The textbook answer is no. Pay off your credit cards and save up for emergencies first. At least you're making progress toward retirement. If you start in your 20s, you should hit that goal if you save 4 to 6 percent a year until you retire. Boost that to 7 to 12 percent if you're in your 30s, or 15 percent or more if you're in your 40s.
Many people are surprised how fast they adapt to a tighter budget.
Because their money is siphoned directly from their paychecks, they aren't tempted to spend what's not in their checkbooks. So tell your company to deduct a percentage that sounds tough. If that's painless for three months, ratchet up your deduction a notch. If you run short of cash for basic needs, cut back. That's free money.