What’s the best way to use my money…put more towards retirement or student loans?
I am trying to figure out which would be better to do. I’m 30 years old but haven’t started a 401k or IRA yet and need to do so ASAP. I also have $85,000 in student loans at a low interest rate. My income is $52,000/yr. What do I do???
If your student loans are at low interest rates, start socking away some money in a 401K or ROTH IRA. The 401K will help bring down your current taxable income, so if you put let’s say 5% of your salary to the 401K, you will only see a decrease in your check of about 3%
