Author Topic: Maxed out tax-advantaged accounts for first time ever  (Read 1373 times)

CheapScholar

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Maxed out tax-advantaged accounts for first time ever
« on: July 21, 2017, 11:19:04 AM »
Today was a good day because I used the bonus I received ($11,800 after taxes) to buy $5,500 Roth IRAs for wife and for me.  We usually just maxed out 403b plans at work and considered that "good enough."  Our 403b plans amount to a little over $49,000 per year (us each maxing at 18K plus employer contributions).

So, the Roth accounts this year will get us to over 60K in total retirement investments for 2017.  Feels great.  Truthfully, this might be the only year in my life I hit this milestone.  Not sure my bonus will always be this generous or if I'll stick with this organization many more years.  My goal for FI is still 14 years away (year my son should finish college).  My math says we only need to average about 30K savings per year.  At any rate, I think I'll always look back at 2017 as a year I made some damn smart decisions. 

Mr.GrowingMustache

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Re: Maxed out tax-advantaged accounts for first time ever
« Reply #1 on: July 21, 2017, 11:25:49 AM »
Good job!

I hope to hit that one yeat too!

ketchup

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Re: Maxed out tax-advantaged accounts for first time ever
« Reply #2 on: July 21, 2017, 11:29:30 AM »
Fantastic!  I won't get there this year, but we should come pretty close next year!

Pigeon

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Re: Maxed out tax-advantaged accounts for first time ever
« Reply #3 on: July 21, 2017, 11:56:02 AM »
Awesome!  Well done!

We're going to try to do it this year.  We're very fortunate to each have a 403(b) and I also have a 457(b), and are eligible to contribute $72K total to the three.

Dicey

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Re: Maxed out tax-advantaged accounts for first time ever
« Reply #4 on: July 26, 2017, 08:21:49 AM »
Hooray!

For anyone reading who feels discouraged, please let me add this: I was never a very high wage earner and I live in a HCOLA.  Try as I might, I was never able to max out my 401k, but I still managed to FIRE. Just keep at it and the results will surprise you. You may not get there quite as fast CheapScholar, but get there you will!
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rdaneel0

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Re: Maxed out tax-advantaged accounts for first time ever
« Reply #5 on: July 29, 2017, 08:34:51 PM »
Awesome!!!! Congratulations :)

ponyboy

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Re: Maxed out tax-advantaged accounts for first time ever
« Reply #6 on: August 04, 2017, 09:28:05 AM »
Thats great.  Ponyboy has been maxing his accounts for the past 9 years...both 401k and roth. 

Babybalrog

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Re: Maxed out tax-advantaged accounts for first time ever
« Reply #7 on: August 04, 2017, 09:52:27 AM »
Great Job!
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Dictator_Mars

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Re: Maxed out tax-advantaged accounts for first time ever
« Reply #8 on: August 16, 2017, 06:59:23 AM »
Great job, next year for me.

acroy

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Re: Maxed out tax-advantaged accounts for first time ever
« Reply #9 on: August 16, 2017, 08:04:48 AM »
Badass!!
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Jtrey17

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Re: Maxed out tax-advantaged accounts for first time ever
« Reply #10 on: August 17, 2017, 07:22:14 AM »
Thats great.  Ponyboy has been maxing his accounts for the past 9 years...both 401k and roth.

Are you close to FI? I hope to be fully retired after max retirement funding for 9 years so I'm curious...

sehr

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Re: Maxed out tax-advantaged accounts for first time ever
« Reply #11 on: August 17, 2017, 07:32:17 AM »
Congrats! That is a worthy accomplishment.