It’s a question that comes up almost every time I sit down to help someone dig their way out of debt: should I wait until I’m out of debt to start saving toward retirement? Unfortunately, the answer doesn’t consist of a simple yes or no. Rather, the answer is probably a combination of “maybe” and “some.”

For the most part, we want to free up everything we can to get rid of our short-term debts before we dive headfirst into retirement planning. But there are four things you should be doing today, even if you are putting the majority of your free income toward paying down debt:

1. Take the 401(k) match. If your employer is willing to match your retirement plan contributions, I’d recommend contributing up to the point where they stop matching. Even if they only match you fifty cents for every dollar you contribute, that’s like getting a 50% interest rate on your savings in the first year.

2. Take the IRS match. Did you know Uncle Sam will also match you for saving money into a retirement plan or an IRA? The Retirement Savings Contribution Credit effectively gives you a bonus on your tax return in the form of a tax credit. This credit ranges anywhere from 10 to 50% of the amount contributed for unmarried wage earners who make under $26,000 ($52,000 for married filing jointly). Check out IRS Publication 590 for more details.

3. Buy your company’s stock. If your employer gives you an opportunity to buy shares of your company stock at a discount, this may be worth doing. Often, companies offer their employees a substantial discount on the current purchase price of their stock—sometimes as much as 15%. Additionally, the IRS may offer additional tax benefits in retirement to employees who invest a portion of their 401(k) or employer-sponsored plan assets in company stock. Of course, if you think your company’s stock is headed south, you’ll probably want to steer clear. Talk with your investment and tax advisor for more details.

4. Stay put at that good job. Do you have one of those increasingly rare jobs that promises to pay you a monthly pension when you retire? If you do, I’m jealous. Before you jump ship and go searching for greener pastures, find out how much longer you need to stay to lock in your future benefits. Another couple years at
the same desk may be a worthwhile trade-off for that monthly check at retirement.

So, for example, if you are 25 years old and want to accumulate $600,000 by age 65, you’d have to save about $175 per month (assuming 8% annual growth). Over your entire life of saving, this would translate into about $84,000 out of your pocket that grew to $600,000. Not too shabby.

But what if you wait until age 35 to start saving toward your $600,000? Then you’ll need to save about $410 per month, or more than double, to accumulate the same $600,000 at retirement. And even though you saved for retirement for 10 years less than the 25-year-old, you’ll end up dishing out about $147,000!

At age 45, your monthly savings number jumps to $1,000 per month that you’ll need to save for retirement,
or about $242,000 out of pocket. See the point? If you’re not saving toward retirement early, you will have to pay for it exponentially later.

If you are spending money instead of saving, whether it is going toward vacations or interest on your debts
and loans, there’s an opportunity cost. Getting your debts paid off as soon as possible means that you’ll be
able to put money toward these goals while they are still within reason.