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 ours into our Roth IRAs, he asked why we bother to at such a young age. My response was, “Because I do not want to work after age 52”. He said he did not want to work past 50 either. More power to him.
those people scare me! you never know though – he could have just gotten out of Super Savings mode, stashing away thousands and thousands, and now rewarding himself handsomely for it.
…but nahhhhh, he’s probably like every other American consumer 😉
Lucky guys. I’ll be working past 50 and far after 65!
Good Move.
Budgets are sexy – Yeah, everyones situation is different and my neighbor may already be well on his way to early retirement. Hard to believe though with his reponse to us investing our stimulus check.
JW – I’ve been following your journey and think you’re doing a good job of doing all you can to turn your situation around.
-1MansMoney