And most Americans haven’t tapped into their retirement accounts—yet.
More than three-quarters of employers kept their contribution match for employees’ retirement accounts, a recent survey of plan sponsors found.
Having employer matches lowered—or worse, suspended—because of the coronavirus crisis could be detrimental to future retirement security. Workers see those matches as an incentive to put away more than they may have done otherwise, and the extra contribution from the employer bolsters how much money a person has when they do retire. Half of employers furloughed or laid off employees, the NEPC survey found.
The coronavirus crisis has undoubtedly affected Americans across the country, some of whom have become ill, lost jobs or seen a reduction in wages. The good news: despite the chaos and upset, not many people have taken money out of their retirement accounts, respondents of the NEPC survey said.
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