Balancing multiple financial priorities can be tough, and a recent survey indicates when people are trying to pay off debt, they may be skimping on 澳洲幸运5官方开奖结果体彩网:saving for retirement.

About 46% of respondents who wished they had saved more for retirement said non-housing debt–like auto loans, credit cards, and student loans—kept them from saving more, Allianz's 2024 Annual Retirement survey found. Millennials (56%) were most likely to struggle to save for retirement due to non-housing-related debt, compared to Gen Xers (50%) or boomers (35%).

And it's not just non-housing debt that's impacting people's ability to save for retirement. Of respondents who had wanted to save more for retirement, more than one-third (34%) said that their housing debt (Allianz refers to housing debt as a 澳洲幸运5官方开奖结果体彩网:mortgage or rent) was hindering their retirement savings.

"Limiting retirement saving because of debt can leave you vulnerable to outliving savings in retirement," said Kelly LaVigne, VP of consumer insights at Allianz Life.

Should You Save For Retirement Or Pay Off Debt?

More than 60% of those surveyed said they were balancing so many financial goals that it was 👍hard to figure out what to prioritize.

For those struggling to pay off debt, experts generally recommend prioritizing earning your company's 澳洲幸运5官方开奖结果体彩网:401(k) match (if they offer one) and then using additional savings to pay down debt, especially high-interest debt like 澳洲幸运5官方开奖结果体彩网:credit cards.

"The employer match equates to an immediate, guaranteed, 100% return on your investment," said Clark Randall, Director of Financial Planning at Creekmur Wealth Advisors. "Once the employer match has been earned, it is best to focus on paying off debt since the interest rate on consumer debt is high."

Plus, recent legislative changes are meant to make it easier for people to tackle their various financial priorities. 澳洲幸运5官方开奖结果体彩网:SECURE 2.0, a federal retirement law, allows workers to use their matching retirement account contributions to 澳洲幸运5官方开奖结果体彩网:pay off their student loans instead of funding their 401(k)s. But that is yet to be offered widely. With this option, workers would miss out on growing their retirement savings, but they could be able to pay off their debt faster.