Should I stop contributing to my 401(k) and build up my cash?

I am 55 years old and losing my job in 6 months. My wife and I have zero debt, $38,000 in cash, $14,000 in mutual funds, and $1,400,000 in our IRA's. I want to accumulate a large cash cushion. Should I stop contributing to my 401(k) and just bank that money?

401(k), IRAs
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October 2017

With the small amount of information you have given us, I would recommend that you put all your savings in cash at this time. The next 6 months should be about building your cushion. The more you can save the better. Your goal should be to give yourself enough time to find the next job and not having to compromise or panic...

If your cash amount is too low, you might eventually have to dip into your retirement savings which would be very costly. It is better at this point to lean on the conservative side until things get back to normal.

I hope this helps.

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