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.

Do The Math

 

More About Saving for Retirement
Only about one-third of Americans are saving for retirement. That adds up to a lot of people who'll struggle financially after they stop working.
Developing a timetable for retirement is a good idea at any stage of your life and career. Here are key steps to move toward a more secure financial future.
Are you considering health care as you plan for retirement? Keep in mind we're living longer and could face more health challenges during retirement. These guidelines can help you plan for future health-related expenses.
A good financial health checkup should include an examination of your debt. Want to diagnose your debt and make saving for the future easier? This topic includes a worksheet that can help. Or, watch the video.
Creating a budget can be an important tool to help you save. Get started now and learn how to create a budget.
You’re balancing a range of financial priorities. Planning for retirement should be high on the list. To help you focus, we’ve listed a few common obstacles faced by many people in your age group. You’ll also find some basic actions you can take to start — or stay — on the road to saving.
How much will you need in retirement? When you retire, you should generally plan on replacing about 80 percent or more of your pre-retirement income. Are you on track?
Before taking a loan from your retirement plan consider this: It may seem like a fast and easy way to access your account money, but is it really a good idea? Before you decide, take a moment to consider some of the risks and potential pitfalls.

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