Bailey McCann
speaker
178 appearances
3 recordings
1 series
first heard Feb 2020
last heard Oct 2023
Bailey McCann’s voice in public audio — every appearance, attributed to the second.
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Appearances
you can take out early if you are prepared to pay penalties for it.
And some people do that, you know, if they're buying a house or they encounter some kind of hardship.
In the retirement phase, though, it's still being developed a little bit.
I mean, you can go into an annuity or you can work with an advisor about how to spend it down, but you're, you know, obviously you want to exert some caution and not get too spendy when you're in retirement.
Of course, thank you.
They need to help employees figure out how to deal with stuff like student debt, how to deal with stuff like emergency expenses, because there's a direct link to productivity.
People don't come into work because they ran out of gas.
I think there's a growing recognition among employers generally that they need to help employees figure out how to deal with stuff like student debt, how to deal with stuff like emergency expenses, because there's a direct link to productivity.
People don't come into work because they ran out of gas.
People don't come into work because they have a flat tire and they just don't have the cash for it or whatever.
You know, people are opting out of their retirement plans because they want to put that money towards student debt or they just don't want to have their only cash tied up for that long.
So, you know, employers have started to recognize that this is a growing problem for employees.
And I think that's what's driving the emergence of these programs.
It's a pretty expansive continuum and a lot of that is driven by the level of experimentation that's happening within individual companies.
At the very basic end, it's a class on how to do budgeting or it's a class on these are how to do savings accounts or this is how to plan for your kid going to school, really basic stuff like that.
Then at the more, I call it sophisticated end,
It's like they'll do employer matching on your student loan payments so that you service that debt faster or you can get a hardship loan from your employer instead of taking it out of your 401k and taking the penalty on that.
Or they'll do emergency savings accounts, which take, in many cases, a payroll deduction.
It can be very small, like $20 every two weeks.
And they just put it aside, and then you have immediate access to that money at any time over the month without any penalty.
Showing 121–140 of 178 · page 7 of 9
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