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What Are the True Costs of 401(k) Loan Defaults After a Big Lay-Off?
Retirement Loan Eraser 
Feb. 28, 2020 "[A] FORTUNE 500 retailer [recently] announced their intent to lay off 2,000 employees in the coming years.... If a fifth of the 2,000 employees had a loan out, which evidence suggests that they do, that equates to approximately $984K in outstanding loans that either will need to be repaid by the impacted employees, or risk defaulting, costing the employees' taxes, penalties, and lost earnings.... [Applying] a modest 6% growth rate to this amount for the next 33 years, the $984K grows to over $7M in lost retirement savings for these employees." MORE >> |
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