Our daily roundup of retirement news your clients may be thinking about.
The long-term consequences of student loans Clients who have $30,000 in student loan debt would have missed as much as $325,000 in investment opportunities in their 401(k) plans, based on data from LIMRA. Young workers have better retirement prospects if they contribute to defined benefit retirement plans, but such a program is accessible only to 10% of workers below 30, according to LIMRA's Secure Retirement Institute. "With Gen Y being in defined contribution plans, the time for them to really get ahead is in their 20s and early 30s, but if they have a huge student loan, they really can't do that," said Michael Ericson, an expert with the institute. –CNBC
Register or login for access to this item and much more
All Bank Investment Consultant content is archived after seven days.
Community members receive:
- All recent and archived articles
- Conference offers and updates
- A full menu of enewsletter options
- Web seminars, white papers, ebooks
Already have an account? Log In
Don't have an account? Register for Free Unlimited Access