Should I Stop Funding My Retirement Savings Because of COVID-19?
Millions of Americans are struggling financially as the COVID-19 outbreak continues to rip the U.S. economy apart. Small businesses are suffering in particular, with many having to lay off employees in conjunction with shutting down.
But what if you haven't fallen victim to a layoff amid the craziness? What if you're able to do your job from home, or you're an essential employee who's still reporting to work during this time of crisis? Is it smart to put money into your 401(k) or IRA? Or should you earmark every penny you have for emergency savings?
It's scary to think about the prospect of losing your job at a time like this. And to be clear, if that does indeed happen, you may be eligible for unemployment benefits, but generally, those won't come close to replacing your entire paycheck. In many cases, they'll replace less than half. As such, it really does pay to have a fully loaded emergency fund as the country continues to operate in crisis mode.
Source Fool.com
