9. Retirement plan balances may be down
We’ve seen what seems like an unprecedented plummet in the stock market since March due to COVID-19, which puts retirement savings at risk. Nowadays, everyone’s portfolios have taken a huge hit, so you might feel compelled to act on these sudden changes.
However, it’s recommended that you leave your plan alone for as long as possible. Values are bound to come back up eventually, and you’ll be kicking yourself if you don’t wait out this downturn period.
However, you can withdraw cash from your 401(k) or IRA without losses, just consult a financial advisor to make sure you’ll be in the clear if you chose to do so.
