Got Student Loan Debt?

Got Student Loan Debt?

Don’t Forget to Save for Retirement

Paying off a student loan is a top priority for many people. So is saving for retirement.

What’s your best move to meet both financial goals? In most cases, saving for retirement should be part of your game plan.

Let's explore your options.

Game 1: Pay Down Your Student Loan

First Move

Make your minimum student loan payment.

Next Level

Pay an extra 3% of your paycheck toward your loan.

Heads Up

You're putting little or nothing in your retirement plan.

Achievement

You've paid your loan early. Now start saving for retirement.

Results

Paying off your student loan debt sooner means you can avoid paying all that interest. But paying more toward your loan doesn't help you build savings.

Game 2: Pay Down and Save Up

First Move

Make your minimum student loan payment.

Next Level

Put what you can into your retirement account.

Bonus Points

If your employer offers a match, contribute at least enough to meet your match.

Super Bonus Points!

Enjoy the benefits of compounding, employer matching and tax breaks.

Results

When you pay off your student loan, you'll have a nice stash of money in your retirement account because you've been saving all along.

 

Ready to Level Up?

Unlock the rewards your retirement plan offers by enrolling or by boosting how much you save. Log in to your account to enroll or change your contributions today. 

Log In

 

Categories
Getting Started / Saving for Retirement