Sure. You can cherry pick a time period in any index that would be bad. That's why the 4 percent rule only works for most retirement historical starting years, and why some people choose to work towards a more conservative 3 percent withdrawal rate.

Retirement always was and will continue to be a risk that depends both on how much you've saved and how well the economy will continue to function and grow once you're no longer working. Like all things in life, nothing is certain.