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Jill on Money with Jill Schlesinger

Should I Stop 401(k) Contributions?

Jill on Money with Jill Schlesinger

Audacy

Investing, Education, Business, Self-improvement

4.61.9K Ratings

🗓️ 4 October 2022

⏱️ 15 minutes

🧾️ Download transcript

Summary

With my 401(k) getting hammered so far this year, should I consider reducing my monthly contribution and parking it in my savings account where at least I know it's safe?

Have a money question? Email us, ask jill [at] jill on money dot com.

Please leave us a rating or review in Apple Podcasts.

"Jill on Money" theme music is by Joel Goodman, www.joelgoodman.com.

Transcript

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0:00.0

Welcome aboard this Air France podcast message. Air France and its crew invite you to discover

0:09.4

its business class cabin, where you can enjoy a full flatbed. For even more comfort, an

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ultra soft duvet and pillow are at your disposal. Air France wishes you a pleasant podcast.

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Air France is a journey. Air France. Book your business class tickets now at Air France.co.uk.

0:30.4

Are you ready for a monzo business bank account? Mike from Bluewater Plumbing was.

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Need to get paid quickly, especially when I have five or six plumbing jobs in a day.

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When I first used the payment link feature in my monzo business account, I was impressed

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how quick and easy it was. At the end of each job, I just create a payment link, send it

0:45.8

to the customer and get paid then and there. I can also track all of my payments in my

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get paid tab. If you're ready for a monzo business account, apply today. Just search

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monzo business, tease and seize apply. Only sold traders or limited company directors in

0:58.9

the UK can apply. Welcome, welcome. It's the Jill on Money Show. It is Tuesday, October

1:09.9

4th. I can't believe it's the first week of October. Yes, let the games begin. It is

1:16.4

the end of the year. It is officially the beginning of the end of the year. Yeah, the beginning

1:21.7

of the fourth quarter. So today we are going to answer some of your financial questions.

1:28.4

If you would like to pose one to us, just go to our website JillOnMoney.com. Click the

1:33.6

contact us button. Let us know if you would be willing to come on the air. We would be

1:38.6

delighted to have you join us live or answer your questions. This is from Sally who writes

1:45.2

since the first of the year. My 401k rate of return has been this is in red print minus

1:51.9

18%. Should I consider reducing my monthly contribution at least at its safe sitting

1:57.7

in my savings account? No, no, no, no. Considering the high cost of everything right now, I could

2:04.3

use the cash, but with some struggle I can make ends meet. I don't love struggle. That's

...

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