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Student loan debt is burdening millennial employees, who could be losing out on hundreds of thousands of dollars in retirement savings.
A 22-year old beginning a career with $30,000 of student loan debt could reach retirement with $325,000 less than a peer who is not burdened with an education loan, according to new research findings from LIMRA Secure Retirement Institute. While average student loan debt hovered around $10,000 in 1990, LIMRA notes this year averages topped about $33,000.
Nick Otto is a former senior editor of Employee Benefit News and Employee Benefit Adviser.
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