Opinion: Economists say a recession is coming: How can 401(k) investors prepare?

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5. I'm also foreclosing what could be significant losses...

which, at my age, I cannot afford. I'm willing to forgo those possible gains, given the gains I'm preserving, to avoid the losses. I still have the prospect of gains on what I'm leaving in; really, I'm just re-allocating in what I believe is a prudent approach for my personal situation. If I still had twenty-five years to work, I'd be leaving most of my assets in equities. That's not the case. So you can't really say that "anyone" who takes money out of the market is missing out. It's all about managing risk--taking the risks that's acceptable, and avoiding the risk that's excessive.