"The empirical evidence is overwhelming. As we have commented in the past, long-term cash out rates for balances under $5,000 may be as high as 89%. In February 2015, The Center for Retirement Research (CRR) at Boston College released an Issue Brief indicating that leakage (cash outs, loan defaults and in-service withdrawals) reduced retirement wealth by 25%, confirming its devastating impact. According to a GAO report, cash outs comprise 89% of all leakage."

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