1 in 3 millennials and Gen Zers plan to use retirement savings for home buying, with 30% considering 401(k) withdrawals.

1 in 3 millennials and Gen Zers plan to use retirement savings to buy a home, according to BMO Financial Group's Real Financial Progress Index. Nearly 30% of aspiring homeowners plan to withdraw funds from 401(k) plans to cover costs. While a 401(k) loan might be a better option, experts warn that raiding retirement accounts for a home purchase could have detrimental long-term effects.

May 21, 2024
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