It is easy to tell someone to “ride it out” when they have enough money to wait for the market to recover. But for everyday Americans balancing retirement savings with mortgages, student loans, credit card debt and medical bills, a badly timed downturn can change far more than an account balance.

Most people were told $1 million was the retirement finish line. But that number doesn’t mean what it used to. The real issue isn’t just how much you save. It’s whether your money is structured to actually work when you need it.

Most people think they are diversified because they own multiple accounts. True diversification looks at how assets behave under different conditions and whether your strategy includes tools designed for both growth and stability.

Retirement has changed dramatically over the past 10 years. Here’s what’s shifted — and why modern planning requires more flexibility than the old 401(k)-only playbook.