Saving for retirement isn’t always easy, but building up your 401(k) account balance is something to be proud of. If you borrow from your plan, it’s common sense to protect the money you’ve worked hard to save. Retirement Loan Eraser (RLE) is simple, low-cost 401(k) loan protection that repays your loan if you lose your job and are unable to continue making payments.
The Benefits of Retirement Loan Eraser
Improves your retirement outcomes.
You get to “keep your balance” and continue to enjoy decades of earnings in your retirement savings account.
Protects your financial wellness.
If you face a financial emergency, understandably, you may want to tap your retirement plan for funds. But you may not realize the full impact of a loan default. Money you’ve worked hard to save for your future is money worth protecting.
RLE protection adds just a few dollars more to your regular loan payment.
Financial peace of mind
Your retirement plan account is one of your largest assets. If you need to borrow from your plan, RLE protects you from defaulting on your loan and putting your retirement savings at risk. You get to Keep your balance!TM and your retirement dreams alive.
If you lose your job you will likely miss a loan payment, causing you to default. When that happens, you may not be able to replace the thousands of dollars lost to taxes, penalties, and missed investment earnings. RLE is sensible, low cost protection to help you through a stressful time.
RLE is offered as part of a 401(k) plan. Ask your employer if RLE is available.