Should you stop contributing to retirement while paying off debt?

While tackling expensive debt is a smart financial decision, abandoning your retirement has consequences. ariya j/Getty Images Managing debt and preparing for retirement are two of the biggest financial challenges most people face, but tackling both at the same time isn't always realistic. With credit card interest rates still elevated, household debt at record highs and the cost of everyday essentials increasing and continuing to strain budgets, many people are now forced to make difficult decisions about where each dollar should go. For those trying to make progress on both their debt and their retirement planning, the question of whether it's better to pause retirement savings until debt is under control often comes up. And, at first glance, the answer may seem obvious. Eliminating debt can reduce monthly expenses, lower the interest costs and free up cash flow, potentially putting you in a stronger financial position, but stepping away from retirement contributions can also come at a cost. And that, in turn, begs the question of which approach is the right one to take when you're balancing both your plans for retirement savings and paying off debt. So, should you ever stop contributing to your retirement to get rid of your debt? That's what we'll examine below. Learn how you can get help with your debt today . …