The UBC Sauder School of Business study shows over 41% of American workers changed jobs and cashed out their employer-sponsored retirement funds.
American Workers should know the core value of investing in a retirement plan
The very core of a retirement plan is compounding investment over time. The American workers’ retirement plan will offer a bountiful reserve of assets after they live in their working place. American workers should plan their comfortable retirement life.
However, the UBC Sauder School of Business study shows many American workers cashed out their retirement funds after changing jobs.
During the pre-pandemic, one in three American workers withdrew their retirement cash and emptied their accounts. The American workers decided to withdraw from their retirement plan because there are many financial problems, such as the withdrawal of their money being treated as ordinary income.
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Some tips for getting American worker’s retirement plans ready
- The retirement plan is essential for American workers to have comfortable life later on. If American workers do not know what they are doing with their finances, seek the help of a financial advisor/expert.
- Social Security is an alternative source of income for American workers during their senior years. It can help to pay expenses during retirement.