The Lonely Office: 401(k) liquidations on the rise for job seekers
Glassdoor Team
Glassdoor Team | Author & Career Expert at Glassdoor | Nov 18, 2024
In this episode of The Lonely Office podcast, the hosts break down the challenges workers are currently facing, particularly with navigating the 401(k) system and planning for retirement amidst uncertainty around social security. Despite Gen Z and millennials being more financially aware than previous generations at their age, they're feeling the pressure of relying heavily on 401(k)s as traditional pension plans disappear. A few highlights to expect:
- Younger workers are having to dip into 401(k)s to cover expenses during job transitions, facing penalties
- There's a lack of financial literacy education, leaving many unprepared to optimize 401(k) investments
- The timing of when you access 401(k) funds can significantly impact your returns
- The future of social security is uncertain, increasing the importance of maximizing 401(k) savings
Glassdoor Team
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Tags:FiredGetting FiredJob SearchLayoffsLosing Your Job
