It depends on what you mean by “shock”.
The ZIRP has destroyed the ability of retirees, pension funds and insurance companies from earning any meaningful interest income. Retirees have suffered massive shock for some time now.
ZIRP has also had the undesirable effect of pushing some retirees into higher yielding, but riskier investments, that may not be suitable for them. This is putting many seniors on thin ice.
Yep - I took two massive hits with the previous "crashes". Seems my stuff goes down with the ship, but doesn't recover as fast or fully as when the market rises back up. A couple months ago, I moved my investment retirements into Money Market funds to try to salvage the principle when it tumbles again - can't afford to have it cut in half again. Not eraning anything, but hopefully it won't tank with the market.