Most retirees worry about average returns, but the order of returns often matters more. A string of bad years early in retirement can devastate a portfolio, even if the long-term average looks healthy. This phenomenon, known as sequence risk, explains why two people with identical savings can end up with very different outcomes. Traditional advice leans on market timing or defensive shifts, but that strategy is unreliable. Instead, practical buffers can reduce the damage without trying to predict the market.
