highway sign saying get in lane and label of rigid and flexible.(Photo: Shutterstock)

Despite the slight moderation of price increases with the most recent inflation report, economic conditions continue to deteriorate for millions of Americans. Costs remain extremely high, workers are rapidly exhausting their savings, and a recession appears highly likely. One of the most harmful aspects of this economic contraction is the effect it will have on the financial future for many American workers. Employees are already using their savings to cover immediate costs and some are even pulling money out of their retirement accounts.

Withdrawals like this cost workers huge sums of money over the long run and puts them in a precarious financial position when they retire. Companies should be doing everything they can to prevent employees from making early 401(k) withdrawals, such as providing financial advice, flexible benefits, and other forms of financial support as they navigate a difficult economic environment. At a time when companies are struggling to retain talent, implementing policies and programs to help employees manage their financial wellness enables them to maintain a healthy workforce.

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?


BenefitsPro Broker ExpoEvent

BenefitsPro Broker Expo will help attendees prepare for new issues, embrace new challenges and find new solutions.

Get More Information


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.