Expect lower returns going forward, don’t reach for yield (I.e., take on more risk), and just save more. Another subtle but important point in the article regarding fees:
“Inattentive investors can expect to lose as much as 70% of their profits to “hidden” fund management costs in addition to the “expense ratios” touted in mutual-fund prospectuses. (These hidden costs include things like sales load, transaction costs, idle cash and inefficient taxes.)”
So yes, stocks are relatively high now. The P/E ratio is currently 25.22 well above the historical average of 15.61 (multpl.com, based on trailing 12 month earnings). Does this mean sell stocks and go to cash? No. Personally, I address high market multiples with a lower (but greater than zero) percentage of my allocation to stocks. I continue with my monthly contributions and have increased them once already this year. After reading this article, it may be time to consider another increase.
Good luck everyone!