Stressed woman on phone The plethora of financial wellness options creates an opportunity for advisors to help plan sponsors try to ease employee financial stress. (Photo: Getty)

Employee A cashes out a retirement plan to help with the costs of buying a house, then learns the tax penalties will be higher than he thought. Concerned about that and credit card debt from the move, he cuts back on his current 401(k) contributions.

Employee B has four active kids, and although she has employer-sponsored health insurance for the family, the out-of-pocket costs mean she, too, cuts back on her 401(k) contributions. She also neglects medical care for herself, choosing to ignore potential warning signs in an attempt to lower the family’s health care costs.

Complete your profile to continue reading and get FREE access to BenefitsPRO.com, part of your ALM digital membership.

Your access to unlimited BenefitsPRO.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Critical BenefitsPRO.com 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?


NOT FOR REPRINT

© 2023 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.

C.J. Marwitz

C.J. Marwitz is a writer and editor.

More from this author

BenefitsPRO

Join BenefitsPRO

Don’t miss crucial news and insights you need to navigate the shifting employee benefits industry. Join BenefitsPRO.com now!

  • Unlimited access to BenefitsPRO.com - your roadmap to thriving in a disrupted environment
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com
  • Exclusive discounts on BenefitsPRO.com and ALM events.

Already have an account? Sign In Now
Join BenefitsPRO

Copyright © 2023 ALM Global, LLC. All Rights Reserved.