fantasy on the job was take your lump sum retirement package and you’ll make more money in retirement than working. I did that and than along came...tech bubble. rising interest rates...falling interest rates..Great Recession...Pandemic. Usually if I made no withdrawals and waited a few years the IRA value was restored. Same with the Pandemic losses. If you live long enough your IRA value will be restored in time for your heirs to enjoy the money.
What I’ve learned after four Advisors. Some honest, some not. Some on Barrons top 100. On market downturns they will do nothing. “Stay fully invested”. IMO. Roth vs conventional IRA. No mandatory withdrawals after age 701/2 on Roth. Back in 1999 I got free financial advice from a local “expert” in the city newspaper. Asking would 6% bonds be a good investment? He said no. 6% bonds would have given me more than enough cash flow with money aside to invest in equities. Ah, the good old days.
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