Current retirement savings rate as a
percentage of gross income (total
retirement savings รท gross income)
Target saving rate (from Worksheet 4)
U.S. Department of Labor Employee Benefits Security Administration 43
SAVINGS FITNESS A GUIDE TO YOUR MONEY AND YOUR FINANCIAL FUTURE
6 . Debt Reduction
Date
This worksheet will help you organize your debt so that you can plan how you will pay down each debt and track your progress. Money that goes to pay interest, late fees, and old bills could be saved and invested to earn more for retirement and other goals.
In Worksheet 6, list your home mortgage first, if you have one. Then list your auto loans, student loans, any credit card debts, or other money that you owe. In the final column, write down which debts you will pay off first, second, and so on. Generally, you may want to pay off the debts with the highest interest rates first. However, if you have a debt with a small balance, you may want to pay it off to get it off your list. The Resources section provides websites and publications on how to get a copy of your credit report, repair your credit, calculate how long it will take to pay off credit card debt, and other information.
Required
Creditor
Interest
Planned
Rate
Balance
minimum monthly
payment
payment