With some U.S. equity indexes up over 30% in 2019, one might expect American investors to be overcome with euphoria.

Yet U.S. investors are reporting that they’re stockpiling cash, thinking about reducing their equity allocations and delaying retirement, according to recent research sponsored by Personal Capital.

Respondents in a survey of 850 U.S. investors over age 40 with at least $100,000 in investable assets reported holding nearly 18% of their portfolios in cash. Approximately half of the respondents said they would consider reducing investments in stocks (47%) and increasing holdings in savings accounts (53%) to combat market volatility.

The respondents’ reactions to a hypothetical 25% decline in the value of their investment portfolios were no less rash. Among respondents ages 55 to 64, 42% would delay their retirement and 21% would claim Social Security earlier than planned in response to such a drawdown. More than one in four respondents in this age group said that any downturn in the value of their portfolio would cause them to consider delaying retirement.

One item of good news is that only 11% of the respondents felt very worried about stock market declines, with another 52% saying they are somewhat worried and 36% reporting not being worried at all. The respondents’ top worry for retirement? High health-care bills, named by 62%.

While fewer than one in five respondents said they are currently seeking advice from a financial advisor (19%), most of those in the survey (70%) reported having a long-term financial plan and 62.7% plan on riding out any market volatility by remaining diversified.

The survey also tracked respondents’ retirement readiness; overall, they had a median of $513,000 saved for retirement and have been saving an average of 13% of their current income toward retirement. Respondents reported believing that they would need $1.2 million to retire with their desired lifestyle. Nearly half the respondents, 48%, reported that they would collect a pension in retirement, with two-thirds of those receiving an annuity.

Respondents reported an average asset allocation of 44% stocks, 18% cash, 16% bonds and 10% real estate, with the remainder in “other” investments.

Personal Capital and Kiplinger’s Personal Finance sponsored the survey. Respondents had a minimum annual household income of $50,000 before taxes and a minimum of $100,000 in combined household net worth. The survey was fielded from October 17 to 21, 2019.