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Reply to "Reducing 401(k) contribution -- s/o"
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[quote=Anonymous]Can I recommend a personal finance guy named Dave Ramsey? He's got a website and a radio show. Anyway, he recommends temporarily stopping 401k contributions if you're in debt in order to get out of debt. His notion is that you need to focus on the debt first before you worry about saving for retirement, especially if you're younger. In your situation, I would absolutely stop contributing for a year or two and direct that money towards my debt. You'll free up your cash flow once you pay off debt and be able to start contributing again. Now, I wouldn't do that if you were going to take the money you would have been contributing to your 401k and go on vacation. But I'd rather pay off debt than contribute to the 401k for a very short term period. I realize you might lose a few dollars over the long term but IMHO, the peace of mind of getting rid of the debt and having more cash flow would be worth it.[/quote]
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