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Increasing Financial Security with Workplace Emergency Savings

Jul 03, 2018

Key Takeaways

  • In a financial emergency, employees may look to their workplace retirement funds to pay expenses.
  • A workplace emergency savings feature helps employees build a nest egg without jeopardizing their 401(k).
  • The upside? Unused emergency funds can become part of an employee’s retirement savings.

 

Many Americans struggle with managing their day-to-day expenses, and some may make the mistake of raiding their workplace retirement accounts to make ends meet. That can cut into their retirement savings and compromise their financial wellness.

In response, Prudential has developed a supplementary emergency savings plan feature to make it easier for employees to build savings that can also be used in an emergency. The feature, which builds on the success of defined contribution (DC) savings plans, could potentially help employees balance a broader array of needs by meeting the short-term needs that DC plans are not designed to address.

Read More

For more on emergency savings and Prudential’s emergency savings feature, read Increasing Financial Security with Workplace Emergency Savings .

 You may also be interested in other Financial Wellness topics.

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