Retirement Planning / My 401k balance is down a lot. Should I pause contributions?
May 13, 2022
My 401k balance is down a lot. Should I pause contributions?
And I'm maxing it out. Not feeling so good about it obviously. Thoughts on that? I am thinking to pause contributions until things feel more stable in a few months maybe? Or is that a really bad idea? I'm not sure.
Replies (6)
May 13, 2022
@Wayne46S, actually if anything you should double down now in market downturns. Since you're already maxing it out, there is not much further you can go, but please stay the course and don't panic in a volatile market like this one. This could be a great buying opportunity of a lifetime (I hope I'm right:-).
May 13, 2022
@armandoHD5, 👍 needed someone to say it like this. Had I pulled out I would have missed today's massive rally.
May 19, 2022
@Wayne46S, The saying that timing the market never works is so true. 90% of professional stock pickers can't beat the S&P so why should we think we do it? Keep contributing, esp if you have more than 10 years before you plan to retire.
May 22, 2022
@Wayne46S, everything is down so I wouldn't react to that. Continue investing and don't check your account!
May 22, 2022
@CruiseAO4, yeah I suppose we are all down!
May 24, 2022
@Wayne46S, how do you know when to go back in? It's nearly impossible to know when the market has bottomed.