2803: 5 Things You Need To Consider When Balancing Student Loan Debt and Saving For Retirement by Kimberly Hamilton

Optimal Finance Daily - Financial Independence and Money Advice

Optimal Living Daily LLC

Investing, Self-improvement, Education, Business

4.5 • 1.3K Ratings

🗓️ 21 July 2024

⏱️ 12 minutes

🔗️ Recording | iTunes | RSS

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Summary

Discover all of the podcasts in our network, search for specific episodes, get the Optimal Living Daily workbook, and learn more at: OLDPodcast.com. Episode 2803: Kimberly Hamilton explores the critical balance between tackling student loan debt and saving for retirement. She provides actionable strategies to help millennials navigate financial priorities, emphasizing the importance of early investing, taking advantage of employer matches, and understanding interest rates to optimize long-term financial health. Read along with the original article(s) here: https://thefinancetwins.com/balancing-student-loan-debt-and-retirement/ Quotes to ponder: "Paying off your loans can be stressful, I know firsthand, and sometimes knowing you’re decreasing the balance feels better than saving for a date 30 years in the future." "This makes meeting your employer match a no-brainer. If you’re already making the minimum payments on your student debt, I recommend you do this too." "Waiting even just a few years can cost you tens to hundreds of thousands of dollars in the long run." Episode references: IRA Information: https://www.irs.gov/retirement-plans/traditional-and-roth-iras U.S. Stock Market Return Data: https://www.investopedia.com/ask/answers/042415/what-average-annual-return-sp-500.asp Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	This is optimal finance daily episode 2803.
0:04.0	Five things you need to consider when balancing student loan debt and saving for retirement.
0:10.0	By Kimberly Hamilton with the Finance Twins.com.
0:14.0	And I'm your host and personal finance enthusiasts, Diana Merriam.
0:18.0	Welcome back to Optimal Finance Daily,
0:21.0	where every day I read an offer commentary on some of the best personal finance
0:25.7	blogs on the web in about 10 minutes or less.
0:29.2	So with that, let's get right to our next article as we optimize your life.
0:34.0	Five things you need to consider when balancing student loan debt and saving for retirement.
0:43.5	By Kimberly Hamilton with the Finance Twins.com.
0:48.5	By now, you've probably already heard
0:50.8	that the student debt crisis in America is off the charts. This year the total
0:56.1	student loan debt balance topped 1.5 trillion, almost 50% higher than the national credit card debt.
1:04.0	Of that amount, millennials ages 25 to 34
1:08.0	account for over 497 billion
1:12.0	and 15 million borrowers with an average student debt of $33,000.
1:19.2	If you have a graduate degree, it's not uncommon for that figure to be in the six digits and not the kind you'd like to see on your paycheck.
1:27.0	In other words, the student debt struggle is real.
1:31.0	Combine increasing tuition rates with stagnating wages and it's no
1:36.4	surprise that many millennials are choosing to prioritize their debt over
1:40.7	their retirement. Paying off your loans can be stressful. I know firsthand, and sometimes
1:46.8	knowing you're decreasing the balance feels better than saving for a date 30 years in the future.
	...

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