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.