If you’re older or more financially stable, or if your employer matches your contributions to a retirement account, you’re probably better off saving for retirement while keeping up with minimum monthly payments on outstanding debts.
If you’re younger and your employer offers no retirement benefits, reduce debt before switching gears to retirement planning. Your balance will decrease each month as you become closer to being debt-free. This can free up some cash and save interest over the term of your loan or debt. Another benefit: Reduced debt can improve your credit score, helping you achieve better lending terms in the future. This is important if you have financial milestones before retirement, such as starting a business or buying a home.
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