Facing a Financial Crisis

Financial stress can affect every part of life — including work. If you’re facing a financial crisis, there are many resources to help.

The Employee Assistance Program (EAP) provides access to free and confidential financial counseling with unlimited 30-minute sessions. They can also connect you to experts for budgeting, debt, financial planning and legal advice (like basic consultations and referrals). Your household members (like your spouse/domestic partnerDomestic PartnerYour domestic partner is someone you have a committed, intimate relationship with, shares your primary residence, and is at least 18 years old.) and children (up to age 26, whether they live with you or not) can also use it.

Empower provides financial wellness tools, educational resources and access to guidance that can help you evaluate your options, make informed decisions and navigate financial challenges with greater confidence.

Purchasing Power is available with tools, services, and support for your financial wellness:

• Access to free financial wellness tools, credit-building tips and budgeting advice.
• If you need a reliable way to fit purchases into your budget, Purchasing Power lets you buy now while making small payments over time with a payroll deduction.
• Get local coupons with Grocery Power to shop the sales at stores you already love.
• BALANCE gives you access to financial counseling, workshops, webinars and online resources.
• Springfour connects you to over 20,000 local non-profit and government financial resources.
• eCredable helps you get credit for paying your utility bills on time.

Findhelp.org is a free online resource that connects people with local support services in their community. Dialing 211 connects you to a free, confidential helpline that routes you to local community and social services like housing, food, transportation, legal support, care and more.

Having issues with medical bills?

• All of Caliber’s medical plans offer free access to a healthcare concierge service, which may be able to help you save money or resolve medical bills.
• Contact your medical professional’s billing department, they may be able to work with you on payment plans, deferments, etc.

You might think borrowing from your 401(k) is an easy way to get a little extra cash — and while it can seem simple, there’s more to it than it looks. Just because you can take a loan doesn’t always mean you should.

• When you take money out of your 401(k), that money isn’t staying invested and growing for your future.
• Loans are available, up to 50% of your vested balance, with a maximum of $50,000. Loan terms are anywhere from 1-5 years and aren’t taxable as long as repaid within the terms of the loan.
• No credit approval is required to take a loan out of your 401(k).
• While you’re paying back a loan, it might feel harder to keep contributing to your 401(k). Some people even reduce their contributions, which can slow down long-term savings growth.
• Loan payments come directly out of your paycheck after taxes. And if you leave your job while you still have a loan, you need to continue to make repayments on your own. If you don’t continue those payments, the loan will default.
• 401(k) loans come with some rules from the IRS. If payments aren’t made on time — and they aren’t caught up within the allowed “cure period” — the loan can go into default. When that happens, the remaining balance (plus any unpaid interest) is treated like a withdrawal and counts as taxable income for that year. And if you’re under age 59½, there may also be a 10% early withdrawal penalty on top of regular taxes.

At the end of the day, your 401(k) is really meant to support your future. Before borrowing, it’s worth pausing to consider other options and thinking through how it could impact the long-term growth of your savings.

The Caliber Foundation may be able to provide financial assistance and support when you’re facing an unexpected hardship, such as a natural disaster, medical emergency, family crisis or other qualifying event. Apply for Caliber Foundation assistance to see if you're eligible.

Before making any big decisions, pause and take a moment to review the support available to you. Caliber provides a range of resources that can help you manage immediate needs, plan your next steps and move forward with confidence.