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If your 401(k) or other retirement plan has investmentst that include money in the stock market, this has been a terrible year. But all is not lost… especially if you have time on your side. Money reporter Stacy Johnson has 4 tips that will help you rebuild your cracked nest egg.
First, keep contributing to your plan. Stocks are now on sale. So, especially if you have time on your side, keep putting in money.
Another idea: contribute more if you can. That’s the fastest way to get that retirement account balance back up. So explore your options to expand your investments: maybe with a Roth or other IRA.
And speaking of Roth IRAs, if you have a regular IRA, converting it to a Roth while prices are down might make sense. Talk to an accountant and see.
Plan on moving to Florida or other sunny climes after retirement? You’ll find some screaming deals on real estate now. So if retirement is looming, consider finding your place in the sun now and renting it out until you’re ready.
One last tip: Use these tough times to trim expenses and fatten savings. Developing frugal habits now will not only help you rebuild your nest-egg, it will help you keep it when you reach those golden years.