Homebuyers Consider 401(k) Cuts
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house fundMoneywise
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Business & Economics
We're newlyweds struggling to save for a down payment. Should we cut back on 401(k) contributions so we c
75% Informative
As home prices climb, it’s becoming increasingly difficult for many first -time homebuyers to save for a down payment.
Some may be wondering if they should cut back on retirement savings so they can afford to buy a house.
Seattle newlyweds Cindy and Jack are struggling to save money for a home while also saving for retirement.
They’re currently contributing about 25% of their income to their respective 401(k) plans.
In retirement, you may be able to take advantage of your home equity by downsizing, selling and moving to a more affordable market, taking a home equity loan.
To do this, Cindy and Jack may want to consider buying a house in a less expensive market and taking on a side hustle to bring in some extra money.
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