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If you are in the process of purchasing a home and haven’t been able to save the necessary down payment then it is important to research alternative sources of down payment funding to choose the most affordable method. While some prefer to secure a second mortgage and private mortgage insurance, others, like me, prefer cutting the expense of PMI. If you are asking yourself “can I use my 401k to buy a house” it is time to start researching your options. Always compare the cost of using your retirement account balance to other sources of funding and make the best decision based on tax implications and financing rates.

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Several years ago I had the opportunity to buy a rental property. It was a duplex that a friend of mine was living in. He was living in one side and renting out the other. He and his wife were about to move out of town and needed to sell his property. Long story short, we settled on a price that we both could live with and we began the process of transferring the ownership.

Read more on Buying a House with No Money Down and Why I Wouldn’t Do it Again…

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Without question one of the best ways to save for retirement is through a 401K retirement savings account. It is also important to stay up-to-date on new limitations and requirements from year to year. The 401K has remained one of the safest retirement investment vehicles even during the current damaging economic recession. Each year, proactive investors should plan how much they will contribute to their 401K and other retirement plans so they can achieve peace of mind in knowing they will live comfortable in the Golden Years. Unlike some retirement vehicles, 401Ks do have an annual maximum contribution limit. Be sure to understand what is the maximum 401k contribution per year and how this limit may affect you.

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If you want to live a comfortable retirement in your Golden Years it is important to start saving as soon as possible. When you are young, the last thing that crosses your mind is putting away for the time in your life when you have the freedom you have always dreamed of. Studies show that the average age individuals start planning for retirement is 35. While this is the average age, individuals who do decide to put away even a small sum of money each paycheck earlier on in life save as much as 30 percent more than those who wait. 401k savings plans have become the most convenient way to start building a nest egg. Understand what is a 401k plan and how does it work and start saving early on for a great life later on.

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If you are like most people, understanding the difference between Roth IRA and traditional IRA accounts can be so confusing. Individual Retirement Accounts (IRA) have become a great investment vehicle for individuals who want to build a safe and accessible nest egg during retirement. While both Roth and traditional IRAs serve the same purpose, each type of account has different eligibility requirements and benefits to specific categories of taxpayers. Understand the differences between each type of retirement account and choose the best financial decision for your situation.

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