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Should you reduce your monthly retirement contributions to pay off debt
If your income has been hit by the coronavirus pandemic or you’re anticipating less money coming in, should you reduce your monthly retirement contributions to pay off debt during this economic recession? Although not ideal, but if you are regularly investing in a retirement account, one solution could be to lower or stop your contribution amount and redirect that money toward paying off debt. Brandon Renfro, a certified financial planner tells CNBC Select, “diverting some retirement savings to paying down credit card debt can make a lot of sense right now.” In the attached article by Megan DeMatteo, Mr. Renfo continues to explain what to do in order to make sure it’s worth lowering your retirement contributions in the long run. Read article here…
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