Should I pay off my student loans or save for retirement

She wrote: “I am currently 29, and have student loans from law school. We are about to have Canada Goose sale a mortgage payment. And while my husband canada goose clearance and I do not have children, we are trying for a Canada Goose Parka child now. Since I got Canada Goose Jackets out of law school about three years ago, I’ve saved a little over $30,000. My husband is also saving. Should I be putting more toward retirement? Right now, we technically have extra money at the end of each month, but we have been putting that toward saving for a house, which cheap Canada Goose we’ll close on soon. We bought under budget, though we will need to do renovations. I always worry we’re not putting enough away for retirement but at the same time, we only have so much money and a lot of things going on that require that money.”I’d like to address a few buy canada goose jacket things before getting to the key question.[Should parents pay off $200,000 in law school loans for a son who ended up in rehab?]The home: With a canada goose coats on sale $100,000 in debt I would not have purchased canada goose a home. This couple already has mortgage like debt.Homeowners, back me up.The cost of owning a home doesn’t stop with the mortgage payment. Even a newly constructed home can be a money pit curtains, furniture, lawn care, etc. And in this case, the couple has bought a home that they know will need repairs. That’s more money.The $30,000: If they canada goose clearance sale both have jobs canada goose black friday sale that are fairly secure, I would set aside a modest amount for emergencies $5,000 maybe and take the rest of the money canada goose store and make a huge dent in the student loans. Yes, it’s important to have an emergency fund, but don’t hang onto student loans Canada Goose Outlet like it’s a pet. They should free up money in their budget for the baby by getting rid of the loans as quickly as possible. Soon enough, when the child comes, they will be worrying about saving for college.The student loans: If they used what they’ve got saved, they can cut the debt down to $75,000. It took just three years on the wife’s salary alone buy canada goose jacket cheap to save $30,000. Stay the course adding whatever the husband can save from his earnings and in six years they could be totally free of the student loans. In fact, I would recommend, if they can, to live on one salary and be done with the debt even sooner.[What is the best way to pay off debt?]So now let’s get to whether they should save for retirement.I noticed the reader asked should she be putting “more” toward retirement. I actually canadian goose jacket think they both should pull back on retirement savings to speed up getting rid of that $100,000. But here are a couple of caveats to this recommendation.If Canada Goose online they have workplace retirement plans that have a match, they canada goose coats should put in just enough money to get the matching contributions from their employers.And as an attorney, she may be working in the public sector and qualify for loan forgiveness. If so, the couple could just pay off the debt that is not covered by the Public Service Loan Forgiveness program, which cancels federal student debt after a person working in the public sector makes 10 years of on time payments.[Public servants took jobs counting on loan forgiveness. Trump might stiff them.]WWMD: Get the canada goose outlet debt done and then save more as much as you can canada goose deals for retirement.Because they are so young, I think they should pay off the debt first. They still have enough time to catch up on their retirement savings. But it will take discipline, which includes living below their means even as their income increases.

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