It only breaks asymmetric encryption like SSL and PGP. The strength of symmetric encryption, like you have with password protected files and drive volumes, is reduced somewhat but should still be more than sufficient.

And like the other commenter said, there are asymmetric algorithms that are quantum-safe, they just aren't in widespread use (though apparently just this year NIST announced a standard for lattice based cryptography).

I could swear we've been preparing for that day for a decade now

The new asymmetric quantum safe algos are coming though.

With classic cryptography being broken that also opens the need for quantum cryptography and commnications. China is a bit farther ahead of us on this launching their first satellite encorporating these concepts in 2020:

"The nation’s Micius satellite successfully established an ultrasecure link between two ground stations separated by more than 1,000 kilometers" source

China is launching a second newer generation satellite next year. source