Why would you pretend you still have debts to pay off when you don’t, or open a Health Savings Account and then not use it? Because those are among some of the easiest and most effective ways to help save for retirement, as outlined in today’s article. For more on these two retirement saving suggestions and several more (including why you may want to consider “gamifying the retirement savings process”), CLICK HERE.
“Yes, debt can be costly, but failing to save for retirement ultimately will cost far more.” Today’s article outlines seven reasons – including missing out on employer 401(k) matches and compounded growth that can never be recouped – why delaying retirement savings in favor of paying off certain types of debt (i.e. “low-rate, potentially tax-deductible debt”) may be an unsound strategy. What are all seven considerations? And when it comes to paying off high-rate “toxic debt” what is the maximum number of years the author believes people should put saving for retirement on hold? CLICK HERE to read more.