Turns out, many Americans simply don't have the financial freedom to save for retirement.
There's nothing really surprising about that, but what's worse is what's actually made it to the bank is disappearing at an increasingly alarming rate.
Nearly one out of three workers took a distribution or a hardship loan for their 401(k) retirement plan in 2012, according to the Transamerica Center for Retirement Studies. Those numbers are pretty upsetting, especially when one considers the acceleration rate: the amount of loan takers was just one in four the year before. Those who making between $35,000 and $60,000 a year account for 45 percent of those loans.
Complete your profile to continue reading and get FREE access to BenefitsPRO, part of your ALM digital membership.
Your access to unlimited BenefitsPRO content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Critical BenefitsPRO information including cutting edge post-reform success strategies, access to educational webcasts and videos, resources from industry leaders, and informative Newsletters.
- Exclusive discounts on ALM, BenefitsPRO magazine and BenefitsPRO.com events
- Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com
Already have an account? Sign In
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
