Times When It's Wise to Hold Off on Boosting Your Retirement Savings

Situations when it doesn't make sense to increase retirement savings:

Increasing the amount you're saving for retirement doesn't always make sense. If you have access to a 401(k) match at work, you should be investing enough in this account to claim the matching contributions. Taking advantage of an employer match should almost always be your top priority after paying your bills, except in exceptional circumstances.

When to prioritize paying off high-interest debt:

• If you owe a lot of money on your credit cards or have other high-interest debt, then you should focus on paying off these creditors first before saving for retirement.
• Pay off debt with interest rates higher than potential investment returns in the market.

When having an emergency fund is crucial:

• Emergency funds are essential to avoid going into debt for unexpected expenses.
• Have at least three to six months' worth of living expenses in a high-yield savings account before increasing retirement savings.

Start prioritizing paying off high-interest debt and building an emergency fund to secure your retirement plans for the future.