Tag: retirement savings
The brief’s key findings are: As 401(k)s and IRAs have become the dominant source of retirement saving, the potential for pre-retirement withdrawals – “leakages” – has grown. Leakages occur via three channels: 1) in-service withdrawals for hardships or after age 59½; 2) cashouts when individuals leave a job; and 3) loans. Estimates indicate that about…
The state introduces automatic retirement savings plan for the uncovered. The Illinois Secure Choice Savings Plan, once up and running, will require employers (with 25 or more employees) that do not maintain a retirement plan to enroll their employees in Roth IRAs. Employees can opt out. Lack of coverage is a major problem nationwide sinc…
