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.