Today our retirement accounts total balance (401k, Roth IRA, & Traditional IRA) passed $100,000.
Our retirement accounts total balance is $100,697.64! This is a major blessing and milestone for us. I’ve always heard the first $100K is the hardest and that it just gets easier. Let’s hope that’s the case.
We are currently in escrow on a beautiful 5 bed/3 bath home that should fit our needs for many, many years to come. To keep our monthly mortgage payment low and to avoid PMI, we have elected to raid our retirement accounts for some of the down payment. I know, I know, hear me out..The 2 bedroom condo that we are renting is $1,550/month and, with our growing family, it is a tight squeeze. After finding our dream home, we quickly realized that the ~$47,000 in our savings was not enough for a 20% down Read more [...]
Our retirement accounts balance (401k, Roth IRA, and Traditional IRA) just passed $70,000! As of this morning, our total retirement savings is $70,169.27. Still a long way to go to early retirement, but we’re on our way.
We have fully funded our 2009 Roth IRA’s; $5,000 to my wife’s Roth IRA & $5,000 to my Roth IRA!
It feels good to hit this goal, especially since we only contributed $3,125 to each of our Roth IRA’s last year.
Once our planned 401(k) contributions go in this month, we’ll have contributed a total of $19,437.41, or 15.87% of our gross income, to our retirement accounts (401k’s & Roth IRA’s) for 2009.
As a follow on to my post yesterday regarding our increased retirement contributions, I checked our retirement account balances this morning and we just broke the $50,000 mark. I’ll provide the specifics when I post our net worth spreadsheet at the end of the month, but it feels great to be making solid progress. In December 2008, our retirement accounts totaled $23,506.87, so it’s doubled in less than 1 year.
We’ve done a good job of increasing our retirement account contributions this year. Thus far, we’ve contributed $3,802.39 to my 401(k) and $3,976.48 to my wife’s 401(k) and a total of $8,400 ($4,200 each) to our Roth IRA’s. That puts us at $16,178.87 in total contributions to our retirement accounts so far for the year. By the end of the year, another $617.91 will be contributed to my 401(k) and another $1,040.63 to my wife’s 401(k). We hope to contribute another $800 to each of our Read more [...]
I always feel like we could be doing more to reach our goal of early retirement, but am very thankful for all of our blessings. I'm also thankful for my parents for being such great personal finance role models.We've been working hard to increase the contributions to our retirement accounts and have done a good job over the past 6 months. Our average monthly contribution since May has been $1,453.Here's a month-by-month breakdown: May $1,025.19June$1,675.19July$1,743.52August$1,181.48September$1,592.71October~$1,500.00 Read more [...]
Wow, I just checked our retirement accounts after having not looked at them for 1 week and they dropped a total of another $3,000. So, we did what any sensible young couple would do and contributed $500 into our Roth IRAs. I like this quote from William Bernstein, author of "The Four Pillars of Investing":"A young person saving for retirement should get down on his knees and pray for a market crash, so that he can purchase his nest egg at fire sale prices."I don't really want to see a market crash, Read more [...]
In anticipation of receiving our Economic Stimulus Tax Rebate Check on the May 16, we made a $1,200 contribution to our Roth IRAs. We've contributed $3,400 total so far this year, leaving us with $6,600 more to go to reach the 2008 max of $10,000 ($5K each) .During a BBQ with our neighbors over the weekend, we discussed what we were going to do with our stimulus checks. One of my neighbors said he has already spent his on various items, including $400 shoes. When I mentioned that we planned to deposit Read more [...]
We just contributed the final $500 to my Roth IRA for 2007! It feels great to have maxed out our Roth IRA’s this year ($4,000 each for my wife and I). Hopefully we can do the same next year. It will be a bit more of a challenge with the new $5,000 max contribution per person, but it will be fun trying.