Paying down student loans vs. saving for retirement

[bmcd16]

I came across this article (https://www.google.com/amp/s/www.cnbc.com/amp/2018/07/27/paying-down-student-loans-vs-saving-for-retirement-heres-how-to-pri.html) that discussed how to prioritize student loan payments and saving for retirement. I thought there were a few good nuggets of advice, including the importance of reviewing your financials and making a plan annually. I’m thinking I am going to aggressively tackle my debt first, but I’m interested to see if anyone has any advice or experience with this?

 

[krt2018]

We have a financial advisor come to speak to our company once a year and he has shown us the effect over time of paying down debt aggressively vs. saving for retirement. His research showed that if you spend years paying off your debt and NOT saving for retirement, you'll be worse off in the long run. Yes, it's good to pay down your debt, but make sure you're not going it at the sacrifice of saving. Both need to be done simultaneously for the best financial outcome.

And always always always contribute enough to your 401k to meet your company's match if they have one! Your retired self will thank you for it.

 

[amerino24]

Thank you for sharing!