Paying down your debts should be an important retirement savings plan. Yes, I know it’s not saving, but it’s vital to your retirement plans. First off, the sooner you pay off your debts, the sooner you can start diverting more money into your retirement accounts. That money going towards debt payments will be much more useful in an IRA or a 401(k). Secondly, your debts won’t go away in retirement and you don’t want them to eat away at your nest egg only you actually get to retirement. Also, keep in mind that debts often involve interest and that the longer it takes you to pay off a debt, the more you will pay. Thus, it’s always a good idea to pay off your debts as soon as you can and to make it a priority during your income-earning years. Even if you aren’t able to pay off all of your debts before retirement, you should make it a goal to pay down as much of it as possible. Yes, you can pay down your debts and save for retirement at the same time. This will take some planning and budgeting. Most likely, you will want to involve a financial planner in such aspects so that they can help you take advantage of your assets or portfolio in paying down debts. A financial planner can also help you discuss budgeting and how be efficient in your saving and paying efforts. So, what are your plans in paying down debt in preparation for retirement?