Leave Loved Ones Retirement Assets Or Debt
You get to decide whether or not your loved ones inherit your money or you saddle them with debt. Your decision is made throughout your entire working career, not just when you hit retirement. Think about that.
Your children will not find it too funny if their inheritance is riddled with debt instead of retirement assets. Only you can turn that bad situation around. You are in charge of your finances.
Your Retirement And Your Debt
Start planning right now. If you are deep in debt, pay it off. If you are still working and in debt, keep working until you can whittle the debt down. Your children will receive less in retirement assets if you do not pay off your debt. Is that what you want? Or do you want your loved ones to inherit the money you frugally saved in your retirement accounts during your working years?
Make Your Money Work
If you are carrying a lot of debt before pay it off before investing. Stop your retirement plan contributions until you pay off the majority of your debt. Think about it; the quicker you pay off debt the faster you will save money on debt interest. If your interest charges are greater than the earnings of your retirement plan account, your money is not working for you, but instead against you.