Comments on: Reader Question: Should I Stop Saving for Retirement To Save For My Wedding?

By: Melanie

Melanie — Wed, 27 Jan 2010 23:03:30 +0000

Having just gotten out of credit card debt the previous year, I was adamant about not going into debt for our wedding. Luckily, we had a lot of help and we did a lot ourselves.

We did haul money out of my RRSP to put a down payment on our house, but I’m not too worried about that as I have an excellent pension plan besides the RRSP and I’m quickly building it back up.

By: Crystal

Crystal — Tue, 26 Jan 2010 23:32:28 +0000

I’ll second that…I wasn’t thinking debt was even an option. I’d definitely lower my Roth IRA contributions before I’d go into debt for anything other than our house. I begrudge that debt too…

By: RJ

RJ — Tue, 26 Jan 2010 21:55:41 +0000

@Crystal

You brought up a great point. It’s all about priorities. If early retirement is more important then a wedding, then by all means save.

My point was that it’s not the end of the world if you can’t contribute the maximum to your Roth IRA. It’s more important not to go into debt to pay for your wedding.

By: Crystal

Crystal — Tue, 26 Jan 2010 17:14:43 +0000

I wouldn’t cut back on retirement savings for a wedding, but our biggest goal is early retirement. We had a fantastic wedding for $3000, so I am also a big fan of inexpensive weddings. Also, if she is having trouble saving $5000 because of the wedding, maybe the wedding is getting too expensive anyway?

It’s all about priorities…she will have no regrets if she knows the wedding is more important than the Roth IRA. She will have regrets if she isn’t sure. I would sit down with my future hubby and see what our financial priorities are going to be once we’re married…

I liked the idea of using the cash they’ll receive as gifts towards the Roth IRA…if she does cut back, that’s a really smart way to catch back up. I’m also a big fan of credit card rewards if she knows she can avoid carrying a balance.

Congrats on the upcoming wedding and good luck!