Economic uncertainty due to COVID-19 is inflicting additional trauma on an already fragile state of retirement readiness in America. In Edelman Financial Engines’ latest report, “Tapping Retirement Assets Early,” we reveal how plan sponsors and employers can improve financial outcomes and protect retirement income for the benefit of your participants and your bottom line.
This report highlights:
- The high prevalence of 401(k) loans and hardship withdrawals during COVID-19
- The high cost of early retirement access
- The causes of early retirement access—from essential to trivial
- The regret workers feel after tapping retirement assets early
- The actions employers can take to help protect participants’ retirement income