So, like many boomers, I have a 401k that represents basically my entire retirement fund. Unlike many boomers, I am under the age of 50.
I'm sure there's plenty of other millennials, and possibly even younger generations, who have simple, relatively hands-off accounts from jobs where you just diverted a percentage of your paycheck. It's not flashy or trendy, and it's kinda old-school - like the employers we got them from.
With the market being about as stable as a cement mixer full of nitroglycerin, what are we to do?
I've thrown some pocket change into the Meme War on Wall Street, but if this triggers a collapse, there goes my 'retirement' (as though that could ever happen given current trends). What should I and people like me be looking out for?
I don't have any advice.
I expect I will never be allowed to retire. I expect retirement age to be pulled higher and higher. I expect more and more pension funds to "discover" they are bust as I get there. Same for governments. They're all in debt with current tax payers paying for the previous services not current or future ones. I don't expect the EU's bank guarantee will actually work through the next crisis--and that is only for 100k. I expect more governments will directly siphon funds from people's accounts like they did in Cyprus. As far as I am concerned if your money isn't in physical assets it is as good as gone. If it is in physical assets I expect they'll be seized or destroyed. I expect Big Brother to try harder and harder to eliminate cash so they can spy on every transaction and so the payment processors can insert themselves and scrape a little money off the top.