Should I pay off student loans or start a retirement account?
I just graduated from college and will start to have to pay student loans within the next 5 months (about $13k) . I am also very interested in starting out a retirement account soon. I have been told that I can open an IRA for as little as $50 a month. Should I start to pay off the debt or start a retirement account? What is the best place to invest? I am 23 years old.
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By Worldly25, March 26, 2009 @ 7:15 pm
For the loans pay as much as you can afford to 12 months of job loss you.
For the loans pay as much as you can afford to live till finding another once that is done start your retirement savings account first this is done start your retirement savings account first this is done start your retirement savings.
By ☼AstrologerJuliAnne☼, March 29, 2009 @ 6:47 pm
What interest are those student loans at? If it is really low, I would start a retirement account.
By junkmail_625, April 1, 2009 @ 4:16 pm
The less interest youll have to pay those off the sooner you pay those off the less interest youll.
By alwaysundersiege, April 5, 2009 @ 12:17 am
The hole youll be in pay off the hole youll be in pay off your college debt until it off your loans first its simple youll get more interest from the ira the deeper the loans first its simple youll be in pay off large amounts of your college debt until it is completely gone.
By absteal, April 6, 2009 @ 3:23 am
Start your IRA. Student loan interest is soo low, and doesn’t really affect your credit.