I am 47 yrs old, married and I own a townhouse (paid off recently).
I currently contribute 23% into my 401K with a company match of the first 6%. I have maxed out my 401K every year for the past 3 years and currently have $440,000 balance in current 401K. (I also have 2 other 401K from previous job which have combined about $125.000 in them)
I have $80,000 in an emergency fund, $175,000 in savings for a house, and $22000 in CD's.
I would like to purchase another home and rent out my townhouse. In order do that, I would like to save additional funds for the new house and have a down payment of at least 250,000 or more for a $400 - 450,000 home.
Would it make sense to drop my 401K down to 6% and take the additional money to save for the house? Right now, we are trying to survive off my husband's salary and everything I make is going towards the house account. I have managed to save $5800.00 in 6 weeks but it just doesn't seem enough to me right now.