Retirement Plans to Savers: Sit Tight

News from the web:

During the worst three-month period for stocks since 2008, employees who turned to their 401(k) plans for advice heard an almost uniform message: avoid drastic portfolio changes and keep contributing. Fidelity has told investors to keep contributing so they can take advantage of gains when the market recovers. After Standard & Poor’s downgraded U.S. government debt, T. Rowe Price posted a message online from its chairman telling 401(k) savers to stick with their long-term strategies. “When you allow short term events to impact your decision making, it very rarely is successful,” says Michael Skinner, a vice president and head of client experience for T. Rowe Price Retirement Plan Services.

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