Pay off debt, or save for retirement?
Never has that quandary been more acute than it is right now for the younger members of today’s workforce. Millennials are confronting often-crushing debt from student loans — more onerous than perhaps any other generation has faced — and trying to save for their eventual golden years.
Depending on the level of education, young professionals could be saddled with student loans totaling anywhere from $100,000 to as high as $400,000 for doctors and attorneys, financial planners say.
“The level of student debt this generation is shouldering is unprecedented,” said Jennifer Putney, vice president of participant engagement at Prudential Financial (PRU). “It’s huge.”
Still, those starting to weave their way through their careers need to try to figure a way to set aside money for retirement. With concerns mounting that Social Security may not survive the latter half of this century, it’s imperative that the nation’s largest demographic somehow make provisions for life after those careers are over.