More than half of newly opened 529 accounts started when beneficiaries are age 5 or even younger. (Photo: Shutterstock)
In its annual savings trends report Inside America's Savings Plans, Ascensus finds that saving behavior is starting younger—with retirement savers ages 25–34 most likely to be on track to meet their retirement goals. In addition, saving for others is beginning earlier, with more than half of newly opened 529 accounts started when beneficiaries are age 5 or even younger.
Automatic features in retirement plans are helping more workers save more, too, with participation rates up in plans that have auto enrollment features. In fact, participation rates hit 80 percent—10 points higher than participation in plans that 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.
