If you experience a market down turn early on, and you're forced to take distributions from those assets. You lock in these losses, so even if markets then recover, your portfolio doesn't get to recover. A big part of retirement planning is having a strategy to manage that sequence of returns risk. Now there's actually four ways to do itim happy toye. Let's go through them. So option one, it's spent conservatively. It's the logic of things like the four % rule of thumb for retirement income. Spending flexibly is another option, and that's something that people might be naturally doing right now. If you want 30 years of inflation adjusted spending, which is