> If you were retiring in 2008, you might not be able to keep averaging with the market, even if you had the stomach to do it. That is why you need to risk-adj

> If you were retiring in 2008, you might not be able to keep averaging with the market, even if you had the stomach to do it. That is why you need to risk-adjust your portfolio before you hit retirement and see to it that you have other assets to fall back on in case of market implosions. Landing in a ditch with your stocks as the only possible income during 2008 means your assessment of your risk tolerance was wrong and you found that out the hard way. Staying in stocks means accepting the risk that things go south in exchange for high potential returns. As we saw, the markets climbed back (I think the average is 2-3 years of misery in past crises before it gets back up) and had a 10-year bull run before Corona hit. A fully paid off house can help sit out crashes, too, sure. Investing in stocks while still paying your house off, well... some people like to live on the edge :-) > Time in the market is still timing the market. No. Timing the market is making decisions in between about getting in and out for other things than rebalancing, adjusting your risk or for some rational tax purpose.