• Question
  • Contributing to Retirement vs. Mortgage

    Asked by someone from Sherman Oaks, CA on 6/27/2019

    Hello.

    My wife and I are 36 and have approximately $400k in IRA, Roth IRA, 401k, 403B, and 457B accounts. We currently contribute about $2,750 towards our 401k and 457b accounts on a monthly basis.

    We are looking to upsize our home but need ways to pay for the higher mortgage payment. We're looking to lower our monthly retirement contributions to about $750/month. If we do this, what can we expect to have at retirement?

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Answers

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  • NewRetirement.com offers some robust modeling options. I suggest that you put all of your information into the planner and experiment with scenarios for differing contribution amounts. You also may consider seeking help of an expert to create a plan that considers your goals and cash flow. For your protection, we are not able to provide advice in this forum.

    Planner Tools
    https://www.newretirement.com/retirement-calculator/planner

    Expert Help
    https://www.newretirement.com/planner/advisors

  • Login to rate this answer:   Answered on 7/8/2019
**All above answers are provided as general information only. No warranty is made regarding the fitness or accuracy of the information provided in this answer. You should seek advice from a licensed CPA, attorney or CERTIFIED FINANCIAL PLANNER™ as to your unique financial situation.