Ok I think this is my last one. I kept on putting into my 401k leading up to the internet crash and afterword for the stickiness of 2000-2002. Probably madness at the time, but I would have spent the money on dollar books or strip clubs. I have run calculations (with dividend reinvestment) for August 1998, 1999, 2000, 2001, and 2002 contributions. The rate of return to the present ranged from 5.7% - 9.6% for each year, averaging within the 7-10% range. You can't just act like 2009-18 didn't happen, sure things look terrible if you cut out most of the recoveries. And that includes a long stretch, where, as you note, the s&p was negative. I don't disagree that we are probably due for another correction, but nursing home and adult diaper stocks will keep the market robust for the next 20 years after that! In any event, I am far more concerned personally about NYC real estate staying bubbelicious for another decade or so.