Today, there's a good bit of debate about how participant loans affect long-term retirement outcomes. Statistics tell us that employees may be more motivated to enroll in your company plan if it includes a loan feature. And while some employees may find themselves in circumstances where a hardship withdrawal may be unavoidable, we know that both loans and hardship withdrawals have a negative impact.
So, how do we best view these plan options and – more importantly – how do we coach employees on their use?
In this month’s video, we offer a perspective of loans and hardships within the context of financial wellness. We invite you to watch the video and review the accompanying Action Doc to gain insight on how to help employees think more critically about managing their financial realities and saving for their future. Give us a call to talk about how we can work together to educate and guide people to true financial wellness.
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