Here's what do to with your 401(k) during all the economic instability caused by coronavirus. (via CNBCMakeIt)
"As the economy undoubtedly takes a turn for the worse, now is the right time to make sure your financial house is in order," Neumann says, and that means building up as much of a savings cushion as you can.
And although the markets have been volatile, resist the temptation to mess around with your current investments if you're a younger investor. "You can't predict the highs and lows, so when it comes to investing over the long term, it's best to stay with your plan and not overreact to short-term variations, " says
This is not the time to focus on rebalancing your retirement accounts, Gorelick says. Generally, if you have more than $5,000 in your 401, you canIf you have less, you may have to make some decisions now. Your employer can cash out your account if you have under $5,000 and send you a check. But typically employers will roll over your 401 balance into an individual retirement account if you have at least $1,000 unless you specify otherwise.
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