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Unless you have an actual hardship (bankruptcy or other emergency), you will be better off leaving that money alone. This excellent answeranswer, gives more than enough reasons why a withdrawal or loan is not recommended.

I would love some advice because I need to know if I should contribute more into my 401k or less.

If your priority to purchase is high enough, it may be worth considering stopping 401k contributions for a short time to help pile up a down payment.

  • This is highly preferable to the other options (401k withdrawal or loan)
  • Consider if you are receiving a matching contribution from your employer. If this is the case, I won't recommend passing up free money. Contribute enough to get the maximum match and no more until have saved your down payment.
  • If it will take you more than a few years to save up this sum, then this might not be a good option. This depends on your situation and goals.

I also encourage you to consider that if you cannot pool the money from non-retirement sources, then you cannot afford that much house at this time. This might mean looking for cheaper houses or delaying purchase for a number of years.

Unless you have an actual hardship (bankruptcy or other emergency), you will be better off leaving that money alone. This excellent answer, gives more than enough reasons why a withdrawal or loan is not recommended.

I would love some advice because I need to know if I should contribute more into my 401k or less.

If your priority to purchase is high enough, it may be worth considering stopping 401k contributions for a short time to help pile up a down payment.

  • This is highly preferable to the other options (401k withdrawal or loan)
  • Consider if you are receiving a matching contribution from your employer. If this is the case, I won't recommend passing up free money. Contribute enough to get the maximum match and no more until have saved your down payment.
  • If it will take you more than a few years to save up this sum, then this might not be a good option. This depends on your situation and goals.

I also encourage you to consider that if you cannot pool the money from non-retirement sources, then you cannot afford that much house at this time. This might mean looking for cheaper houses or delaying purchase for a number of years.

Unless you have an actual hardship (bankruptcy or other emergency), you will be better off leaving that money alone. This excellent answer, gives more than enough reasons why a withdrawal or loan is not recommended.

I would love some advice because I need to know if I should contribute more into my 401k or less.

If your priority to purchase is high enough, it may be worth considering stopping 401k contributions for a short time to help pile up a down payment.

  • This is highly preferable to the other options (401k withdrawal or loan)
  • Consider if you are receiving a matching contribution from your employer. If this is the case, I won't recommend passing up free money. Contribute enough to get the maximum match and no more until have saved your down payment.
  • If it will take you more than a few years to save up this sum, then this might not be a good option. This depends on your situation and goals.

I also encourage you to consider that if you cannot pool the money from non-retirement sources, then you cannot afford that much house at this time. This might mean looking for cheaper houses or delaying purchase for a number of years.

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jkuz
jkuz
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Unless you have an actual hardship (bankruptcy or other emergency), you will be better off leaving that money alone. This excellent answer, gives more than enough reasons why a withdrawal or loan is not recommended.

I would love some advice because I need to know if I should contribute more into my 401k or less.

If your priority to purchase is high enough, it may be worth considering stopping 401k contributions for a short time to help pile up a down payment.

  • This is highly preferable to the other options (401k withdrawal or loan)
  • Consider if you are receiving a matching contribution from your employer. If this is the case, I won't recommend passing up free money. Contribute enough to get the maximum match and no more until have saved your down payment.
  • If it will take you more than a few years to save up this sum, then this might not be a good option. This depends on your situation and goals.

I also encourage you to consider that if you cannot pool the money from non-retirement sources, then you cannot afford that much house at this time. This might mean looking for cheaper houses or delaying purchase for a number of years.