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Like one of the other replies mentioned, when you get closer to retirement, more of the money should get shifted from stocks to more stable but lower return investments like bonds and such that are not affected by a stock market crash. Usually you can set a retirement age in the management portal of your 401k and the management company in charge of your 401k uses it as a guide to move the money into the more stable investments.

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spankmonkey@lemmy.world ⁨1⁩ ⁨month⁩ ago
Only 32% of people have 401k accounts.

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- partial_accumen@lemmy.world ⁨1⁩ ⁨month⁩ ago
  
  Only 32% of people have 401k accounts.
  
  45% of 18-29 year olds have a retirement account. That number keeps rising to 77% of people 60+ having a retirement account. source
  
  You don’t need a 401k account to save for retirement. You can do this same savings/investing in an IRA or even an brokerage account (but you wouldn’t get the tax benefits). There are ZERO employer requirements to opening an IRA, you just have to be someone that earns money.
  
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  - spankmonkey@lemmy.world ⁨1⁩ ⁨month⁩ ago
    
    you just have to be someone that earns money.
    
    Earns enough money to set some aside for retirement.
    
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    partial_accumen@lemmy.world ⁨1⁩ ⁨month⁩ ago
    
    Earns enough money to set some aside for retirement.
    
    Do you literally not even have $1 in your pocket that you earned for yourself? Thats all it takes to open an IRA and start saving for retirement.
    
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