If you're the academic type, you might want to read up on sequence - of - returns risk, also known as sequence risk. (investopedia.com)
Another alternative that would reduce early sequence risk is to start retirement with a lower equity position, continuing a dollar cost averaging system the first N years of retirement. (earlyretirementnow.com)
So, we are willing to forego a little bit of tax - efficiency 30 years down the road for the peace of mind of less sequence risk today! (earlyretirementnow.com)