How Should I Save My Money - For a Home Or For Retirement?

12/22/2015

Many Americans are so busy paying off credit card debt or college loans there is little left to save. If you find yourself with extra money, most experts agree that an emergency fund should be priority number one. If you already have this covered, your next considerations should be between saving for your first home and retirement.

Saving For A First Home

The great thing about buying a home is that with each house payment you make, equity is being built. A house is it’s own investment plan, especially as we are seeing an upswing in the economy. And you can live it in while it increases in value!

Saving For Retirement

Saving for retirement is crucial, especially considering increases in life expectancy. A good savings plan will mean you can spend your retirement years with more ease and freedom. It is never too early to start a retirement savings plan. Basically, as soon as you begin working, it is time to think about retirement planning. Participating in your employer’s 401K plan is an easy way to get started.  

Some prefer to split money between retirement and home savings. Others invest in a Roth IRA. This money is intended for retirement but can be withdrawn without penalty under certain conditions such as:

  • An account older than 5 years
  • The withdrawal is less than $10,000
  • Used for the purchase of a home
  • Only once in a lifetime and spouse must qualify also (if applicable)

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