COLUMBUS, Ohio -- You might do a double take when you look at your first-quarter 401k statement.
NBC 4's Ana Jackson GOT ANSWERS on how you can grow your savings in a tough economy.
Max Larsen with Future Finances says the stock market has been up 26 percent since March 9 but for the quarter it's actually down 11 percent.
So your earnings will likely be negative.
"Don't make any drastic changes, but if you have some profits you may want to take some off the table," Larsen says.
If you've been laid off from your job, be careful with your old 401ks. Larsen says roll the money over into an IRA where you can self-direct the investments
"You want to make sure it rolls from trustee to trustee. You don't want to physically take possession of the check because that could pose some major tax problems for you," Larsen says.
If you're expecting a tax refund, Larsen says don't spend the money.
If you don't have an emergency fund, create one, or use the money to pay off high-interest debt.
If you invest, he suggests going with a stock mutual fund or a bond fund.
And if your refund seems too big to be true, change the exemptions on your withholdings.
For additional information, stay with NBC 4 and refresh nbc4i.com -- Where Accuracy Matters.
To submit a story idea or news tip, e-mail stories@nbc4i.com.
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