While there are now fewer 401(k) millionaires, many investors still made smart moves

While there are now fewer 401(k) millionaires, many investors still made smart moves
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WED, FEB 06, 2019
YOUR WEALTH
Editor’s Note
This is a good news/bad news story. First, the bad news: The year-end market turbulence caused average balances for qualified retirement accounts to drop in the fourth quarter of 2018. So, many investors were a bit freaked out when they opened their latest 401(k) statements.

However, there is some good news. I will even call it encouraging news. Despite the fact that balances fell in a roller-coaster market, investors didn’t seem to panic, according to a Fidelity study. The research concluded that investors made just a few changes to their investments; many actually increased their retirement contributions, and the number of workers taking loans from their 401(k) plans dropped.

As someone who has preached confidence in the markets, this makes me very happy. I understand how market dips and gyrations can make investors panic. But smart investors know they are in this for the long term. Opting out of the stock market, or jumping out and sitting on the sidelines by going to cash are a far riskier option. It’s important to stay calm and know that long-term investments are not impacted by day-to-day market swings. As Warren Buffett has said many times: “It’s more important to rise above the daily, monthly and even annual swings of the market, which are impossible to forecast with any accuracy.”

For more great stuff like this, please follow me on Twitter @jimpavia and check out CNBC’s Financial Advisor Hub.

5b44bafc1696f.jpg Jim Pavia
@JIMPAVIA
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CONTRIBUTORS
5b460bc98c1ce.png Sharon Epperson
@sharon_epperson
5b44bc0e4b20b.jpg Josh Brown
@ReformedBroker
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