Here's How COVID-19 Could Hurt 401(k)s in a Very Big Way
COVID-19 has hurt a lot of companies' bottom lines, and it's clear that the crisis is far from over. Small businesses in particular have been forced to shut down and risk revenue losses they may never recover from. But larger employers aren't immune to the economic fallout of COVID-19, and many are looking for ways to conserve cash as the pandemic plays out. That could mean cutting staff or scaling back on benefits -- and that may include your 401(k) match.
It's common practice for companies that sponsor 401(k)s to also match employee contributions to varying degrees. But as employers aim to cut costs in the coming weeks or months, some may have no choice but to eliminate 401(k) matching contributions, either temporarily or on a longer-term basis.
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Source Fool.com
