Most of that money in the stock market is "on paper" and so the losses will mostly be on paper too. The people hardest hit will be those who are recently retire

Most of that money in the stock market is "on paper" and so the losses will mostly be on paper too. The people hardest hit will be those who are recently retired or soon to retire. Young people who bought in at the top will have decades to recover. (How quickly did the S&P500 recover after 2008?) I'd worry about the knock-on effects more than your stock portfolio.