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Is there a suggested percentage allotment to put toward your IRA while paying down credit card and student loan debt?

Is there a suggested percentage allotment to put toward your IRA while paying down credit card and student loan debt?

Debt, IRAs
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January 2019

There really isn’t a rule-of-thumb per se. Credit card debt usually has high interest rates, so you should pay this off first. Then you may consider balancing between IRA contributions and paying off your student loan. Systematically putting money aside for retirement as soon as possible allows you to take advantage of compounding returns over time.

Depending on your circumstances, your IRA contribution and the interest on your student loan may be eligible for tax deductions; this will reduce your taxable income which means you’ll pay less taxes.

January 2019
January 2019
January 2019
January 2019