One of the worst financial plans you can have is one that only asks the question, “Is it better to pay down your mortgage or contribute to your retirement fund?” If you have a home and a government-regulated savings plan, you will be required to either pay tax or interest when you want access to the money. At the very least, you need to have some savings or investments that are accessible without any restrictions in addition to your home and your retirement fund.

Because if you are saving for the long-term, you need to think long-term. There are many different ways to save for the future – one is inside a government-sponsored retirement plan, and others are to establish your own savings programs in such things as real estate (besides your home), non-retirement plan investments, insurance, mortgages, businesses, etc.