Morethan half of newly opened 529 accounts started when beneficiariesare age 5 or even younger. (Photo: Shutterstock)
In its annual savings trends report Inside America's SavingsPlans, Ascensus finds that saving behavior is starting younger—with retirement savers ages25–34 most likely to be on track to meet their retirement goals. In addition, saving forothers is beginning earlier, with more than half of newly opened529 accounts started when beneficiaries are age 5 or evenyounger.
Automatic features in retirement plans arehelping more workers save more, too, with participation rates up inplans that have auto enrollment features. In fact, participationrates hit 80 percent—10 points higher than participation in plansthat don't have auto enrollment.
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Marlene Satter
Marlene Y. Satter has worked in and written about the financial industry for decades.
