The biggest threat to your savings
Market risk is not the biggest threat to your savings. Inflation is. Inflation is the powerful force of compounding working against you. Inflation works in an exponential way, eroding your capital while you are not even aware of it. It is also not an imminent threat and so won’t cause a heart-pumping rush of adrenalin. Other than not saving enough, inflation is the biggest cause of running out of money in retirement. Costs grow exponentially. If your investments are not structured to fight inflation, you will move backwards in retirement.
The only asset classes that beat inflation consistently over the longterm are equities and property. (Remember that you can invest in these asset classes through unit trusts and retirement products.) These asset classes require you to take on market risk.