How to save for retirement and pay your student loans at the same time

But you also need to think long term – about your retirement – even if that’s 30, 40 or even 50 years down the road. Even if paying your student loans is taking a chunk out of your wages, that’s still no reason not to set a little bit aside for your future. Consider this. #1 Don’t Say No to Matching Money

If you take the $158 you save by refinancing your student loans and invest it at an average annual return of seven percent for the next 15 years, you can supercharge your retirement savings. If you have a tax-advantaged retirement plan, use it to bolster your nest egg. The tax advantages help your money grow faster.

Saving for retirement sounds impossible if you’re loaded down with student loan debt, but it doesn’t have to be. The average student loan debt in the U.S. is $32,731, according to ValuePenguin, a personal finance website.. In comparison, millennial workers have a median of $23,000 saved in all retirement accounts, according to the Transamerica Center for Retirement Studies.

How to save for retirement and pay your student loans at the same time. June 5, 2019 by Business Newser 0 Comments. Personal Finance. Share on Facebook. Share on Twitter. Share on Google+. Share on Pinterest. Share on LinkedIn. Saving for retirement sounds impossible if you’re loaded down with.

They could even double your retirement contribution amount. That’s an easy way to save more money without impacting your budget. Automate your savings. Many people struggle to save for retirement because they choose to allocate their funds toward other goals. They may think that other bills, such as student loans, are a more urgent priority.

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How to pay off student loans without thinking about it. If your student loan interest rate is lower than the interest rate you can expect from investing, pay the minimum on the debt each month and invest the rest. The emotional answer is that for many people, they hate having debt of any kind, so even if they’re paying off low-interest debt, it still makes sense for them.

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Despite the temptation of shopping sprees or making all those nights out with friends a little more exciting, the debate should most likely come down to either paying down your student loan debt or starting to save – for retirement, a down payment, or simply a larger emergency cushion.