It ' s not that sovereignty isn ' t real , it ' s just that we ' ve not clawed back anything from the vote , because there was nothing to claw back of any importance . <| sep |> Under this situation , my portfolio maybe wouldn ' t get me too farDoes your portfolio include any bonds ? This is the reason for rebalancing . Bond prices will go up in a market downturn and you can slowly sell them . If you were in the withdrawal stage in 20082009 , you would ' ve rebalanced by selling bonds and wouldn ' t have had to really sell much equities if any near the bottoms of the equity market . If you ' re really anxious , I ' d split the difference . Keep the 1 year of expenses in cash still seems a little excessive for most people , and put a little extra in bonds .