Greedy people put all their retirement funds in growth funds. And that worked out great for the past decade, altho there was a huge drop during covid. But the market recovered.

A lot of folks have a part of their retirement in cash reserves. You might get a lower return for that, maybe 5%, but it is safe. During down turns, that is where the withdrawals are made.

Lot of bitter folks out there crying in their beer right now because they thought the bull market would never end.

The dumbest thing to do now (and I know this from experience) is to get out now and plan to get back in at the bottom. Some get out now and then get back in when the market is booming again at a higher price. Never again. Lesson learned.