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saving to 401k vs. high yield savings.... in current economic situation?
So, I am at the point in my job where I can finally open my 401k... and now we have the economic crisis!
Is it in my best interest to open my 401k or to save to my high yield savings account????
5 Answers
- DerekLv 71 decade agoFavorite Answer
401 k for your retirement
high yield savings account for safety
To answer, contribute to both.
- Anonymous1 decade ago
Well, it's hard to answer this question without more info. I'm not a financial planner, but if you've paid off all your credit cards, car loans, and other debts (besides a mortgage, unless you can't manage it), AND you have an emergency fund (in high-yield savings) of 3-6 months of expenses, then I would invest in the 401(k), especially if there is a company match, and if you can get the benefit of a tax deduction.
- lucyLv 44 years ago
each and every of the failings you indexed as thoughts are great while you're retired and you desire a low-threat investment portfolio to maintain you money and earn basically a splash of pastime. even nevertheless, a secure thank you to speculate with a reasonable fee of return is a assorted develop / earnings mutual fund portfolio . those investments have a teach fee of return ,and im as low as 10 years, you need to adequately double, triple, or greater the 15,000 which you invested. consult with a broking provider approximately it ,maximum won't can charge just to talk.
- David MLv 71 decade ago
Stocks are on sale, they are cheap. They've come way off of their highs. You may never get a chance to buy stocks as cheap as they are now. Load up on stock mutual funds in your 401K.
- leticiaLv 45 years ago
that is debatable and there are basically many possible answers to this question