Sorry folks.
What investment income? Most retirees are living off Social security, and not much else. And you're just fine with cutting that.
So the bottom 80% hold a grand total of 8% of the stock market. Gonna need that for their retirement.
Mutual funds, index funds? I have a portion of my retirement in that.
A goodly portion of the Fed's Thrift Savings Plan (401k) has a stock market index fund plus another fund into bond's.
We may not individually own stocks, but we're not exactly absent from the market, especially with savings accounts and CDs paying squat.