U.S. News & World Report: What to Do When Your First-Quarter 401(k) Statement Arrives
Dylan Telerski / 10 Apr 2020
We know it can be hard to stomach looking at your retirement account balance during a market downturn.
It’s one thing to read in the news about stock market losses, but it’s a very different feeling when this is reflected back at you from your retirement account. Even here at Ubiquity, where our teams work every day with small businesses to set up 401k plans, we aren’t immune to emotional reactions upon seeing our balance.
So, what should you do when your first-quarter statement arrives?
According to our founder and CEO Chad Parks, it depends on your age–and how you handle bad news:
“How do you behave when you get bad news? It’s human nature to focus on the immediate. It’s very difficult to focus on the long term.”
If you’re younger, and many years away from retirement, it may be wiser to not look at your statement at all. On the other hand, if you’re planning on retiring in the next 2-5 years, experts say it may be time to take a closer look.