Pre-retirement use of 401(k) funds

Survey data from 2018 indicate that people accessing 401(k) funds prior to retirement through loans or hardship distributions tend to have other debts and poor credit ratings. The tendency for people with weak household balance sheets to tap 401(k) funds prior to retirement will increase the number...

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Detalles Bibliográficos
Autor principal: Bernstein, David
Formato: Online Artículo Texto
Lenguaje:English
Publicado: Palgrave Macmillan UK 2021
Materias:
Original Article
Acceso en línea:https://www.ncbi.nlm.nih.gov/pmc/articles/PMC7994916/
https://www.ncbi.nlm.nih.gov/pubmed/33785966
http://dx.doi.org/10.1057/s11369-021-00214-7
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author Bernstein, David
author_facet Bernstein, David
author_sort Bernstein, David
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description Survey data from 2018 indicate that people accessing 401(k) funds prior to retirement through loans or hardship distributions tend to have other debts and poor credit ratings. The tendency for people with weak household balance sheets to tap 401(k) funds prior to retirement will increase the number of people entering retirement with inadequate financial resources. This problem was likely worsened by the increased pre-retirement use of funds during the COVID pandemic.
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spelling pubmed-79949162021-03-26 Pre-retirement use of 401(k) funds Bernstein, David Bus Econ Original Article Survey data from 2018 indicate that people accessing 401(k) funds prior to retirement through loans or hardship distributions tend to have other debts and poor credit ratings. The tendency for people with weak household balance sheets to tap 401(k) funds prior to retirement will increase the number of people entering retirement with inadequate financial resources. This problem was likely worsened by the increased pre-retirement use of funds during the COVID pandemic. Palgrave Macmillan UK 2021-03-26 2021 /pmc/articles/PMC7994916/ /pubmed/33785966 http://dx.doi.org/10.1057/s11369-021-00214-7 Text en © National Association for Business Economics 2021 This article is made available via the PMC Open Access Subset for unrestricted research re-use and secondary analysis in any form or by any means with acknowledgement of the original source. These permissions are granted for the duration of the World Health Organization (WHO) declaration of COVID-19 as a global pandemic.
spellingShingle Original Article
Bernstein, David
Pre-retirement use of 401(k) funds
title Pre-retirement use of 401(k) funds
title_full Pre-retirement use of 401(k) funds
title_fullStr Pre-retirement use of 401(k) funds
title_full_unstemmed Pre-retirement use of 401(k) funds
title_short Pre-retirement use of 401(k) funds
title_sort pre-retirement use of 401(k) funds
topic Original Article
url https://www.ncbi.nlm.nih.gov/pmc/articles/PMC7994916/
https://www.ncbi.nlm.nih.gov/pubmed/33785966
http://dx.doi.org/10.1057/s11369-021-00214-7
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