{ "media_type": "text", "post_content": "Currently making 120k base and contributing 10% to 401k. Employer matches 25% up to 6% of total salary. I have 70k in student loans. Should I decrease my contribution and target the loans?", "post_id": "5e7389f97ed301001a47adba", "reply_count": 19, "vote_count": 1, "bowl_id": "59064a3cb12379001006592c", "bowl_name": "Personal Investment Chatter", "feed_type": "bowl" }

Currently making 120k base and contributing 10% to 401k. Employer matches 25% up to 6% of total salary. I have 70k in student loans. Should I decrease my contribution and target the loans?

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YES. Only contribute to 401k up to employer match. Everything else should go to the loans. The only way those loans go away is if you die. If you lose your job, get in a car accident and lose your legs, can’t work...you still owe those loans. And the loan servicers have the legal authority to garnish any wages AND social security payments to collect what is theirs. You cannot get rid of them in bankruptcy like all other debt.

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Positive. I'm at West Monroe Partners. They cap it at 6% of your total salary

Target maximum cash savings for now. If this blows over, then pay down debt.

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What rate are your loans at?

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You're correct in your description of my employer match. I will continue to contribute the 10% as I think there's a ton to gain when the market rebounds.

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This flow chart is pretty good when it comes to where to put your money

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Thanks!!!

Let me guess. U work at deloitte nyc office

I do not. If I did, my salary would likely be a bit higher haha

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