As an example of how important equity holdings of retirement accounts are: https://en.wikipedia.org/wiki/CalPERS https://en.wikipedia.org/wiki/CalPERS The Cali

As an example of how important equity holdings of retirement accounts are: https://en.wikipedia.org/wiki/CalPERS https://en.wikipedia.org/wiki/CalPERS The California Public Employees' Retirement System (CalPERS) is an agency in the California executive branch that "manages pension and health benefits for more than 1.5 million California public employees, retirees, and their families". . . . CalPERS manages the largest public pension fund in the United States, with more than $469 billion in assets under management as of June 30, 2021.