Should I save for retirement or pay off student debt first?
I am on track to pay off my student loans in about 8 years. I also contribute a healthy portion of my paycheck before taxes to a 401(k) plan that my employer matches. If I redirected some of my retirement plan contributions to paying off student debt, I would be debt free much sooner. What is the wiser investment? --Meghan, 24, Arlington, VA
It's a common budget dilemma for Millennials: You know you have to save for retirement, but you also have student loan bills rolling in.
Not to mention rent, credit card bills, grocery tabs and all the other costs of being a grownup.
So how do you prioritize?
If you have income left over once you've met all your debt obligations, your retirement should get priority over paying more than required for student loans, according to financial planners.
"Do not forgo putting money into retirement to pay down debt," said Larry Rosenthal, a certified financial planner and president of Rosenthal Wealth Management Group in Virginia. "Sacrifice your lifestyle today."