People with student loans participate in employer-sponsored retirement plans at a lower rate than those without debt. The contributions lost to student loans are detrimental to retirement savings, especially for millennials.
Key Takeaways:
- It makes sense for many people to pay off their student loans before contributing more to their retirement savings beyond the employer match
- Take advantage of the 401(k) employer matching that your company offers, it's essentially free money that is going towards your savings
Read more here: http://www.cnbc.com/2016/10/19/student-loans-can-smother-your-retirement-savings.html |
