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Why it is important to have an emergency savings account

A recent study by BlackRock’s Emergency Savings Initiative and the Defined Contribution Institutional Investment Association’s Retirement Research Center found “low-income households with a least $1,000 in emergency savings were half as likely to withdraw money from their workplace retirement savings account during the pandemic.” This study points to emergency savings funds as an essential buffer to keep workers from depleting their retirement savings accounts. Natalie Lin outlines the importance of emergency savings paired with a retirement account encouraged retirement contributions. Read Ms. Lin’s article here…

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