Student loan borrowers are facing unprecedented amounts of debt. On top of job uncertainty and high inflation, borrowers are left to figure out how to save for retirement as monthly loan payments take a chunk out of their paychecks. But a new federal law could make saving for retirement while paying student loan debt a little easier.
On Dec. 29, 2022, President Joe Biden signed into law the Secure 2.0 Act of 2022. This legislative act is part of a broader spending bill that outlines federal government funding through fall 2023 and allocates funds to other initiatives — such as increasing the number of student loan borrowers who save for retirement.
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