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The Personal Finance Podcast
Should I reduce my 401(K) Contributions to Save for a House? - Money Q&A
Oct 14, 2024
Dive into the debate on whether to cut 401(k) contributions to save for a house. Uncover tips for locating lost retirement accounts and strategies for effective debt repayment. Discover how to balance saving for a home while protecting your future financial goals. Also, learn about the importance of life insurance and how to navigate recent data breaches affecting personal information. Plus, get practical advice on budgeting for homeownership and managing personal finances effectively.
31:09
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Quick takeaways
- Evaluating whether to reduce 401(k) contributions to save for a house requires careful analysis of financial goals and ownership costs.
- Finding an old 401(k) involves researching past employment records and may include utilizing the National Registry of Unclaimed Retirement Benefits.
Deep dives
Preparing for Home Ownership
As individuals consider saving for a house, it's crucial to evaluate their current financial goals, particularly retirement contributions. One key suggestion is to use a Total Cost of Ownership calculator to assess all costs associated with homeownership, including taxes, insurance, and maintenance. Many assume buying a home is always a good investment, but it may not be in every market, particularly when interest rates are high. Those planning to buy should carefully analyze their budget and financial situation, ensuring they prioritize retirement savings and value-based spending before lowering 401(k) contributions.
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Discover
highlights
Listen to the best highlights from the podcasts you love and dive into the full episode