Is retirement readiness as bleak as we think? Bank of America says no.
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RETIREMENT: Employees continue to be challenged by?tough economic circumstances, but new analysis from 美国银行 reveals that for most savers, ransacking their retirement funds is not in the cards.?
The bank's newest 401(k) participant pulse showed that participants are less likely to rely on their 401(k) funds to cover day-to-day expenses. In the fourth quarter of 2022, just 2.1% of plan participants took out a 401(k) loan, down from 2.3% in the previous quarter.?Hardship distributions?were also down, and used by a very slim minority — just 0.4% of savers turned to this method, down from 0.5% the previous quarter.?Good news for savers, and employers alike:
DISABILITY SUPPORT: Andrea Dalzell MSN-ED, RN , a disability advocate and New York State's first wheelchair-bound registered nurse, knows the obstacles disabled employees face during a job search. According to the Department of Labor and Statistics, one in four adults in the U.S. has a disability; the unemployment rate for that community is double that of non-disabled workers. Dalzell now speaks on behalf of those like her, who face discrimination and doubt when applying for the jobs they want — and are qualified for. Adding a disability, whether visible or invisible, she says, is another layer you have to peel back.?
"Human beings cannot be put into a box, but this is what we do as an American capitalistic society," Dalzell says. "When we force people to stay in a box, they become obsolete."?
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TOBACCO USE: When employees use tobacco, it negatively impacts their personal bottom line as well as your business. Does your benefits program effectively address tobacco use, and how much money would a successful quit program save your company?
People who smoke averaged a 31% higher rate of sick leave compared to those who do not smoke, even after factoring in gender, age, and occupation. Combined, smoke breaks, absenteeism, and presenteeism increase business costs exponentially. Where absenteeism piles productivity loss into days of missed work, presenteeism sprinkles this loss in increments throughout every workday, like smoke breaks.?Here's what you need to know: