Student loan debt is an albatross on the necks of millions of Americans, affecting their ability to save for retirement, their longevity planning and their family relationships, according to research released Tuesday by TIAA.
In a yearlong study of adults carrying student loan debt for themselves or a family member, 84% of respondents said the loans limited the amount they were able to save for retirement. Three out of four borrowers said they expected to begin or increase their contributions once their student loans were paid off.
Among those who said they were not saving for retirement at all, 26% cited the need to pay off student loan debt as the reason.
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Michael S. Fischer
Michael S. Fischer is a longtime contributing writer for ThinkAdvisor. He previously reported on trade and intellectual property topics for the Economist Intelligence Unit and covered the hedge fund industry for MARHedge and Reuters News Service.
