Should I save for retirement or pay off debt?

For some people, 2020 really hit hard… maybe you had to deplete your savings, take distributions from your retirement accounts that you were not planning on, or max out your credit cards just to survive. All of these things can have catastrophic effects to your finances. So now that 2020 is over, it’s time to start looking at how you can rebuild your financial situation and you might be asking yourself, “What do I do first, do I pay off my debts or do I save for retirement?”