Opinions are Alexandra's own. This site is not affiliated with any of the companies or people mentioned or linked to. Information on this site is for educational purposes only and is not to be taken as specific advice. Speak with a financial professional to determine what is appropriate for your personal financial situation. ©2019 by Alexandra Wilson, CFP®

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GOBankingRates: 17 Tips for Baby Boomers To Tackle Their Student Debt

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.


Read 16 more tips at GOBankingRates