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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.
Which Option is Best for Me?
Use our calculator to see which option might be better for you.
Categories
Getting Started / Saving for Retirement