Ditch old assumptions
Saving for retirement and paying down debt are critical financial tasks.
But these days, the usual financial wisdom may not apply. Right now, emergency savings should be top-of-mind for most people.
Depending on household circumstances, you might trim retirement plan contributions. If you’re saving through a workplace retirement plan that offers a match, at least contribute enough to get that money, says Tony Zabiegala, a chartered retirement planning counselor and vice president at Strategic Wealth Partners in Independence, Ohio.
Whether you’re aggressively paying down a loan or trying to eliminate your mortgage before you retire, those might not be the best places for additional cash, Zabiegala says, especially if it’s a low-interest loan.
When it comes to paying down debt, make minimum payments, Wells says.
Shine a light
You can’t build an emergency fund without savings, and you might find that money in some unexpected places.
Make a list of everything you…