Retiring Soon? 4 Ways to Handle Declines in Your 401(k)
Rationally, we all know the stock market goes up and down. But after a 10-year run of solid performance, the downswing of 2020 hits particularly hard -- especially if you're retiring soon. And even though the market has recovered somewhat from its low point earlier this year, your 401(k) balance is probably still smaller than you'd like. Here are four ways to handle those declines in your retirement account.
Extending your career for a year or two, if you have that option, is the most straightforward response to declines in your 401(k). It helps, too, that you're probably spending less on gas, dining, and entertainment as you practice social distancing. If your job is secure enough, you can redirect those savings into your retirement account by way of higher contributions.
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Source Fool.com
