Should I Reduce My Retirement Savings to Pay for a House?

Money Guy Show

Brian Preston, CPA, CFP®, PFS and Bo Hanson, CFA, CFP® | Fee-Only Fiduciary Advisors

Investing, Education, Business

4.7 • 3.2K Ratings

🗓️ 18 June 2021

⏱️ 26 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

The housing market is insane these days - so should you reduce your retirement savings to help pay for a house? And what's the best way to pay for grad school? We'll walk you through these questions and more in this week's Q&A episode! Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	It's Brian Preston, the money guy, restoring order to your financial chaos, retirement,
0:07.0	investing, taxes.
0:09.0	You've got financial questions.
0:10.6	He's got financial answers.
0:12.6	It's Brian Preston, the money guy.
0:15.4	Okay.
0:16.4	We've got a question from Connor Kinsey from YouTube.
0:19.5	All right, Connor.
0:20.5	He says, I'm looking to buy a house in the next one of two years.
0:23.0	I'm currently maxing out my 401k and Roth IRA.
0:26.0	Congrats on that.
0:27.6	But don't have much extra to save for a down payment.
0:31.2	Should I reduce 401k contributions for a 20% down payment?
0:35.0	He's only 26 years old, so this is his first home.
0:38.0	He did add on, if I can save enough for the 20%, should I or should I just keep maxing
0:43.6	out my retirement account?
0:44.6	I think that's really the question.
0:45.6	Retirement account, 20% down.
0:47.6	Now, obviously you are well seasoned in the home buying world.
0:51.3	I just did this a few months ago.
0:52.7	You've done this.
0:54.6	I think a lot of your friends ask you, like, hey, how do I do this 20% thing?
	...

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