How making student loan payments can help you save for retirement, starting next January
Publishing timestamp: 2023-12-09 10:04:22
Summary
The article discusses how the resumption of student loan payments may lead Americans to forgo saving for retirement, but a provision in the Secure 2.0 retirement law allows employers to match employees' student loan payments with tax-advantaged contributions into their retirement accounts. This means that starting in January 2024, student loan borrowers could receive matching funds without depositing money in their retirement accounts. The article highlights the impact of student loan debt on overall finances and the interest among borrowers in employer-provided 401(k) contributions. It also mentions the benefits of matching programs for companies in attracting and retaining talent. The article concludes by emphasizing the importance of employers offering these benefits and employees committing to saving for retirement.
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Keywords: employee benefits, abbott laboratories, 401(k) plans, individual retirement accounts, student loans, retirement planning, business news,