I’m 38 with $315,000 saved for retirement, but have $30,000 in debt. Should I lower my 401(k) contributions to get rid of that debt?

Catey Hill
I’m 38 with $315,000 saved for retirement, but have $30,000 in debt. Should I lower my 401(k) contributions to get rid of that debt?

Your issue is a common one: The average personal debt load (that’s debt excluding mortgages) of people with debt is about $38,000, according to research from Northwestern Mutual. Why is paying down debt so beneficial to you?