 Is it better to contribute to a 401K plan or pay off bank loans? |
Is it worth the hit you take on the taxes to pay off loans instead of contributing the money to your 401K
Additional Details
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 After a big shock in the share market should one invest in Mutual Funds? |
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 Selling stocks at a market price? |
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Riddler12000 | Contributing to a 401K? |
Would it be smart to stop contributing to my 401K at this time, due to the volitility of the current market? If I would stop investing in my 401K, I could invest that 6% in a 6 or 12 month CD and when the market calms re-invest back into my 401K or IRA. Would this be smart? |
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$so fresh so clean$
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I couldn't have put it any better than the others. Think of this: when the store has a sale, everyone runs to it, right? So why is it that when the stock market goes down, people run from it? Same principles. Supermarket? Stock market? See any resemblance? When the market is down, you get more for the money. |
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Homeslice
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With the market being down right now, it's a good time to keep putting money into your 401(k). With the market being down, you can buy more shares at a lower cost and then when the market goes back up, you will already have shares in your account that will benefit from more appreciation. You don't want to wait for the market to go back up and then start buying shares. Buy low and sell high. |
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katieQ
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The whole concept of a 401K is the long-term. You should never change your rate of saving based on the ups and downs of the market. Before you retire, the market is going to go way up and way down again and again, a few times over.
If you want to invest more elsewhere, do so on top of whatever you've decided to save in your 401K. It might feel tight right now, but in the end you'll be happy you did. The more you save, the better off you'll be - especially if your company matches. |
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mikeeyman
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You should contribute as much as you can to your 401k. Look at the long term graphs of any major market index... Every single one has an unbelievable upwards trend. I assume you are not near retirement, therefore short term corrections should not affect you. Assuming you are 20 years away from retirement, think about it this way.... The stock market will be much much higher in 20 years than it is now. Just my 2 cents.
If you are still uneasy about the stock market, your 401k should have a money market option or a cash managed option in which you will earn 3 to 5%. Much better than putting your money in a CD after factoring in the tax effects. |
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zygote222
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Both points made in the other answers are very good. If you absolutely, positively must switch to a lower risk investment while the market corrects, you should still contribute to your 401k and simply change to a more conservative investment option. That way your interest income will be tax deferred and the size of your 401k will continue growing from new contributions.
But I would say you're already too late to be playing fancy games with your retirement savings. Unless there is a much more severe recession than is currently predicted, the stock market has most likely fallen at least half of what it will eventually decline. The time to take profit was when the market was hitting new highs last fall, not now when we are well into the correction.
The goal is to buy low and sell high. In order to accomplish this you need to be willing to buy when others are selling and to sell when others are buying. |
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Nick
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Buy stocks on the way down. So many stocks are trading at way below their normal valuation that it would be unwise of you not to be putting money into your retirement account. Now is the time that you are going to get the biggest discount, and therefore you will increase your potential for huge gains. Having said that, I do not think that you should invest in Mutual Funds. Hold onto the ones that you have but do not add to them. I say that because these funds are so diversified that you will be lucky to yield 10% on a rebound. Instead, invest in undervalued tech and financial stocks that have been hit the hardest for no reason and you could see 40-50% upside. I think that those sectors will have the largest upside in the near future. Good luck! |
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William H
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Contribute as much as you can afford to your retirement account. Keep the new contributions in your money market until you feel comfortable. |
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Italian girl
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Doesn't your 401k have a money market option? If it does not you should raise hell with the administrator. |
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