Saving for a Home vs. Retirement: Which Should You Prioritize?
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- Опубліковано 23 сер 2024
- Should I save up for a home or save for retirement? This is a question we get all the time! It’s one of the hardest financial priorities to balance, especially now. However, we believe there are ways to balance the two in a way that lets you achieve your life goals and keep your finances on the right track.
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What I ask myself is - what is my interest rate? If it’s low, then what is my goal expediting to pay off my house? I plan on semi-retiring in 5 years, so I align my pay off date to that and plan to use the equity to downgrade for a smaller house in cash in 5 years. Once I set that date target, I work backwards to figure out what I need to do that plus keep contributing something to my retirement/investments.
(Brian’s Troll here) this is a regional question… I work for a high-end production home builder (250 a year) and many of our buyers are from California. They sold their home there, with enough to pay cash for a new home here in the PNW with a million left to fund retirement.
So yes… a home “can be”’part of your retirement plan “if” your goals include downsizing and relocating.
I cut my 401K contributions back, but always kept it at the level to get all the matching employer contributions. I was lucky that every time my employer transferred me, I made a hefty profit on the sale. Pure luck on my part.
Feel like this exact topic has been covered already
Pretty much every topic has been covered across every channel multiple times.
@@Kevin-fn1rn Lmao!!!