Should I pay off my student loan or invest for retirement?

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Dmitriy Fomichenko, President, Sense Financial

@dfomichenko • 08/13/15 This answer was first published on 08/13/15. For the most current information about a financial product, you should always check and confirm accuracy with the offering financial institution. Editorial and user-generated content is not provided, reviewed or endorsed by any company.

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It's hard to say without knowing more about your situation, such as your income, your loan rate, your current investment returns, etc.

At 28, I think it's best to start investing for your retirement if you haven't started already. With the compounding effect, even a small contribution now can grow to a big sum years later. Especially if your employer offers a matching contribution, be sure to maximize that. Meanwhile, you should also at least make minimum payments on your loans. Any extra cash can go to the loans with the highest interest rate to save you on interest payment in the long run.

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