Financial Planning for Another 'Lost Decade'

The U.S. stock market was on a roll over the past decade. The S&P 500 was up every single year since 2009 other than one (i.e. 2018) and has produced annualized returns of approximately 13% from the beginning of 2009 through the end of 2019. It has been a wonderful ride for anyone who has been a long-term buy and hold investor in U.S. equities over the past decade. However, the question on the mind of every realistic investor is, "What if the next decade produces much lower returns?" This possibility should disturb investors far more than a recession or bear market.

For context, according to the National Bureau of Economic Research, from 1854 through 2009 there have been 33 business cycles, with the average recession . A bear