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Should I continue contributing to my company's retirement savings plan?
Considering I was down 25% last year and 15% this year so far, I think my best option would be to stop contributing and use that money not invested to pay down bills. If and when the market recovers between 8000 and 8500 that is when I will contribute again. Is this a good strategy or am I missing a key benefit to continue to invest?
My company already contributes 15% of my salary even if I don't contribute a dime. I am well aware of dollar cost averaging. Guess I should have been dollar cost averaging everytime Sirius stock went down from it's high of $8 to its current price of 15 cents. Ah no!!! I already called my company this morning to stop all contributions until the market recovers.
4 Answers
- Anonymous1 decade agoFavorite Answer
Yes, yes, yes. You're more than likely getting an employer match. That is free money! And you're still getting a tax break as well. Keep contributing.
- Ryan MLv 71 decade ago
You are missing the key benefit by missing out on dollar cost averaging at the bottom of the market. The time to stop contributing and move everything into safer investments was 5000 dow point ago!
- 1 decade ago
If your company matches your contribution, then you would be dumb not to contribute. If you contribute $50 every paycheck, that 50 becomes 100 because the company matched it. This is only if your company matches it.
- 1 decade ago
If you could go back in time and buy stock for at discount would you? The answer is yes!!! Guess what stocks are at a discount and will go up someday. I would say buy strong companies like GE, P&G and FedEx. They will be in business well into your retirement.
