There is an ongoing issue related to saving for retirement — those pesky student loans. Soon-to-be retirees find that their student loan payments are really eating into their retirement savings. Student loans are overwhelming for everyone. They are just one of those aspects of life that are a necessary burden, as most people need that education.
If you mix student loans with a mortgage, credit card bills, and medical expenses, then it can just be too much too fast, and leave hardly anything for retirement savings.
If you are completely overwhelmed by student loan debt that is hindering your retirement savings, lets take a look at a few options. According to Certified Financial Planners, not only can you ease your situation, but you can continue to pay student loans and save for retirement — without breaking the bank.
“When it comes to retirement and paying student loans, it doesn’t have to be one or the other,” says Brewer, “And in fact, it shouldn’t be.” She explains that loans and retirement savings both feel urgent because, in a sense, both are urgent.
Here are some things to consider:
- Take a Close Look at Both Your Student Loan Debt and Your Retirement Plan
- Know What You Owe
- Find the Best Way to Pay
- Portion Out Your Budget
- Create a Plan of Attack
- Have Certain Goals in Mind
- Start Small
While your student loans will need to be paid off, you will also need to pay into your retirement to secure your future. Steps can be taken to make sure both are done properly. For more information on each of the above goals, visit Forbes.com.