I have seen a big drop twice and a few more minor corrections. But the massive difference is that I was earning a substantial salary and was a lot younger.
If twice, then one of them was the financial crash. You remember, it was the end of the world. Companies left, right and centre collapsing and people being made redundant by txt message. Yet you were not concerned that who you worked for might be affected? I know that I was.
I wasn't affected by "Black Wednesday" in the 80's, as I didn't start investing until a couple of years later. But I remember the sea of red on national news and a grim faced ill looking government.
Looking back further we had large amounts of unemployment, presumably that means failing companies. Starting as employed can be more of a psychological crutch than a real support for your wealth in such times.
However, being able to sleep at night is important. If bonds help you then they do make sense.
Re global trackers. I enjoy picking where I invest, don't do badly and have issues with how they effect the "price discovery mechanism". That said if you don't both enjoy the process and are "ok" at it then they are the way to go IMHO.