What's the best way to use my money...put more towards retirement or student loans?
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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???
What's the best way to use my money...put more towards retirement or student loans?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%
What's the best way to use my money...put more towards retirement or student loans?If your employer matches your 401K contributions, be sure to contribute the max -- the employer matching is free money.
What's the best way to use my money...put more towards retirement or student loans?i think you should do a little of both. As far as the IRA, i would do one high risk investment to make you a little money for lost time without a retirement account, then do a regular IRA which you can open at your local bank and keep regularily contributing to. I would open a roth if i were your age but talk it over with your banker. Lifes too short, before you know it youll be old and broke if you dont start and IRA
What's the best way to use my money...put more towards retirement or student loans?if the 401k is a matching take advanage of the free money == sock the max into it == than since it will lower you taxes i would also try if possible to plug along and put 4k in a roth ira and of course keep up the payments on the student loan!!!
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