As well as taking on board the advice you're being given (I agree with Gordon) it can be helpful to understand *why* you're feeling the way you do.
I would sum it up as: people know they should buy low and sell high when investing, but your instincts will often lead you to do the opposite, you will feel euphoria when things are going good and want to pile in more (which can lead to buying into bubbles) and feel like quitting when things have gone down even though this is the time to 'buy low'.
If its okay I'll give my tuppence.
When we pass 50 our lives seem to change, in most cases our children are heading or are in adulthood and the focus shifts away from them to us the parents.
Many of us have a pension and we start the road of understanding what that few bob we have been squirreling away for 20,25,30 years, now we want to know what this " pot of gold" will provide in our latter years.
Some of us realise we may not have enough, we increase our contributions via AVCs and despite the tax advantages of doing this the net pay is still reduced and despite years of getting by with mortgages, children etc we are nervous and despite knowing that this is a savvy financial move.
We have based our future lives on having a pension, we might be paying off the mortgage with the lump sum, we want to travel we want to create a " bucket list" and tick off each item, but we need our pension.
If those funds are less than we thought then our future is not going to be what we want or it "might'nt " be.
While people know the risks of investment in anything, when those people see their investments, especially their pension reduce in value, anxiety develops.
The majority don't have the level of understanding of financial stuff that is apparent on this forum and they probably thought that what goes in comes out, rightly or wrongly.
I typed using " we" but it's my wifes pension that will be our main pension and I try and forecast the future years to retirement, obviously it's our point of view and appreciate others will have different views and circumstances.