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Thread: Save for Retirement or a House?

  1. #1

    Default Save for Retirement or a House?

    Looking for opinions on the topic of priority of extra money: put away for retirement or save to invest in property. I'm in my mid-twenties and pay rent which is essentially money thrown away. But with the extra money left over after needed expenses I wonder if saving for a down payment for a property and spending what I now spend on rent towards a mortgage is a smarter choice. To do this anytime soon I would need to drastically cut what I put away for retirement. Thoughts from experience?


    Millennials are resorting to this questionable tactic to buy their first homes


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  3. #2

    Default Re: Save for Retirement or a House?

    Quote Originally Posted by TommyIV View Post
    Looking for opinions on the topic of priority of extra money: put away for retirement or save to invest in property. I'm in my mid-twenties and pay rent which is essentially money thrown away. But with the extra money left over after needed expenses I wonder if saving for a down payment for a property and spending what I now spend on rent towards a mortgage is a smarter choice. To do this anytime soon I would need to drastically cut what I put away for retirement. Thoughts from experience?


    Millennials are resorting to this questionable tactic to buy their first homes
    Tom, As an old retiree I wish I had been smart enough to put aside money for my retirement in my twenties. The longer it is invested the bigger it gets. If you buy a house what will you have in 30 years? The tax deductions used to be a big deal. Not so much tax benefit these days since the standard deduction is much bigger fewer people are itemizing. Housing values are relatively stable except for a few hot real estate markets so you don't gain a lot of equity just from general real estate value increases. Best of luck to you! You are asking good questions.

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