Do not make the mistake of thinking that the future will be very similar to the recent past:
Not the stock market - it may or may not. It may have another very severe decline or it may grow exponentially, or both. Like musical chairs, it will depend on how close to the retirement chair you are, when the music stops.
Not banks - we are in a new era where the FDIC cannot cover more than 2% of deposits. This is why they have adopted the Bank Bail In provisions. I think the really smart people are setting up some financial reserves in an offshore bank account before capital controls are established here.
Few have pensions any more. If they do, they should consider whether theirs will be among those that are poorly funded and subject to a haircut.
Consider something outside the market that has cash flow. This includes many kinds of real estate and other categories of investment.
I have a friend who invested $335,000 in a flock of egg-laying chickens two and a half years ago. He was getting a nice dividend. Chickens lay eggs even while you sleep. After the bird flu hit out west, egg prices went up. Corn prices are depressed. He has made approximately $5 million. Yes, that much. I asked for some details about the flock. He has never seen them personally. Despite the windfall, he was making a great 15% cash flow before the bird flu hit. On his original investment, that is +$50k per year.
Put together a couple non-stock market investments like that and you have created a pension.
I could give other examples of cash flow investments that do not depend on greater fools to enter the stock market.
I think the words of Scripture got this right:
"Divide your portion to seven, or even to eight, for you do not know what misfortune may occur on the earth." Eccl. 11:2
I like the sound of your advice. I wish I had someone like you to advise me on a more personal level. I might be in deep doo doo or I might have a chance and I am too economically stupid to know which.