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Reply to "Reduce 401k contributions temporarily?"
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[quote=Anonymous][quote=Anonymous][quote=Anonymous]Due to necessary home renovations and unexpected car repairs, we are currently about 20k in debt. We have been paying it off at rates higher than the minimum, but feel like we’re hardly making a dent. We recently met with a financial advisor who suggested we temporarily reduce the % of contribution to the 401k to what the employer matches so that there is more income to allow higher payments each month towards lowering the debt. Each of us has about $1M saved and don’t plan to retire for another 10 years . Would bump it back up once the debt level is manageable. Would anyone concur with this?[/quote] Yes. And I would not need to pay a financial adviser to tell me this. This is “duh” territory. [/quote] No, it’s not. [/quote]
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