Robert Kiyosaki warns 401(k) owners of depression risk

Robert Kiyosaki, the author behind *Rich Dad Poor Dad*, has warned Americans with stock-heavy retirement accounts that the U.S. could be on the brink of another Great Depression. In a July 2025 post on X, he cautioned, “DO YOU have a 401(k) or IRA filled with stocks? Good luck. We may be on the brink of another 1929 crash and another Great Depression.” The warning comes as the U.S. stock market, despite early stumbles, hit record highs in 2026, following a sharp rebound from a downturn earlier in the year.

Kiyosaki’s alarm is rooted in concerns about what he calls the “Everything Bubble” — a term used to describe inflated asset prices across stocks, real estate, and other markets. He has repeatedly urged investors to shift wealth into gold, silver, Bitcoin, and Ethereum as hedges. The warning gained traction after the 2022 market sell-off wiped out an estimated $3 trillion from 401(k)s and IRAs, highlighting vulnerabilities in retirement accounts heavily tied to the stock market. A similar collapse today could be even more damaging, given the scale of retirement savings now linked to equities.

The warnings are not without precedent. Kiyosaki cited investment legends Warren Buffett and Jim Rogers as examples of investors moving away from traditional assets. While Buffett’s Berkshire Hathaway has trimmed equity positions and now holds $373 billion in cash and Treasury bills, it remains heavily invested in stocks. Rogers, however, has publicly stated he sold all his U.S. stocks and warned of a debt-fueled economic crisis. Kiyosaki echoed that sentiment, pointing to America’s soaring national debt, now around $39.6 trillion — an increase of more than $2 trillion in recent years.

Experts say the debate reflects deep uncertainty about the economy’s long-term stability. While the market has rebounded strongly, Kiyosaki’s call to diversify into alternative assets like gold and crypto highlights growing unease among some investors. The Federal Reserve and policymakers face pressure to manage inflation and debt without triggering a financial crisis. For retirement savers, the stakes are high: a severe market downturn could erase years of savings just as the U.S. heads toward a wave of retirements.