The recent steep downturn in the stock market, particularly the S&P 500's approximate 20% decline from its high earlier this year, has exposed vulnerabilities in retirement income plans. Over the past two years, the S&P 500 surged by 48% and the NASDAQ by 80%, leading to high expectations for continued growth in 2025. However, investor Ray Dalio has cautioned against assuming past market successes will continue, warning that such beliefs could result in substantial losses. Experts advise older investors to fine-tune their portfolios cautiously without making drastic changes, although this guidance can be challenging to follow amid ongoing market volatility. The current turmoil has also caused many to hesitate in reviewing their retirement savings.