Earlier quoted context omitted.
I don't mean "collapse" but a gradual/abrupt slide downward towards another equilibrium than that expected from earlier projections. A good current example is what is happening to the economies of many countries due to Trump's tariffs.
I re read your initial reply more carefully and we are doing just that. Because of a combination of poor life choices between 2000-2008 and purposeful decisions between 2012-2020 early retirement or even retirement before my wife and I are eligible for Medicare is mostly out of the question unless we move out of the US - we are seriously exploring this possibility and we will be in one of those countries for six week…
For myself, because of my upbringing and my own studies, i follow these axioms;
1) Be extremely risk averse when it comes to money-in-hand. I would rather live within my capital than risk it on investment which may make me lose a sizable portion of it.
2) Never trust any financial/investment advice from anybody unless i have thought through it and assessed the risks. Nobody has my welfare at heart as me myself.
3) Curtail my desires i.e "wants" and whatever i buy, make full use of it over a number of years. That means using cars/laptops/phones/gadgets/clothes etc. until they die on me. Never buy something just because and/or follow fashion.
4) When you splurge on some specific "want", you must balance it with saving on other fronts. This rule is inviolable; nothing will build financial discipline like being forced to give up something for something else.
5) Never buy stuff on loan/EMI etc. but always do it with cash-on-hand. If you can't pay for it completely, you can't afford it. The only possible exception is buying a house but even here you should try to payoff everything as soon as possible.
6) Always payoff your credit card etc. in full every month. There should never be any outstanding debts.
7) The future is uncertain. Hence always imagine the worst-case scenario and then plan for it. As i said, the goal is to avoid total ruin.
8) Always rely only on yourself; do not assume/depend on help from siblings/relatives/friends etc. when things go wrong. This builds mental fortitude and responsibility so that you can face come what may in the future.