Student loan payments are getting in the way of building retirement savings for some, and in particular those Americans with higher salaries, according to a recent study.Americans with student loan payments contribute at a lower rate and have smaller overall balances in their 401 accounts than those earning the same without student loan debt, a report from the Employee Benefit Research Institute study said. The savings disparity is most pronounced among those who earn $55,000 or more a year.
"Student debt is a barrier that prevents so many Americans from participating in important life milestones – particularly saving for retirement," Jesse Moore, senior vice president head of Student Debt at Fidelity Investments, said in a statement. "The introduction of a retirement-focused student debt benefit is a game-changing step forward for the benefits industry that will help millions on their path toward financial wellness and mobility.
Source: Education Headlines (educationheadlines.net)
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