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Lincoln Financial Uses 4/01(k) Day to Push Retirement Awareness

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What You Need to Know

  • Lincoln wants to use April 1 to celebrate to promote retirement plan awareness.
  • The company is highlighting areas of retirement savings confusion.
  • One of its goals is to encourage consumers to save for retirement while still paying off debt.

Lincoln Financial is using the day traditionally known as April Fool’s Day to promote retirement plan awareness, by making that date “4/01(k) Day.”

The Radnor, Pennsylvania-based life insurer is observing 4/01(k) Day by using it to clear up what it believes to be misconceptions about retirement savings.

The company recently fielded a worker retirement savings survey. Part of the questionnaire took the form of a true-or-false quiz.

One of the true-or-false statements was: “Paying down my student loan debt as quickly as possible is more important than saving for my retirement.”

Here’s what Lincoln Financial says about that statement: “True…or False. While you should not delay saving for retirement, it’s a good idea to speak with a financial professional to determine how to strategize paying off debt while also planning for your future.”

Lincoln Financial also is encouraging consumers to consider moving 401(k) plan assets from the plans offered by their previous employers to the plans offered by their current employers.

The process for a rollover is typically easy, and combining the accounts will make it easier for a retirement saver to monitor the performance of all of the investments, Lincoln says.

(Image: Igor Negovelov/AdobeStock)