In a FinancialAdvisor.com article, HelloWallet maintains those rates are excessive and that investors need to keep their plan assets allocated for retirement. Started by former Brookings Institution scholar Matt Fellowes, HelloWallet is an online provider of financial guidance for employees.
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Loans Against 401(k) Plans Occur Too Frequently
Depending on the organization compiling the numbers, the percentage of 401(k) participants with outstanding loans from their savings programs ranges from 22% to 13.7%, which is excessive.
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