05.10.22

Shrinking economy raises 401(K) concerns

I had a chance to speak with Mark Roper of WMAR-2 Baltimore about the impact of inflation on 401(k)s and retirement planning — watch the video below to learn more.

Key Points

  • Your retirement usually is a long-term plan, and this is a short-term fluctuation in rates. Don’t make a knee-jerk reaction. If you have a 10- or 15-year time horizon, there’s no reason to do anything yet with your 401(K).
  • If you’re planning to retire within the next three to five years, you might want to look at a different mix. As you get closer to retirement, consider a shift a little more toward bonds.
  • If you have extra cash, take advantage of the downturn to invest more into your 401(K).
  • Pay attention to your excess spending. Cut back on unnecessary expenses since we’re looking at a tougher economy.
  • Most importantly? Consult with their adviser before making any changes to your 401(K) plans.

Read the whole article here: https://www.wmar2news.com/news/local-news/shrinking-economy-raises-401k-concerns

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