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

12
Me, Both Buyer And Seller, Chicago, IL
Wed Dec 18, 2013
OK, thanks everyone. I will consult with an advisor.
1 vote
JIM Michaels, Agent, Chicago, IL
Thu Dec 19, 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
Matthew Roder, Mortgage Broker Or Lender, Schaumburg, IL
Thu Dec 19, 2013
Your financial advisor or CPA should be able to give you the best advice.
0 votes
Mike Kravitz, Agent, Chicago, IL
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
Michele Wils…, Agent, Lake Forest, IL
Thu Dec 19, 2013
There are too many variables to advise you. Speak with an advisor who knows your entire situation.
0 votes
Manoj Jakhar, Agent, DES PLAINES, IL
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
Philip Sencer, Agent, Chicago, IL
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
Dirk Gould, Agent, Chicago, IL
Wed Dec 18, 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
Matt Laricy, Agent, Chicago, IL
Wed Dec 18, 2013
I would only speak to my accountant on this issue. We should steer you in any financial decision.
0 votes
Jacqueline S…, Agent, Chicago, IL
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
Santiago Ken…, Agent, Chicago, IL
Wed Dec 18, 2013
You need to talk with a advisor to planing your future .
http://www.illinoisbienesraices.com/Busqueda-Avanzada/
0 votes
Jorge Vega, Agent, Chicago, IL
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
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