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Saving with 6abc: Dealing with 401k jitters
June 24, 2013 (WPVI) -- How to save your nest egg when the stock market takes a fall.
If you checked your 401k over the weekend and considered pulling your investments out of the game because of the rocky ride Wall Street's been on, financial experts say take a breath and think twice.
1. Do Not Sell in a Panic: Advisors say it's smarter to stay the course and that fleeing the market now is one of the last things you should do.
2. Read Between The Headlines: Many retirement accounts are invested in a mix of assets based on your age, which means that the effects on your portfolio may look different from the headlines.
3. Be in it for the Long Haul: Experts say daily market fluctuations, even those as drastic as Thursday's plunge, will ultimately be overshadowed by long-term market gains. The Dow, S&P 500 and NASDAQ may be down now, but they are all still up more than 10% from last year.
4. Remember the big picture: They say 401k investors who continually invested over the last 10 years saw their average account balances grow by about 17%.
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