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

Latest Posts

02.04.25

Leading with Time on Your Side

One of the most critical lessons I’ve learned during my career is the importance of effective time management. It’s not just about being busy but about being productive and focusing on what truly matters. So, I’ve created some actionable strategies you can implement in your own leadership journey.