Greetings Terry, I’ve been at my job just over 15 years now & been contributing to my companies 401k plan which they match 9.2 percent dollar for dollar. I contribute 10 percent for the past 6 years as I make more money. I just turned 50 last year & have a long way to go before retirement.. I’m just concerned that with the way the market has been over the past few months & with the market constantly dropping I’m concerned about my 401k? Am I saving enough?? Thanks for your time & advice??
People rarely save “enough” — but if you are saving as much as you can, you’re doing a good job. Now don’t “chicken out” when the market declines. Keep contributing! You’ll be buying bargains — and you have a long time to make the money grow. Eventually — perhaps after it goes even lower — the market will rebound.
And do have some savings OUTSIDE your retirement account– maybe a year’s worth of expenses, in the bank, just in case.