The market thinks a 100% passive ETF portfolio is the safest way to fund a UK retirement.

The actual unit economics say if you retired into the FTSE in 1999, you had to wait 15 years just to break even while inflation ate your cash.

This gap exists because sequence of returns risk destroys capital when you are forced to sell at the bottom.

You either believe the market will perfectly cooperate with your retirement date, or you don’t.