How much should I keep in cash? Should I maintain an emergency fund?

There is no magic answer to this question, but there are two categories where it makes sense to hold money in cash or some other short-term/low volatility vehicle. General rules of thumb: 1) When in retirement, consider holding 1 year’s worth or more of spending money in cash, so that it isn’t subject to market volatility (and maintain the rest invested consistent with your life stage, to keep growing it to meet your goals and minimize the impacts of inflation), and; 2) Consider maintaining an emergency fund equivalent to 6 months of spending money, should you lose your job or have another surprise need (note the use of the word “need”, not “want”).