Retirement Savings or House Savings
I am playing catch up with my retirement savings started a pension just 3 years ago. I am now 42 and saving for a house as well. What is the best way to balance my money? Should keep my retirement savings low and house savings high. I have not a clue how to balance so that I am on the right track for retirement in 20+ years and a first time home buyer hopefully in 1-2 years.
Terry Says
You need more money! I’m not being serious. How about a second job, or a weekend job, and earmarking all that “extra” money for a money market account to accumulate a down payment. Meanwhile, save as much as possible in your company retirement plan.
I don’t know what you mean by “just started a pension” — but I’m assuming your employer offers some sort of retirement savings plan. I’d max that out first, and then spend less — and earn more, and save the extra money. That’s the secret to doing BOTH!
