Thanks for sharing your thoughts Chris.

First, the research was done by Morningstar, not me. I'm simply trying to make their very detailed report more approachable.

Second, they did more than look at historical data. They ran 1000 Monte Carlo simulations based on expected future performance of multiple asset classes.

Third, I'm not expecting the future to reproduce the past. For example, I think the central banks have learned a lot since the 1920s, so I think another Great Depression is less likely.

However, I'm sure there can be all sorts of new black swan events. That's why I think the best path forward is to try to diversify your retirement income streams, minimize fixed costs, and save and invest the most that you can, consistent with still enjoying your life in the present.