2 Reasons to Stop Funding Your Retirement Plan Right Now
Because Social Security generally won't provide enough income for seniors to live comfortably, workers are advised to save independently for retirement in a 401(k) or IRA. Ideally, you should be socking away 15% to 20% of your salary for the future, and while many workers don't do that (namely, because they can't afford to), it's always better to save some amount of money for retirement than none at all.
But while the "always keep saving" mantra is a good one to follow, the COVID-19 crisis is forcing millions of Americans to rethink the idea of funneling money into an account they're not supposed to access for years. In fact, if the following situations apply to you, you may want to consider pulling the plug on your 401(k) or IRA contributions for now.
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Source Fool.com
