Many 401(k) plan savers tapped their accounts during the coronavirus pandemic. Thinking of a 401(k) in terms of a monthly income stream, instead of a lump sum, could make savers think twice before withdrawing money, experts said.
But one behavioral trick — thinking of one's 401 more like a pension or Social Security — could have helped temper the whims of the more trigger-happy savers, according to experts.
The CARES Act, a coronavirus relief law enacted in March, made it easier to pull money from one's 401. This may be unsurprising, given 401 account statements have historically focused more on the lump sum someone has saved rather than the income they can hope to generate from that savings.
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