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?
This is probably some of the best advice I've seen, thanks.
I mostly joke about being a boomer because my parents are older than most of my contemporaries, so I grew up culturally a lot more old-school than most, and in my field I'm older than most of the middle management and almost all of the line workers, so I constantly joke to the college students and high school grads that I'm a boomer and they make no sense.
Totally get that, I shun the Millennial thing because I'm on the extreme old side of what most call Millennial (some say it's not Millennial) and had parents that wanted me to get a job, not make a safe space for me. Those articles and such about "how Millennials are" they are pretty much the opposite of me.
One additional thing which mother Russia here didn't mention: it is legal and well-supported to hold your 401k in physical precious metals. You need a 401k provider who let's you do self-directed management, and a trustee to store the metals, and through them you buy bars and rounds on the market, to be stored by the trustee until your 401k matures. A good trustee will have your metals in a segregated vault box, and let you visually inspect it. I won't recommend a specific one, because I haven't chosen one yet.
I do stand to gain if you go for what I'm describing, and this isn't financial advice, just interesting info.