Retirement Loans

I just graduated from college and will begin paying student loans over the next 5 months (about $ 13k). I am also very interested in starting a retirement account soon. I was told that I can open an IRA for as little as $ 50 per month. Should I start paying down debt or start a retirement account? What is the best place to invest? I am 23 years old.

Start your IRA. interest on student loans is soo low, and does not really affect your credit.

Repay loans. Pay as much as you can afford each month. Once paid, continue to write a check for the same amount and deposit it in an emergency savings account first. This should be equal to 8-12 months' salary. In case of loss of job you can afford to live to find another. Once that is done. Start your retirement savings.

Pay off your loan early. It's simple, you have more interest on loans that you have the IRA. The longer you leave it, the deeper the hole you in.

Pay off large amounts of your college debt until it has completely disappeared, so start putting money aside for savings.

Do some of both, if you can afford. Repay loans (the sooner you pay off the less interest you'll pay!) While putting the minimum in an IRA.

Which interests are those student loans? If it is really low, I would start a retirement account.