I was lucky to have a boss that was also a caring person who harped on me to max out my 401K and start a taxable brokerage too. He harped on "indexed funds" too. I didn't really know what those were, but I learned. That was in my early 20's. I eventually followed his advice. Because of that, I could have easily retired at 50, if I had wanted to. I didn't make huge $$ either. As far as the markets being scary, "all" you have to do is avoid looking at them with short-term goggles. If you plan to retire in 15-20+ years, don't bother looking at charts less than that. Some might even say don't look at less than 30 years as your money still can grow after retirement. You can't lose money until you sell. Also, even with low inflation, there is huge risk in keeping cash in the bank. Say inflation is 2.5% and the bank is paying you 0.1% interest, all of that 2.5% and the missed opportunity for higher growth (stocks) is being flushed down the drain. That loss is real and it is practically guaranteed. [Edit: And these days, 10%!]
In my mind: Retirement success =
Have something to retire to. Not just Netflix... Stay interested, and busy. We have the perfect hobby for that. Maybe even help others with your free time.
Save as much as you can.
Learn a little about low cost index funds. Google is your friend. Vanguard, Fidelity and Schaub all have good learning resources on their web sites. It ain't rocket science.
Live below your means. Still have fun because you never know what is coming around the next corner but avoid keeping up with Joneses.
Did your friends all just buy shiny new bass boats? I bet they would like your company on those boats. You don't really need one. Would it really be $30K more fun to have your own? (Guessing, since I've never owned a bass boat.)
Don't pay some "guru" 1-2% annually to do practically nothing for you. Look for funds with low cost, more like 0.03% is pretty good.
(Say you're retired and taking out 3%/year. If you are paying 1%/year to a supposed guru, that is 1/3 of your withdrawals EVERY year. What could you do with 50% more available cash every year? I know what the guru is doing with your money... bigger boat, longer vacations etc.)
Don't pay front loads or purchase fees or sale fees. (Eg. Vanguard, Fidelity, Schaub offer lots of low-cost, non-loaded funds)
Take advantage of tax-deferred (IRA/401K etc.) and Roth plans. Especially don't miss employer matching if available. Can you say "double some of your savings for free."?
Decide what sort of market fluctuations you can take. Balance your stocks/bonds so it makes the dips so you can ride them out.
Never, never, sell low unless you have no other choice.
In retirement (and before) keep an emergency fund in something safe. Some people are ok with 6 months, others try for longer. This helps you not have to "sell low".
I'm sure there are other best practices but I thought I was running at the mouth already.
Sorry for the rant, but hope it may help someone.
My FA said at my future expected rate of withdrawal I should have enough money to survive into my 90s, if it stays like this I may need to die earlier.....