50 years old. Should I max out my employer’s 401k or save cash for a house?

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It sounds like your housing is taken care of for the foreseeable future. Having nothing saved for retirement at 50 I feel is your largest issue and would prioritize that.


If you have nothing saved for retirement then I would prioritize putting money into your 401(K) using a target date fund that makes sense for your age. It sounds like you already have a safe and reliable place to live and therefore you should build up your retirement nest egg. There is no time to start like the present.


recommend you save for retirement the whole 19500/year first, after that any money left over monthly then putting toward a house or just save extra cash – owning a house is nice but it’s not a must- on the other hand you must save for retirement unless you are a government employee and you have guarantee pension


>Have a young child with special needs Depending on the level of special needs your child has, I would consider opening an ABLE account for your child, which is kind of like a 401k/savings account for disabled individuals that would be available to pay certain expenses and the assets in the account are exempt from the asset limits of SSI and Medicaid.


If you’re 50 with nothing saved for retirement then you need to prioritize that first. You can continue to live in the townhouse, but you have a finite amount of years where you can earn money and after that it isn’t as if a bank is going to give you a loan to retire. You should be maxing your retirement every year until you retire at this point.