If you are concerned, you’re not alone.
A study by Greenwald & Associates revealed that most people are stressed about loan repayment. It’s not paranoia, 9 out of 10 borrowers with a 401(k) loan outstanding after they lose their job are unable to repay. The consequences are very serious: the average person who defaults loses out on $300,000 in retirement savings.
That’s a lot…
…of your money!
Need to get up-to-speed in on how 401(k) loan programs work?
Click here to access our Loans 101 page of frequently asked questions.
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If Your Plan Is Protected
Fortunately, employers are protecting their employees like you by including Retirement Loan Eraser when you take a loan. What does this mean for you? Your loan will be paid off entirely if you are laid off, disabled or die.
Can’t find your plan? Contact us.