Written by Gabrielle Olya at GOBankingRates
#17 Consider Using Retirement Savings To Pay Off the Loan
It might be the best move to pay off the loan ASAP with any funds you have access to — even retirement savings, said Alexandra Wilson, certified financial planner, financial coach and student loan expert at SmartPath.
“If they have the funds, paying off their student loans is the quickest way to free up money in their budget,” she said. “Considering they will need to pay for their student loans from their retirement savings once they retire, it might make sense to pull a lump sum out of their savings to pay them off sooner.”
However, she cautions that this is not the best financial move for everyone.
“It’s best for baby boomers to speak with a financial advisor before paying off their student loans with retirement savings,” she said.