Let me begin by saying that one shouldn’t consider the debate between paying off bills and saving for retirement as totally opposite beliefs. The truth is that for long term security you’re going to need to take care of both as time goes along. You never know how long you’ll live once you retire and the last thing you want is to be saddled with a lot of debt and not enough money to pay for everything.

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With that said, let’s look at this discussion from some practical terms. The difference between paying off bills you have now and deciding to put money away can be drastic. It’s hard to see for most people because the numbers can be overwhelming, so we’re going to put it in terms that hopefully make it easier to understand with a little example.
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