There may be many ways to assess the damage from a sudden downturn in the market like we experienced in March of 2020. You can look at the percent decline in the Dow or the S&P 500. You can look at the decline in your own portfolio (which will likely be less--perhaps much less--than the decline in pure equities. These abstract measures, though alarming or frightening, don't tell you a whole lot beyond "not good"! A more practical assessment involves looking at the impact on your annual spending allowance, what MaxiFI Planner refers to as your annual discretionary spending.