Experts: Now is the time to increase 401K if you are able

Experts: Now is the time to increase 401K if you are able

RICHMOND, Va. (WWBT) - It may seem counter-intuitive as many are running from stocks-- but now is actually a good time to increase your 401k contributions-- if you can.

Investors say if you haven’t been furloughed and you still have a job and income coming in-- this actually may be the time to increase your 401k contributions.

We caught up with Michael Joyce with the financial firm Agili, through Zoom. He says it’s something to consider.

“Increasing their allocations to their 401k plan. It’s really an optimal time to do so with asset levels lower than they were a couple of months ago,” Joyce said.

He says your fixed 401K contribution automatically buys fewer shares of a fund when the market is pricey-- and MORE when the market is on sale-- so this is essentially a bargain.

You can’t control the performance of the stock market-- but you can control how much you save.

Joyce says saving for the future and retirement should always be the big goal.

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