Ask Terry Questions Should I pay off loans

Should I pay off loans

By Terry Savage on March 14, 2023 | Credit/Debt

I came into some money and I’m wondering if I should use it to pay off a car and personal loan or use it to get a CD or put it into my Roth IRA. Im 64, retired with a pension and work part time.

Terry Says

If you’re retired you CANT contribute to an IRA. I don’t know enough to advise, but you should have some cash on the side. Still it makes sense to pay off high interest rate debt, so I’d definitely pay off the personal Loan. And maybe the car loan. And I hope you have some left over. So do this with the “extra”:

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