Home Buying in Chicago>Question Details

Me, Both Buyer and Seller in Chicago, IL

Should I stop contributing to my retirement fund to save for a condo?

Asked by Me, Chicago, IL Wed Dec 18, 2013

I am a homeowner and thinking about selling in June 2015 and purchasing a townhouse or condo in south loop. I know that I will need a large down payment and wondering if it's wise to stop contributing for that year. Any suggestions??

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Answers

13
Garrett Steve’s answer
you need to talk about your retirement fund with your planner, and also the realtor you pick needs to know much more about your situation and what you're trying to accomplish.

feel free to call me 312 493 8446
0 votes Thank Flag Link Wed Dec 18, 2013
OK, thanks everyone. I will consult with an advisor.
1 vote Thank Flag Link Wed Dec 18, 2013
I specialize in the South Loop email me at jmichaels@remax.net and I can give you a heads up on the property values
0 votes Thank Flag Link Thu Dec 19, 2013
Your financial advisor or CPA should be able to give you the best advice.
0 votes Thank Flag Link Thu Dec 19, 2013
You should speak to your financial advisor. I am trying to do the same thing. My advisor at Charles Schwab told me that there are specialized IRA's, Sep plans,etc that you can use for a Real Estate purchase. Call me if you want more details.

Mike 312-485-9868
0 votes Thank Flag Link Thu Dec 19, 2013
There are too many variables to advise you. Speak with an advisor who knows your entire situation.
0 votes Thank Flag Link Thu Dec 19, 2013
talk to some financial Adviser. i do not want to misguide you. Because we know about financial situation but not like a financial adviser.
0 votes Thank Flag Link Thu Dec 19, 2013
If you will not have enough equity in the house sale then maybe yes, if you really need/want to make a move and downsize. One year will not ruin your retirement savings, but speak with a few lenders to see what loan options they might have. My web site has some references,
0 votes Thank Flag Link Thu Dec 19, 2013
I am not a financial advisor and realize that there are way too many unknowns to adequately answer your question. That said, if your employer matches any of your contributions I would think long and hard before giving that up for a real estate purchase.
0 votes Thank Flag Link Wed Dec 18, 2013
I would only speak to my accountant on this issue. We should steer you in any financial decision.
0 votes Thank Flag Link Wed Dec 18, 2013
Age is a factor in how critical saving for retirement is. You should talk to your HR department or financial advisor. Their may be a way to use finds from some retirement plans toward a purchase.
0 votes Thank Flag Link Wed Dec 18, 2013
You need to talk with a advisor to planing your future .
http://www.illinoisbienesraices.com/Busqueda-Avanzada/
0 votes Thank Flag Link Wed Dec 18, 2013
Hello,


This is a complex question that only you can answer after reviewing your personal financial situation. I suggest you take a day of deep thought and make the decision for yourself. Good luck
0 votes Thank Flag Link Wed Dec 18, 2013
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