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Pay Off Debt or Save for Retirement?

Should you prioritize paying off debt or saving for retirement?

If youre younger and have high-interest debt, tackle that first and pay beyond the minimum monthly rate.

Youll be able to stop wasting money on interest and then focus on long-term goals.

If you have low-interest debt but little retirement money, contribute to a 401(k) or IRA first, especially if youre older.

If you have debt with moderate interest rates, some retirement funds and decades left to save, strike a balance.

Consider your circumstances, and figure out what makes sense for you.

When it comes to financial priorities, the answer isnt one-size-fits-all.

Published with permission from RISMedia.

About Debbie Kirkland

Realtor Since 2002. Top 5% In Tallahassee, Florida. Member, 2012 President, Tallahassee Board of Realtors I love sharing information and photographs of the Tallahassee, FL area. I'm a native and know the area well and love finding homes for people in the area as well as being a resource by sharing what I love about my hometown! I want your real estate referrals as well ~ So check out my website, get to know Tallahassee or SEARCH for area homes, and contact me soon!

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