"I have funneled the majority of that money into my retirement accounts. Not only do I absolutely want to be able to retire someday, but I also am aware that I need to be prepared for the possibility that health, ageism, or the economy might prevent me from having a job later in life."
"Even if I scale down my retirement savings to just maxing out my Roth IRA and HSA, and only getting my 401(k)'s 6 percent employer match, it will still take me many, many years to save enough money to own a house in my area or state."
"I can't stand the idea of wasting money on renting a property I will never own, being unable to customize the space how I see fit, or needing to move every so often."
A 29-year-old earning $65,000 annually has saved over $200,000 for retirement but only $40,000 for a house. Living at home has helped accumulate savings, yet concerns about affording a home persist. The individual prioritizes retirement savings over homeownership, fearing that even with savings, monthly mortgage payments may be unaffordable. The desire to own a home conflicts with the practicality of continuing to maximize retirement contributions, leading to uncertainty about financial decisions.
Read at Slate Magazine
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