It’s possible to save for retirement and a down payment at once. It can be challenging, but focusing on both can pay off in the long run.
No matter how old you are, saving for retirement should be a priority. Your money can grow over time thanks to compound interest.
If your employer offers a 401(k) with a match, contribute enough to get the full match. It’s free money.
If you’re nearing retirement age and you’re concerned that you might not have enough savings, focus on beefing up your retirement account.
You don’t have to put down 20% to buy a house. You can make a smaller down payment and keep saving for retirement.
Be realistic about what type of home you can afford. Buying a less expensive house might be a good option, at least for now. Discuss your goals with a financial planner.
