Everyone should have a sound plan for achieving their retirement goals. If you don’t know how much money you need for retirement, you can’t possibly know how much to save or how to invest it. And, when times are tough, your plan will help you evaluate the damage to your portfolio.
Keep making regular contributions and increase them if you can. Employer matches come in a wide variety of options depending on the employer’s discretion. Some employers match contributions dollar for dollar. Others match 25 or more cents on the dollar. That means each time you contribute, your employer adds money, for free! Often times your employer will only match up to a certain percent of your salary. But regardless, they’re adding to your retirement for you! The worst time to stop contributing to your 401(k) is when the market is down.