TODAY Money financial expert Farnoosh Torabi joined us for a live Web chat Wednesday to answer your questions.
Here’s one of her answers to questions from the live chat. (See below for the full Q&A and video of Farnoosh’s TV appearance this morning.)
Here’s one of her answers to questions from the live chat. (See below for the full Q&A and video of Farnoosh’s TV appearance this morning.)
Steve asked:
"I am considering NOT investing in 401k (no match) or Roth and instead ramp up paying down my current mortgage on rental home. My justification would be once paid off I'd continue to rent (2k/mo) and be source for long-term income. I'm 42 single, no kids. Stable job, renting out a condo. Mortgage is 15 yr 4% fixed..thanks!"
Farnoosh replied:
“I would hate to see you neglect your 401k or ROTH. It may take many many years before you pay off your mortgage and in the meantime you've missed out on major opportunities to save for retirement. And as we know with any kind of investing, the earlier you start, the more you can build. If there's any way to even just pay up to the annual max on a ROTH ($5k) I'd do that.”
Here’s the full chat archive:
If you have a question for our TODAY Money experts, submit it here.
To sign up for an e-mail reminder for our next chat, click here.