Retirement Reform Blog

When it comes to your 401(k) the age-old adage to think long-term still applies. A recent article from the Dallas Morning News cautions workers not to change their retirement plans just because of the recession. Consider this advice before making drastic decisions: 

• Don't stop contributing. With the drop in the stock market, and predictions that Social Security and Medicare will pay less in the future, workers need to save more now than ever.
• Get Matching Funds. If an employee's company is still willing to match 401(k) contributions, employees should take advantage of this benefit.
• Determine your Timetable. Workers retiring soon should consider investing in less risky investments like bonds, but ask your financial advisor.
• Learn More. As the stock market evolves and adjusts to the financial crisis, workers saving for retirement should remain up to date on the latest risks and investment strategies.

Tags: 401(k), retirement accounts, stock market