Episode 18: The Need for Emergency Savings
According to a recent survey, more than 70% of employees would have some level of financial difficulty if their next paycheck was delayed by one week. Thus, the need for emergency savings to cover unforeseen expenses is clear. But how can employers encourage their participants to take control of their own financial wellness?
One option, growing in popularity among retirement plan sponsors, is to offer an emergency savings account through the retirement plan recordkeeper. But are these "sidecar" accounts the best approach?
In episode 18, Mike Webb and Jack Towarnicky of the American Retirement Association discuss differing views over utilizing sidecar accounts for emergency savings.
Revamping Retirement Episode 18
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Note: This feature is to provide general information only, does not constitute legal advice, and cannot be used or substituted for legal or tax advice. Opinions expressed are those of the author, and do not necessarily represent the opinions of Cammack Retirement Group.
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