Should you pay down debt or save for your retirement? [Video - 3:13] (2012)

This document is housed on the Sun Life Financial server, under Brighter Life.

This video is part of a series dealing with a variety of financial issues, and features an interview with Jonathan Chevreau, personal finance columnist for the Financial Post newspaper.

People who are in fairly good shape financially should be able to both save for retirement and pay down debt, he says. For example, a person can make a contribution to a Registered Retirement Savings Plan (RRSP), and then apply the tax refund to paying down the mortgage.

On the other hand, someone who is carrying credit card debt at high interest rates must make paying off that debt the priority, ahead of building wealth for retirement.

Chevreau also advocates what he calls “guerrilla frugality.” He points out that people are bombarded with media messages telling them to spend more, and encourages them to declare war on unnecessary spending by questioning every purchase.

Get resource
Added: 
2013-09-03
APA citation
Sun Life Financial. Should you pay down debt or save for your retirement? [Video - 3:13] 2012. Web. 26 Nov. 2020 <http://brighterlife.ca/2012/02/08/should-you-pay-down-debt-or-save-for-your-retirement-video/>
Sun Life Financial (2012). Should you pay down debt or save for your retirement? [Video - 3:13]. Retrieved November 26, 2020, from http://brighterlife.ca/2012/02/08/should-you-pay-down-debt-or-save-for-your-retirement-video/
© 2020 Copian Library