Recently, a good friend asked me a seemingly simple question: “Laura, does it make sense to save for retirement while also carrying debt?”
The answer, however, is anything but simple and depends on a number of different factors.
“A lot of people are trying to figure out, how do I balance multiple goals? And a lot of times, that’s a combination of paying down debt, building up savings and starting to save or getting on track to save for retirement,” says Sophia Bera, a certified financial planner and founder of Gen Y Planning, adding that she likes to call retirement “financial independence,” which not only doesn’t sound far off but also can come at whatever age you choose.
Article By:Laura Shin