If your company starts cutting wages and stopping 401k contributions, get your savings and contingency plans in order.
Once they cut wages, etc, layoffs are just around the corner. A couple weeks after the company I worked at cut pay, they began to offer buyouts. Then came rumors of unpaid furloughs, shortly after, they cut half the staff and put another quarter of the staff on 1/2 time.
Things are really bad right now. I’ve got enough savings to last a couple years, assuming we don’t get hyperinflation.
Oh, yeah....we’ve already made plans....my husband’s 58...so it’s looking like early retirement is coming....he’s planning for it by years end. Feel sorry for younger people who haven’t had the time to invest/save like we have......course who knows what will happen to our “savings”
Hyperinflation is enevitable when printing money is the only source of capitol. Congress is voting money into existance and printing IOU's. I suspect paying off your morgage or at least your car so you have someplace to sleep in out of the rain is better than a bank account.
I read a story of when Russia did this, one friday night you went to bed with enough "dollars" to buy a nice car, monday morning you woke up with enough "Ameros" to buy some cabbage for soup.
History is a hard to refute indicator.
You got a nagging car problem that you have not paid to get fixed? Roof leak? Fix it. Spent that dollar while people still think it has some value.
Very good advice by the way.