Lack of retirement preparedness has long been an area of concern for our nation. But findings in a recent study underscore that, despite all of the media coverage offering tips for how to save more for retirement, many Americans are still making a self-destructive decision that can leave them with less when they retire.
The research report Cashing Out Retirement Savings at Job Separation, released in April by the Sauder School of Business at the University of British Columbia (UBC), reviewed data for 162,360 U.S. workers who left jobs at 28 U.S. companies, and found that 41.4% of those employees chose to prematurely cash out savings from their 401(k) accounts when they left their employers.
