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If you have high-interest debt, such as credit-card debt, it's generally wise to pay it off before putting money into your IRA, because the interest on the debt will exceed the returns you get from your IRA.
If you have low-interest debt or tax-advantaged debt such as a mortgage or student loans, you may be better off putting the money into your IRA. You can claim tax deductions for your mortgage interest payments and your student loans, both of which may be at a lower rate than the return on your IRA.
Carefully consider the cost of the debt that you have before making a decision about where to put your money. If your debt is burdening you with high-interest rates, your bottom line will be better served by paying it off. But if you have low-interest loans, you should take advantage of contributions to your IRA, because you cannot go back and make up missed contributions in future years.
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