Question: I'm a recent college graduate who would like to start saving for retirement, but right now my college-loan payments take up a big chunk of my paycheck. Any ideas about how I can pay them off faster?
Answer: Trying to pay off loans from the past in order to begin saving for the future is an all-too-common predicament among young adults these days. About seven in 10 graduating seniors leave school with loan debt, with the average amount owed around $30,000. Meanwhile, nearly 70% of people age 18-29 say they have yet to start saving for retirement. Clearly, many young adults have put retirement savings on the backburner while focusing on making their monthly student-loan payments.