Experts cover how to decide between saving to your 401(k) for retirement versus your emergency fund in an unsteady economy.
How to know if your emergency savings is enoughIf you're single, Beck suggests keeping"close to a year's worth of essential expenses" to cover necessities such as your home, food and utilities.
"You should have a year's worth [of essential expenses] in case there's a downturn in the employment market, which we may or may not be heading into," she said, noting that it often takes longer than expected to find a job after a layoff, especially for higher-compensated employees. However, her recommendation changes for dual-earning couples."I cut that back to six months, maybe even three months, depending on what industry you're employed in," she said.
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