After a year of nirvana, investors may need to get ready for something a little more normal.

Markets are coming off a strong 2019, when stocks and bonds around the world climbed in concert. But for the next year — and decade, in fact — Wall Street is telling investors to set their expectations considerably lower.

It’s not calling for another crash like the stock market suffered just over a decade ago. Or for another run like the last 10 years, where the S&P 500 returned more than 13 percent on an annualized basis. A gain less than half of that may be more likely, both for next year and annually for the coming decade.

“People need to have a more realistic expectation of what returns are going to be,” said Greg Davis, chief investment officer at Vanguard. “That means investors who are saving for retirement or for college education will likely need to set aside more, because returns won’t be as generous as what we’ve seen over the last decade.”

It’s not because investors see the economy falling into a recession, at least not in 2020, even though that’s been a recurring fear for much of the last decade. Much of Wall Street expects the economy to chug modestly higher next year.