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Reply to "I am X years old and have X saved in a retirement fund"
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[quote=Anonymous][quote=Anonymous]37 - zero $ - does not make sense to save if you have loan/mortgage as you're "saving" with borrowed money. In the process of paying of mortgage in record speed, then will save.[/quote] It actually does make sense because you cannot retroactively save in an IRA or 401K. There are limits on both of those. So if you wait until you are 45, for example, to start saving for retirement, you are going to have to put a lot away per year, but you can only put $5500 in an IRA and $17.5K in a 401K. If you pay off the loan and save for retirement at the same time, you won't have that problem. Also, are you giving up a free 401K match?[/quote]
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