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Money and Finances
Reply to "Why are people obsessed with putting $$ in retirement?"
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[quote=Anonymous][quote=Anonymous][quote=Anonymous]I'm glad I put a lot in my 401k in my early 30's as it allowed me to purchase a home in my mid 30's. I needed a large amount of assets to qualify for a mortgage and my 401k was the only asset worth anything in my possession.[/quote] Didn't realize 401k assets count for a mortgage - since they're tied up until age 65? I've done something similar -- starting maxing out the 401k the minute I got my real job at 25; now early-mid 30s, I'm starting think about buying. Seems like my friends did it the other way -- house was the first priority.[/quote] Lenders consider them because in an emergency situation where you can't pay your mortgage, you could get a 401k loan or request a hardship withdrawal. Or if you don't work for the company anymore, you can just cash it out. [/quote]
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