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Dabbs Hickman Hill & Cannon, LLP


319 South Main Street, PO Box 727, Statesboro, GA 30459

Phone: 912-764-6951


Note New Address

325 Tattnall Street, Savannah, GA 31401

Phone: 912-233-9004

November 2020

Staying on Track For Retirement

Many companies have had to reduce expenses to retain employees during the pandemic. To save money, some companies paused matching contributions to employee 401(k) plans. If this happened to your 401(k), do not panic. Keep with your existing retirement strategy and consider the following options.

If your job feels secure and you’re still financially able, continue making contributions. Don’t stop just because your employer temporarily did. The tax benefits and the potential for growth are still there.

Perhaps you’ve cut back on spending because you’re not going to the gym or the dry cleaner as often. Contribute the money saved to your retirement plans. This may help make up a portion of the lost employer contribution. And for an added bonus, some contributions, like those to a traditional IRA or 401(k), may be tax deductible.

With all the turmoil in the markets, now’s a good time to review your portfolio allocation. If you’ve incurred significant losses, look to ensure your current investment strategy makes sense. Avoid making hasty decisions. Instead take a detailed look at your current situation and reevaluate your future needs. And if you’re unsure of what to do, have a conversation with your financial and tax professionals.


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