WICHITA, Kan. A New year has many looking at their finances. You've likely seen the headlines of stock market records, but are you taking advantage of it?
Stock market graphic by MGN.
Several area financial planners say the record highs in the stock market shouldn't lead to record high contributions into your 401(K) plans.
"The one thing we always talk about is what you can control and that's it," says Jade Smith co-owner of Financial Planning Concepts. "If you can put more money in, than do that. You can't control what the stock market does, what politicians do, what the economy does. But you can control what you put into your own accounts."
The general though it to let your budget dictate how much you put in. If you can afford it, do it, regardless of the market.
"I mean, that's the elephant in the room right now," says Ron Avey of Waddell and Reed. "When are we going to have a pullback? Because we are going to have a pullback. Whether it happens next week or two months from now, it's hard to say."
Smith says trying to pick the perfect time to put your money into the stock market is impossible.
"You want to put your money in, whether it's up or down, just stick to the course and make sure you always contribute," he says. "...History says we are eventually going to be higher than we are now."
Another piece of advice is not to discount what the markets could mean for you secondhand, by what it may mean for your employer.
"Businesses that we work with, at least I would say the majority of them, if they are doing well, they do reward their employees," says Financial Planning Concepts co-owner Wendell Smith.
Financial planners agree it's great that the stock market is high and it is a good sign for the economy. But for your personal retirement planning, they advise to make decisions based on your budget and to stick with it.