Author Topic: Maxing out retirement accounts  (Read 1561 times)

rjbf65

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Maxing out retirement accounts
« on: October 05, 2017, 02:06:13 PM »
For the first time ever we are on track to max out my 401k, our IRA's, and HSA.  Wife is a public school teacher and has a percentage of her income taken out for the school retirement system.  Next year the hope is to max all of these out and cash flow her Master's program.  That will cost $13,500.  Then maybe after that we can look at a bigger house or start a taxable investment account.  Also plan to keep tweaking things and bring our spending lower.  This year we are on pace for around $45K in total spending, so that part has room for improvement.   

Also moved all the IRA's over to Vanguard and am now following the Simple Path to Wealth that JL Collins lays out so well in his book.  Utilizing VTSAX and VBTLX.  Feels good knowing my investment costs are now rock bottom.   

Ed Mills

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Re: Maxing out retirement accounts
« Reply #1 on: October 05, 2017, 05:17:18 PM »
Very, very nice!  I love seeing people hammer those accounts.  Keep up and you'll get FIRE'd before you know it.  Ed
Became a SWAMI at age 45 and took first break from teaching at age 48.  Not bad for a guy with no car and a net worth of -$45k at age 33.  Now selfishly-employed educator who blogs at:  The Millionaire Educator / $500k in 4.5 Years / My Trillionaire Plan / 2017 Free Money!

rubybeth

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Re: Maxing out retirement accounts
« Reply #2 on: October 05, 2017, 05:24:44 PM »
Awesome! That's really exciting.
"Done is the engine of more." - the Done Manifesto

rjbf65

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Re: Maxing out retirement accounts
« Reply #3 on: October 05, 2017, 08:30:09 PM »
Next year I'll front load the IRA accounts as quickly as I can. Can't do that with the 401k as I'd miss out on the match if I did.  The one thing I'm not doing is treating the HSA as an investment account.  It's going to a savings account.  Won't worry about that too much just yet. 

Hopefully it becomes a normal part of our financial lives to max these puppies out every year.  Just doing that adds up to big money.

CheapScholar

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Re: Maxing out retirement accounts
« Reply #4 on: October 06, 2017, 06:26:02 PM »
My wife and I doing the same finally this year.  Feels good not paying all those taxes!

Off the Wheel

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Re: Maxing out retirement accounts
« Reply #5 on: October 07, 2017, 07:59:06 PM »
Congrats! That's my goal for 2018. :D

Accidental Miser

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Re: Maxing out retirement accounts
« Reply #6 on: October 07, 2017, 08:09:59 PM »
We've met this goal for the past 2 years.  This year, I turn 50 so catchup contributions!!  Whoo Hoo!  I love to save $$$!

Babybalrog

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Re: Maxing out retirement accounts
« Reply #7 on: October 10, 2017, 09:24:59 AM »
Congratulations!
It's an awesome milestone, but not the end. Keep it up!
“He was swimming in a sea of other people’s expectations. Men had drowned in seas like that.”
― Robert Jordan, "New Spring"