Tag: emergency savings
Emergency savings are a key component of financial security for households of all ages. To decide how much cash savings to have on hand and how to balance this need with other financial priorities, households need good information on the spending shocks they may…
Maybe it‘s time to rethink adding a credit card to 401(k) accounts! Senators James Lankford (R-OK) and Michael Bennet (D-CO) introduced the Enhancing Emergency and Retirement Savings Act of 2021, which would allow 401(k) participants one penalty-free distribution of up to $1,000 each year to deal with financial emergencies. The rationale is that low-paid workers…