My wife and I have fairly different views on managing our retirement investments. Left up to her, we would liquidate everything and bury the cash in a hole in the back yard. In my wife's defense, she grew up in the old Soviet Union, weathered the trails and tribulations of glasnost and perestroika and saw families decimated through guffy government policies. Me, I am a bit less conservative.
The upshot of all this is that we have a well balanced, albeit. conservative investment strategy geared for the long-term. Our ultimate goal remains intake - spend it all before we die.
On a more serious note, yes, we took a bit of a beating in the stock market last month... however, we are invested for the long-term so there is no panic with current situation. Our portfolio is fairly diverse and fairly conservative. At this point in our lives, we are more concerned with income generation and preservation of wealth as opposed to growth.