One
of the biggest financial decisions faced by new couples today is to
choose between establishing a retirement fund and buying a new home.
Most couples in their 20s or 30s won’t be able to afford both, so
they’ll have to choose one over the other. If you count yourselves
among these couples, you need to talk with your spouse about your
financial goals and what really matters to you both.
For
couples in their 20s, retirement could be a distant 40 to 50 years
down the road, so most couples would think a retirement fund is of
less priority. The sad news is that many workers today work on a
contractual basis, which means they won’t receive a single cent of
pension when they retire. If you’re a contractual worker, unless
you can find a regular job where you can receive benefits, it’s
best to take care of your retirement issues sooner than later.
Buying
a home is something that’s best done in your 30s because hopefully
by then, you’ll have enough saved for a down payment. That said,
most people will choose buying a home over retirement, mainly because
the benefits of owning a home are immediate, not to mention real
estate properties generally increase in value over time, which in
turn, can be used for retirement.
Leave reply