Despite a lack of knowledge about the accounts, experts say the potential for growth in these products is high.
The Savings Preservation Working Group says that at least 33% and as many as 47% of plan participants withdraw part or all of their retirement savings when switching jobs.
Workers under age 35 are realizing they need to start saving now, according to Ascensus.
While college savings and student loan debt aren’t typically an area of focus for retirement plan advisers, new survey data suggests a few simple reminders can be a big help to clients; this is especially true when it comes to filling out the Free Application for Federal Student Aid.
As of the first quarter, more than $1.5 trillion in student loan debt was outstanding, triple the amount in 2001; with these figures in mind, Franklin Templeton researchers have highlighted the opportunities presented by 529 plans.