Yes, these are scary times. And when it comes to your 401k, the thought can be downright terrifying. If you’ve been closely monitoring your retirement account lately, you probably aren’t liking what you’re seeing. But don’t fret, now isn’t the time to bail on your retirement contributions. If you’re still able to work, here are a few reasons you should keep your contributions going strong:

There’s a huge discount available: The market may be taking a hit right now, but after the coronavirus bids us adieu, you should expect things to start to turn back the other way. You can look at it as an opportunity to take advantage of lower prices on shares of good stock. The more you put in, the more gains you can expect.

Did you forget about your company match?: While things are currently going the wrong direction, you can’t lose sight of the free money that’s being invested for you each pay period if your employer offers a company match. You may feel that holding some cash back will keep you from losing it, but if you’re losing the investment that your company is matching, you’ll really be hurting in the long run. By keeping your company contributions maxed out, you’ll help yourself recover quicker once the market turns around.

Always remember taxes: Sure, you could redirect some of that cash to your direct deposit, but then guess what happens to it? The government will tax it and take their share. If you keep it in your 401k, it’s not getting taxed and taken. While it’s painful to see what’s currently happening to the stock market right now, keeping your contributions strong (and maybe even making them stronger) will be good for your portfolio in the long run.

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