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The assumption is a recession.
The reality is Trump may straight up lead y'all to a depression. Or just straight up balkanization fracture.
That's definitely possible, but unlikely. And, with a long enough timeline to retirement, you'd still come out ahead if your asset allocation was correct.
In the Great Depression, the market recovered to its 1929 peak in under 30 years. So, theoretically, if we had another great depression right now, people under 35 or so would be OK even if they were 100% in equities. The older you are and more overleveraged toward equities, obviously the worse off you'd be. https://www.macrotrends.net/1319/dow-jones-100-year-historical-chart
Assuming we will have another black swan event of the same magnitude as the Great Depression is a longshot. Could it happen? Yeah. Is it a safe bet to stake your retirement on? No.
I am not a financial advisor, and this is not financial advice, but making drastic moves based on stock market fluctuations is generally not a good idea. What is a good idea is managing your risk exposure and diversifying your investment vehicles.