I Have a lot of Debt, Should I Concentrate More on Paying it Down or Saving for Retirement?

Yes and yes. The choice of where to allocate your income is a difficult one.

You should take into consideration the interest rate, payment amount and type of debt you have. However, you also don’t want to forget to consider tax incentives on your retirement contributions or possible matching contributions from your employer. It’s important to consider all of the pros and cons of each.

Resources