I'm hoping to purchase a home in the next two years, and I'm trying to understand how to prioritize my earnings between retirement / investing / saving for a down payment.
A bit more detail:
- Looking to purchase a house ~$250k with a 20% down payment ($50k)
- I currently have a 6 month emergency fund, ~$10k in savings, ~$35k in a Betterment account
- Currently maxing out my 401k and IRA and putting the remainder of my income after expenses towards my Betterment account (e.g. not putting anything else in a savings account)
In order to save up for a down payment, should I:
- Cash out my Betterment account and put in savings? (Would get me pretty close to what's needed)
- Lower my retirement contributions?
- Stop putting money into my Betterment account and solely fund savings for a down payment?
- Other alternatives?
Any advice is greatly appreciated!
Submitted March 29, 2020 at 12:10AM by windpoppy27 https://ift.tt/2WRbMlx
