Information is brought to you by
Janice Bond
CENTURY 21 New Millennium

Pay Off Debt or Save for Retirement?

Should you prioritize paying off debt or saving for retirement?

If you’re younger and have high-interest debt, tackle that first and pay beyond the minimum monthly rate.

You’ll be able to stop wasting money on interest and then focus on long-term goals.

If you have low-interest debt but little retirement money, contribute to a 401(k) or IRA first, especially if you’re older.

If you have debt with moderate interest rates, some retirement funds and decades left to save, strike a balance.

Consider your circumstances, and figure out what makes sense for you.

When it comes to financial priorities, the answer isn’t one-size-fits-all.