COLORADO SPRINGS — As the stock market tumbles, some may be worried about their retirement plan.
“I am not worried about the economy or what is happening right now because I planned,” said Wilma Hunter, Alabama resident.
Hunter says planning and budgeting the maximum amount to her 401K allowed her to retire at 55-years-old.
“Don’t try to keep up with your friends, do what is best for you and save,” said Hunter.
Hunter says starting your retirement plan as early as possible is key — others agree.
“I actually started planning for retirement when I was 20, and I’m 29. I have a 401K, Roth, you name it,” said Kevin Parks, Colorado Springs resident.
Parks is also a financial advisor, and says Roths have lots of benefits.
“You can contribute whatever you need to contribute. If there are certain months when you can contribute 400 to your Roth, do it. If there are certain months when you have unexpected expenses you can dial back,” said Parks.
Director of the UCCS Economic Forum Tatiana Bailey says cutting back should be your last option. Instead— reducing discretionary spending like vacations.
“Maybe instead of a $2,000 vacation— $500. Camping or doing something different,” said Bailey.
If staying in the workforce is an option, Bailey recommends doing it.
“You can continue contributing to your 401K, and any additional that you’re doing right now, you’re getting a good price because the stock market is low,” said Bailey.
“Saving, staying away from credit, and not overspending is a big help,” said hunter.