Two retirees with the same average return over thirty years can end up in opposite situations if the order of those years differed. Someone who takes a 30% fall in year two, while withdrawing, sells units at low prices and permanently shrinks the capital that can recover. Someone who takes it in year twenty-five barely notices.
This is why the withdrawal phase is not simply accumulation in reverse. In accumulation, an early fall is an opportunity: you buy cheaper. In withdrawal, it is irreversible damage.
The usual defenses are holding two or three years of spending in stable assets, accepting spending cuts in bad years, and not starting withdrawals with the most aggressive portfolio of your life.