There are those that are fortunate to retire on day one with
SS, pensions, etc. that meet the great majority of their current income needs. In that case, I would think that their cash holdings would be little, as compared to our situation. The impact of selling in a down market (be it months or years) would be little.
Whereas our (financial) decision to retire was primarily based on our investment values at day one of retirement, we look at our
MM accounts as insurance that our current income needs will be met, regardless of what the current market may be doing today, and in years to come.
Everybody's different and there is no one answer to the question (as most things in this forum under discussion).
BTW, I have no idea where
FIDO came from. It's been in general use as long as I can remember. OTOH, why do people refer to Vanguard as "
VG"? It's not two words. Maybe somebody will think by just using "V", you may confuse it with those lizard creatures on the
TV series of the same name
...?