Financial Literacy

How Millennials Should Manage Their 401(k) During the Bear Market

Rodney Brooks
August 25, 2022

It can be scary to watch your 401(k) balance decline during a bear market. Most millennials still have 20 or more years until they reach retirement age, which is plenty of time for balances to recover. Nevertheless, the decisions millennials make now are likely to have a long-term impact on their retirement finances.

The important thing for millennials and other age groups is to avoid the panic that will often lead to bad financial decisions. Here's how millennials should manage a 401(k) during a stock market downturn:

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Authored By Rodney A. Brooks

TRAFOTFBThe author tells the history of the Freedman’s Savings Bank, how it grew much too quickly, why it failed and the impact on Black America. The Freedman’s Bank offered a safe depository for formerly enslaved people, expanded quickly and gained millions in deposits – mostly ranging from $5 to $50. But inexperience and corruption doomed it to failure, costing may of the small depositors their savings.

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“Rodney A. Brooks’ ‘Fixing the Racial Wealth Gap’ is one of the best written and most prescriptive books I’ve read on this prickly subject. Using powerful stats, stories and insightful wisdom, it is written from the heart, mind, body and spirit … plus years of research and thought as a mainstream journalist, Fixing the Racial Wealth Gap is revealing, humorous, instructive and sobering.” – Dr. George C. Fraser

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