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Should I save for retirement or pay down debt?

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I was reading articles where it is stressed on the fact to save for retirement from early age. But there are creit card debts. What shoud I do? Should I save for retirement or deposit in a aretirement fund. Moreover, what will happen to the fund if I switch company? I am now in 30s. Not in pakn for early retirement. "




Hey Fildrom!

It is praisable that you are reading articles about retirement-savings.

Do not worry about credit card debts.

You should keep aside some money to be deposited in the 401(K) every month.
The benefit of keeping the money in 401(K) is it is a transferable account. It means you can contact the 401(k) administrator and tell the authority to transfer the money to the new 401(K) account under the new employer.
There is not at all any problem if you do this. Lastly, Do not think about early retirement. Continue your job till 66 years of age.

Thanks! Keep posting!

Sub: #1 posted on Tue, 03/17/2020 - 00:32

Ryan Miller Ryan Miller

(Posts: 98 | Credits: )

Actually, the best option is to maintain a healthy balance between the 2. You should make payments on credit cards. Otherwise, your debt load will increase and your FICO score will drop, You should also contribute money to retirement funds. Early retirement is not that easy. You have to save a huge amount of money for that. You need to invest aggressively too.

Sub: #2 posted on Tue, 03/17/2020 - 00:45

Nick Jonas Nick Jonas

(Posts: 423 | Credits: )

YOu need to get out of your current high interest rate debts first. After that, create a budget keeping the retirement saving in mind. Follow it to see the changes. Practice money saving.

Sub: #3 posted on Fri, 03/20/2020 - 04:54

sanderspatricia29 sanderspatricia29

(Posts: 1189 | Credits: )

YOu need to get out of your current high interest rate debts first. After that, create a budget keeping the retirement saving in mind. Follow it to see the changes. Practice money saving.

Sub: #4 posted on Fri, 03/20/2020 - 04:54

sanderspatricia29 sanderspatricia29

(Posts: 1189 | Credits: )

Hi Fildrom! This is one of the common questions people ask, i.e., whether to save for retirement first or pay off debts first! Well, what if I tell you can do both at a time!
Don't be surprised! For that, you can consult a genuine debt consolidation company to consolidate your credit card debts. You can pay off your credit card debts with ease. Besides, you can save money on your interest payments too! And you can utilize that saved money for your retirement fund.
Secondly, if you switch company, you can transfer the amount to the retirement account under the new company! So, you don't need to worry.

Sub: #5 posted on Sun, 03/29/2020 - 09:56

Craigh.terry Craigh.terry

(Posts: 142 | Credits: )

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