SHORT – 53-years-old with $240,000 in student loan and credit card debt

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Listener asks: “I’m 53. Made 5 yrs with my current employer. I put 15% into my 401k. I purchased a home in Texas in April and have been paying that monthly amortization amount in addition to the mortgage as principal only towards my mortgage every month. I am not debt free, I owe student loans, credit cards and other loans to the tune of approx $240k. I know I need to have 3-6 months of emergency fund saved. Besides that, are you saying I should stop investing 15% (even at my age) and pay all that debt down BEFORE paying off the house?”

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