5 Reasons Employees ‘POP’ into their retirement savings for expenses

“Yo Mary, What’s Poppin’!” So, you got a new gig, but what’s up with your retirement money? We know you don’t have an extra stash in your carpet bag, so you’ve probably been spending it on routine expenses. That’s a no-no! Look, you may fall out of the sky from time to time, but your money sure doesn’t. In fact, that funky umbrella won’t protect you from the rainy days ahead when you’ve gone through all of your savings. Girl, who do you think you are, Supernanny?

We, at Achieve Financial Group, have some magical medicine that should cure your financial blues.  A spoonful of sugar should help it go down and once you’ve recovered, you’ll understand why your financial stability is always up in the air.

  1. 41% of employees don’t have a planned monthly budget
  2. Of those who have a monthly budget, 26% don’t put anything into savings each month
  3. 31% say that in the past three years they have run short on funds and have had to use credit cards to pay some of their monthly expenses
  4. Many employees are using part of their retirement savings to cover routine expenses. In many cases, theses employees may not realize the full ramifications of withdrawing from their retirement plan.
  5. Employees report that the money they have borrowed against their retirement funds in the past three years has been for household expenses, mortgage, rent and utilities.

Okay, Mary, we won’t be able to baby sit you, so you’re going to have to be responsible and start changing your financial habits. That way you can get off that carousel of lost retirement savings and be Supercalifragilisticexpiali DOUGH shiss!

2 Comments

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