))
Why You Shouldn't Stop 401K Contributions, Even During Tough Times
Manage episode 435405250 series 3561532
Content provided by Archie and Rob Hoxton and Rob Hoxton. All podcast content including episodes, graphics, and podcast descriptions are uploaded and provided directly by Archie and Rob Hoxton and Rob Hoxton or their podcast platform partner. If you believe someone is using your copyrighted work without your permission, you can follow the process outlined here https://player.fm/legal.
In this week's episode of the Last Paycheck Podcast, hosts Archie and Rob Hoxton talk about the alarming trend highlighted in a recent Moneywise article by Maury Bookman: 46% of middle-class workers have reduced or stopped their 401K contributions due to inflation and high prices. Exploring the broader economic backdrop, they discuss how rising living costs and stagnant wages compel people to cut back on crucial retirement savings.
They also emphasize the detrimental impact of growing consumer debt and the missed opportunities from halting contributions, such as losing employer matches and tax benefits. They highlight the long-term costs, illustrating how skipping even a year of contributions can significantly reduce retirement savings. Throughout the episode, Archie and Rob advocate for maintaining some level of contribution, offering practical tips to navigate financial challenges while planning for a secure retirement. Tune in for insightful advice on how to weather economic uncertainties without sacrificing your financial future.
If you'd like to chat with Rob or Archie further, please schedule a consultation: https://calendly.com/archiehoxton/last-paycheck-consultation
Call or text Hoxton Planning & Management: +1 (304) 876-2619 and visit their website www.hoxtonpm.com
Watch on YouTube: https://youtu.be/TKIpvgoTQoo
Listen in on conversations with CFP Professionals Archie and Rob Hoxton as they share weekly wisdom to help you retire and stay retired. Have you ever wondered what it will feel like when you get your last paycheck? Whether it’s excitement, anxiety, or anything in between, this show is for you.
59 episodes
Share
