Should I Stop Contributing To My 401(k) During COVID-19? (and More Answers To Your 401(k) Questions) (Ep. 69)
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Has your employer stopped matching 401(k) contributions during COVID-19? Do you wish you had more money for daily expenses?
If so, you might be wondering if you should stop contributing to your 401(k).
Today, Larry Heller explains why increasing your savings rate is one of the best ways to take back control during unsettling times.
This episode is filled with advice to help you increase your contributions, focus on the long-term outcomes of contributing to your 401(k), and know whether it’s wise to withdraw early from your plan, even if the U.S. government is making it easy to do that during COVID-19.
In this episode, you will learn:
- Why you shouldn’t stop contributing to your 401(k)
- Three ways to increase your contributions
- How to know if you’re saving enough money in your 401(k) for retirement
- What to look for when doing a portfolio check
- What to do with your 401(k) if you lose your job
- What the downsides are of taking a hardship withdrawal
- And more!
Tune in for complete advice on what to do with your 401(k)!
Resources: Heller Wealth Management: (631) 293-2806 | Episode 35: Your Retirement Paycheck | Video: How To Decide If a Roth Conversion Is Right for This Year