How you can repay student loans and save for retirement at the same time:
Share to twitterFor many student loan borrowers, it may seem daunting both to pay off your student loansEveryone wants to do both, but it may be financially challenging or hard to find the right balance.The Student Loan vs Retirement Reality, there are 44.2 million borrowers in the U.S. who hold more than $1.3 trillion of student loan debt.
For example, if you contribute $100 per month to a retirement plan starting at age 25 until you retire at age 65 and your investments earn 8% per year, your retirement account balance will grow to $354,075.Should You Pay Off Your Student Loans Or Save For Retirement? However, this is a common mistake and the least desirable option. When you borrowed your student loans, you may have hoped to pay off your student loans within several years after graduation. The reality is that it may take longer than you expect to pay off your student loans. The longer you wait to save for retirement, the less money you will have by the time you retire.
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