A difficult decision that millennials are often faced with is whether it is more important to pay off student loan debts or save for retirement. This article points out that many financial planners believe that it is important not to forego saving for retirement to pay off student loan debts. Saving can be very difficult and requires a lot of budgetary discipline. Millennials are going to be very reliant on their savings for retirement and should not shortchange themselves by neglecting to adequately save for retirement expenses. The earlier that a person starts saving for retirement the better position they will be in later in life. Saving for retirement requires careful planning and a great amount of personal discipline needed to commit to the budgetary requirements.
See Should I Save for Retirement or Pay Off Student Loan Debt First?, Fox 40, April 21, 2016.
Special thanks to Brian Cohan (Attorney at Law, Law Offices of Brian J. Cohan, P.C.) for bringing this article to my attention.
