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Tips for Your Retirement 401(K) Account During Current Financial Crisis
By Jay Author | September 27, 2008
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Many of my friends are worried now as they can’t retire early now. Are you in the same shoes? Even if you are not, here are some good tips which I recommend to every one:
Tip#1: Whatever your current condition is, if you can add more money to your 401(K) account, then keep doing it. You should not stop looking your future just because the current financial crisis. You should look at the long term of your retirement account and it is the right strategy not to change your current contribution to your retirement account.
Tip#2: Don’t stop your current contribution or reduce your current contribution to 401(K) account. If you stop your contribution to retirement account, you stop missing your employer’s matching contribution. So you will miss the free money.
Tip#3: Don’t change your retirement plans due to market conditions. You should plan for a long term and don’t try to time the market. If you are fond of market timing to maximize your returns, then you should open a separate investment account and try your skills there. You should not touch your retirement account for your investment hobby.
Tip#4: If you have invested your retirement fund through fund managers, don’t try to take control to yourself because of the current market crisis. Again if you want to play the market, then you should open an investment account and then use your investment skills with this account. You should not try your skills with your retirement account.
Right now the economy is on a very shaky ground and many stocks are on sale. So if you want to take benefit of this market, then educate yourself with how to play market and then only take benefit of this market.
Here are some good resources on learning stock investment tricks:
4. Secrets of Succesful Traders
tags: investment account market timing tips retirement retirement 401(k) tips for 401(k) tips for retirement trading tips
Topics: budgeting tips, latest money products, money |
September 28th, 2008 at 11:36 am
This is a very good advice. I love your blog posts. Most of the material is simple to read and easy to understand. I keep coming to your blog now more often to get the ideas for my blog.
September 28th, 2008 at 1:35 pm
Barry19:
It’s good to see that you are also spreading good money-related information with others. Can you let me know your blog URL?
October 1st, 2008 at 12:45 pm
These tips are very good especially in the current market scenario. I will share these with my kids. Good work!
October 1st, 2008 at 12:47 pm
My blog’s URL is http://barrygardens.wordpress.com and I have kept your blog as my favorite link.