My mother in law is so damn rich at almost 80 from never getting out of the market. She sold a commercial building for $3M about 20 years ago and spends money like a trainwreck but has never come close to touching that $3M. She lives in the Caribbean and has a wonderful life traveling the world and being a rich sugar momma to her grandkids. She is wealthy, and it's from staying 100% in. She trusts her investment advisor who has done really well by her.

My parents are the other side of the coin, they have been in fixed income and CDs and frankly, they are now lower middle class almost. They live on their $2500/mo SS checks and try to not dig into their retirement accounts, but do. When my dad almost died a few years ago, my mom had me go through all their statements to help her prepare for his death which didn't happen thankfully. They have drained and drained and drained their wealth, and are simply too chicken to ever take a risk.

Now, you might try to avoid really terrible periods like 2008, which I did too, but for the most part, don't go chicken.