Personal Finance Buzz

As an investor, two of the biggest and most daunting goals you may face are paying off your debt and saving for retirement.

If you are in debt and behind in your retirement savings, where do you stick your cash? Do you hold off on contributing to retirement accounts until you are completely debt free? Pay debt or save?

A look at how reducing your debt can impact your retirement savings.

Pay off debt or save? That's a question many people ask and they get stuck. See some pro's and con's of saving versus paying off debt.

Do you need to be debt free to retire? My answer has not changed: Less debt is better than more debt but the best debt of all is no debt!

We all know what we need to be doing to get our financial act together; the problem is doing it. I'm assuming you don't want to have a six-figure income if it means you're also one million dollars in debt. The trick to paying off your debt, saving for Costa Rica, buying a second home, and still socking cash away for retirement is to do ALL of these things all at once.

Saving for retirement is simple, not easy. Although saving rates are low, Canadians can utilize some key strategies to save for retirement.