If you're short on cash, here's how to prioritize between retirement savings and your emergency fund, according to financial experts.
"It's always a balance," said certified financial planner Catherine Valega, founder of Green Bee Advisory in Boston. While maxing out your 401 should be the goal, your emergency savings is also important, she said.Leslie Beck, a Rutherford, New Jersey-based CFP and owner of Compass Wealth Management, said she has a "rule of thumb" for how to decide between retirement and emergency savings.
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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