Retirement benefits

Many employees are not in a financial position to deal with an emergency medical crisis like the current pandemic and it’s hurting their retirement.

The majority of U.S. workers do not have enough savings to help them in the event of a medical emergency and often turn to their retirement funds for help.

A retirement expert advises employers on helping workers save for the future during this pandemic.

The CARES Act waiver of penalties for premature 401(k) withdrawals may hurt the very American workers and families the Act is supposed to help.

Gauging any possible changes to their health insurance coverage is just one consideration they must address before they retire.

For starters, they can use the windfall to pay off debt, shore up their HSAs and build a cash reserve.

For one, clients will owe taxes still on the distributions, unless they recontribute the money into the account within three years.

The CEO of Perspective Partners shares how software can help answer healthcare and retirement benefit questions during the enrollment process.

Older clients are advised to take extra steps to protect their finances as the current crisis may leave them prone to making poor financial decisions.

Clients are advised to minimize spending and tap possible sources of cash and credit, including their tax refund.