Even if you're worried about Wall Street's wild ride, you may want to think twice about scaling back contributions to your retirement accounts.
Falling stock prices have resulted in many retirement accounts taking a massive hit in value. However, Jeff Prebish with Edward Jones financial services in Madison says people need to avoid panicking. He says consulting with a financial advisor can help many people who have entered or are nearing retirement to protect their remaining money.
As for those who are still a few years away from retirement, Prebish warns against holding back too much when it comes to contributions. He says money invested right now can bring big returns when the market finally rebounds.
Still, you shouldn't expect those investments to pay off right away. Prebish says this is a deep recession, and it will take some time to get through this.
Prebish says the important thing is to stick with your retirement and investment plan, if it makes sense.
