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Jesse Moore - 2 Aly J - 1 ” - 1 Joelle - 1 Sara Vipond - 1 Mercer - 1 ” Vipond - 1 — - 1
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Framingham Mass
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Fidelity Investments - 2 Yale - 1 Financial - 1 “ - 1 Treasury Department - 1 Secure - 1 Workers - 1 Finance - 1

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☆ How to Get a 401(k) Match for Your Student Loan Payments
  + stars: | 2023-10-16 | by ( Aly J. Yale | ) www.wsj.com   time to read: +5 min
By Aly J. YaleAfter a three-year reprieve, federal student loan payments resumed in October for more than 40 million Americans. In fact, in a recent survey 22% of student loan borrowers said they would need to reduce their retirement savings to make room for their renewed payments. Thanks to a provision in the Secure 2.0 Act, legislation aimed at improving retirement benefits nationwide, in 2024 employers will be able to start counting student loan payments as qualifying contributions toward retirement matching programs. That means if your employer offers to match your 401(k) contributions, you could get that matched money without ever depositing funds in your retirement account. However, if staying on top of your student loan payments has stopped you from leveraging your employer’s matching program—or contributing to your retirement account entirely—a student loan matching benefit can help you start saving.
Persons: Aly J, ”, Joelle, Jesse Moore, Sara Vipond, Mercer, ” Vipond, —, You’ll Organizations: Yale, Financial, Fidelity Investments, “, Treasury Department, Secure Locations: Framingham, Mass
☆ How to keep saving for retirement when student loan payments restart
  + stars: | 2023-08-29 | by ( Annie Nova | ) www.cnbc.com   time to read: +1 min
In a month or so, millions of Americans will have to adjust their budgets to once again put hundreds of dollars a month toward their student debt. "Workers are already facing obstacles to saving for retirement, especially inflation and market volatility," said Adrian Miguel, director of advice at Schwab Retirement Plan Services. "The resuming of student loan repayments poses another challenge." The share of student loan borrowers saving at least 5% of their salary in their 401(k) retirement plan swelled to 72% during the payment pause, from around 63% prior to the Covid-19 pandemic. Experts shared tips on how borrowers can pay down their student debt and keep growing their retirement nest egg.
Persons: Adrian Miguel, Jesse Moore Organizations: Workers, Finance, Fidelity, Fidelity Investments
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