Tag: emergency savings
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…
As many of you may know, several states – California, Connecticut, Illinois, Maryland, and Oregon – are in the process of setting up retirement programs for their uncovered private sector workers. These programs consist of a mandate on employers without retirement plans to automatically enroll their workers in an Individual Retirement Account (IRA) and to…
