Well, you miss the point.
A prudent retired investor should have on hand adequate cash to carry through the down market
Prudent investor continues to invest through the down cycle. Dollar cost averaging is your friend.
The same prudent investor, already down 18-20% from Jan 2022 is likely to lose another 15% during next 12 months. And to get back to high set on Jan 2022, my crystal ball says 2 to 3 years wait. Hopefully this prudent investor has enough cash on hand to last 2 to 3 years if she should not sell for living expenses.
But that prudent investor will struggle to make up for the fact that his cash is losing 10% to 20% of its value each year.