Mick Lee

Mick Lee

Mick Lee is a Chicago radio personality and the Program Director of WLIT, 93.9 LITE FM. Originally from upstate NY, Mick wanted to be a radio DJ as a...Full Bio

 

Should You Stop Contributing to Your 401k During Coronavirus Stock Slump?

Stock markets on the decline

Wall Street has gotten absolutely hammered as coronavirus has put a dent in virtually every corner of the global economy.

So does this mean you should stop contributing to your 401(k)?

"Absolutely not!" Ann Carrns writes in The New York Times.

"Market crashes are nauseating, especially if you are young and have not experienced one. They are frightening. And no one can say for sure when the market will stabilize. But time is in your favor. You have years—decades!—to recover from this roller-coaster ride and reap returns when the market rises again. Even if you are in your sixties, you are likely to spend 20 or even 30 years in retirement. So you have time to let your money bake longer in the investing oven."

So there you have it! Relax and let things settle down.


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