Participants Expressing COVID-19-Related Withdrawal Regret
They say loans and withdrawals put them in a better place financially, but they are concerned about their long-term financial picture.
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Nearly seven in 10 (68%) individuals who took a loan or withdrawal from their retirement plan, a traditional lender or investments due to COVID-19 agree or strongly agree that they are now in a better place financially because they took a loan or withdrawal, according to a Voya Financial survey.
However, nearly half (47%) say they took more money than they needed, and 59% reported they wish they had consulted a financial professional before taking a loan or withdrawal. Two-thirds (65%) say borrowing from their accounts has put them behind in saving for retirement.
More Americans Confident Of A Secure Retirement, EBRI Says
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Retirement confidence resilient despite pandemic
The annual EBRI survey underscores workers and retirees optimism about the outlook for Social Security and Medicare.
April 22, 2021 3 MINS
Despite a global pandemic, the majority of workers and retirees are more optimistic about their ability to live comfortably throughout retirement than before the Covid-19 outbreak began, according to the 2021 Retirement Confidence Survey
released Thursday.
The 31
st annual Retirement Confidence Survey of more than 3,000 Americans, equally divided between workers and retirees, was fielded twice last year: Once in January before the Covid-19 outbreak and a supplemental survey in March allowing for comparisons during the pandemic. The RCS survey, conducted by the Employee Benefit Research Institute and Greenwald Research, is the longest-running survey of its kind.
Retirement Confidence Survey Highlights Overwhelming Participant Support for Auto Portability
Nearly Nine in 10 Workers With a Workplace Retirement Savings Plan View Auto Portability as a Valuable Service
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CHARLOTTE, N.C., April 22, 2021 /PRNewswire/ The 31
st Annual Retirement Confidence Survey conducted by the Employee Benefit Research Institute (EBRI) and Greenwald Research has found that nearly nine out of 10 workers with access to an employer-sponsored defined contribution plan view auto portability the new 401(k) plan default feature automatically transferring small-balance retirement savings when participants change jobs as a valuable benefit. The survey results, released today, independently validate the findings from the study of mobile workforce behaviors conducted in April 2015 by Boston Research Technologies in collaboration with Retirement Clearinghouse, LLC, in which 93% of participants expressed their view of auto portability
gruesome accident that took place coming back from a casino. putting the spotlight on safety concerns. yesterday police in new york pulled over buses in china town for random inspection. reality starting to set in for a lot of americans who dreamed of a comfortable retirement. they re starting to see they don t have enough money saved. carmen wong-ulrich has written books about this. the numbers are scary. and a new survey, this is a retirement confidence survey by the employee benefit research institute. 56% of american workers have less than $25,000 saved, and that s not including home values and benefits, but that s a really, really low number. and 29% have less than $1,000 saved. but really the worst number here is, folks, within ten years of retirement age, 55 and over have less than $10,000 saved. now, in this survey, 21 years,
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