Comments on: saving to 401k vs. high yield savings…. in current economic situation?

By: AllCourt

AllCourt — Wed, 31 Mar 2010 05:13:59 +0000

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.
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By: David M

David M — Wed, 31 Mar 2010 04:54:59 +0000

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.
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By: Derek

Derek — Wed, 31 Mar 2010 04:32:59 +0000

401 k for your retirement

high yield savings account for safety

To answer, contribute to both.
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