Retirement Savings: The Only Emergency Fund for Many Workers

A recent survey by Voya found that 43% of Americans consider their retirement funds as their only form of emergency savings, with Black respondents, mothers, and those with lower incomes more likely to depend on those funds for emergencies. This highlights the need to help more Americans prepare for unexpected events that require a quick influx of cash. Legislation such as the SECURE 2.0 Act could help people save for emergencies without sacrificing their retirement goals, with employers offering holistic financial wellness solutions to support their employee base.