As the coronavirus spreads across Global economy and the United States, American life has come to a halt: schools are closing, sports leagues are suspended, events are canceled and officials from major cities are announcing restrictions on restaurants and bars.
Some Americans are already out of work and millions could end up losing their jobs in a potential recession.
While financial advisors typically encourage setting aside at least a small portion of your income for the future, ideally 10-15%, now may be the time to scale back or stop contributing to retirement-specific accounts if you don’t have cash savings to fall back on. If you don’t have three to six months’ worth of expenses saved in an emergency fund, “temporarily stop contributing to retirement accounts,” Nick Holeman, certified financial planner at Betterment, tells CNBC Make It.