Do you still contribute to the 401k?
March 22, 2009 4:50pm CST
Recently, 3 of my quarter statement from 401k were in losing ground consecutively. They were losing some hundred dollars each quarter, which I felt so disappointed. Now, the market is in recession, we all knew it. Should we contribute less in 401k, because it is not a good time to waste money like that. Do you still contribute to 401k due to the current state of the market?
1 person likes this
• United States
22 Mar 09
I have had the same problem with my husbands 401K plan. I am sure we are not the only ones. My husbands employer used to match up to 6 percent of what he put in. Now the company says they are looseing too much money so they are not matching any more. The majorty of the 401 is in secure saving but a small portion is in stocks. We are taking a big hit on those stocks and with out the match we will be going out backwards. I am wondering myself if I should close out the account because if the stocks don't pick up soon we will have nothing left to retire on. I will be watching your post to see what others are doing. Maybe we just need to ride this out and maybe it will get better. I have been told that with the new stimulous package things are supposed to get better in the stock market. I hate the wait and see method but I guess we all have to wait and see if we can recoup some of our losses. I have to say that I am considering stopping puting money into the 401 so that maybe I can hold on to some small part of our savings. I hope things start looking up soon and our saving start going up again. Good luck to us all.