Financial Wellness Network Money Matters: Retirement vs. Recession

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(Jessica) Welcome to Money Matters on the Southern Bank Financial Wellness Network. I’m Jessica.

(John) And I’m John.

(Jessica) And today we’re talking about whether or not to reduce saving for retirement in the face of a recession.

(John) Yeah, Jessica, you know, when money’s tight, it might be tempting to hit pause on saving for retirement. I mean that’s so far in the future, right? However, it’s important to keep the long-term view in mind: The more you put in now, the more your money will grow over time.

(Jessica) So, instead of cutting out saving, what should we do?

(John) Well, if you absolutely must, cutting back on saving is an option but should be a last resort. Take a look at your budget for other places to cut back instead, or consider temporarily adding a second source of income.

(Jessica) And remember, economic downturns don’t last forever. Don’t panic. Keep saving. And don’t be afraid to ask for help from a financial advisor if you need it. We’ll see you next time on Money Matters. And remember, Financial Wellness starts here!

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