Did you know your employer might soon be paying off your student loans? š©āš š
Posted on . 1 min read
Yes, you read that right š
š The government wanted to make it easier for people with student debt to save for retirement š§
So last year, Congress passed the SECURE 2.0 Act of 2022. It makes it so that employers can match contributions under a 401k plan that go towards student loans. This can lower your tax liability as you pay off debt and eventually save for retirement.
š The plan is supposed to go into effect next year. Of course, you need to work for an employer offering the perk to take advantage of it.
One question we have: How will this impact overall tuition bills? Itās no secret that the U.S. has exorbitant higher education costs. Does this legislation address the soaring education costs on the wrong level? Maybe so, but that doesnāt mean you should avoid it š¤·āāļø
As you look to save for retirement, itās important to take advantage of all the benefits the government (and your employer) are willing to give you. Most employers match a portion of your 401k contributions.
Once you have the funds in your account, Xillion can help you optimize šš š
Our 401k Optimizer helps you find the funds that get you to financial independence. Get started with a free Xillion account today. And follow up on LinkedIn for more tips!
