Author Topic: Save 100k(couple) or 50k(single) in 2017  (Read 16384 times)

boarder42

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Save 100k(couple) or 50k(single) in 2017
« on: December 27, 2016, 08:56:13 AM »
Its back again ... post up your savings goals and how you plan to get there next year. 

Having a baby this year so this may be a stretch for us but with selling AU spots on CCs i think we can make it.

How I Plan to get there
401k's - 36k maxed
HSA - 6750 maxed
Roth's 11k Maxed
Company A Stock - 11k
401k A match - 3.25k
401k B match - 6.5k
Taxable 26k

Total = 100.5K
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Need2Save

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Re: Save 100k(couple) or 50k(single) in 2017
« Reply #1 on: December 27, 2016, 05:48:53 PM »
Absolutely.  We are in for 2017 again.  As a couple, our floor goal is $100k but we would really like to push it to $150k (stretch goal for us).

$36,000 - 401(K)s, for both of us
$7,900 - 401(k) match, for both of us :-(
$6,750 - HSA for family
$14,300 - Taxable investments
$10,800 - Other Long Term Savings
$18,990 - College savings
$27,668 - Extra Principal Payments

$122,408 - Current Total Projection for 2017

RWD

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Re: Save 100k(couple) or 50k(single) in 2017
« Reply #2 on: December 27, 2016, 06:20:23 PM »
I haven't run the final numbers, but it looks like we are falling just short of $100k for 2016. Seems like a good goal for 2017.

boarder42

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Re: Save 100k(couple) or 50k(single) in 2017
« Reply #3 on: December 28, 2016, 08:45:33 AM »
posting to follow - I loved this thread in 2016 and it provided a lot of inspiration.

We're a two income family but only make 115k combined and have two kids in daycare so saving 100k is pretty darn impossible - but I love to read this thread!

you can set your own goal and play along even if you can hit the numbers.
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neverrun

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Re: Save 100k(couple) or 50k(single) in 2017
« Reply #4 on: December 28, 2016, 09:57:21 AM »
I'm in over 50k is expected so I'm planning a stretch goal of 75k. 

401k: 18,000
Roth IRA: 5,500
HSA: 3,400
401k match:  7040 5% of pay (this is likely to be more but not that much more).
Minimum anticipated into my taxable account:  25,200 (what gets swept out automatically every 1st of the month)
So currently I'm at $59,140 for a minimum estimate.   

BlueHouse

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Re: Save 100k(couple) or 50k(single) in 2017
« Reply #5 on: December 28, 2016, 11:10:18 AM »
I kicked ass last year,
http://forum.mrmoneymustache.com/throw-down-the-gauntlet/save-100k-in-2016/msg1348256/#msg1348256

but my side-gig ended in October and I'm thinking of spending more time on hobbies than on paying gigs this year.  Getting the 100K taxable is a stretch this year. 

2017 Progress against Goal

 
  Year to date progress:       Saved          Goal
   401k                                0              24,000   
   401k match                      0              30,000   
   Roth IRA                          0               6,500   
   Taxable Savings                0             100,000   
------------------------------------------------------------------------------         
   YTD                                 0            160,500         0% of goal.
   
January YTD savings             0          100,000          0%
Sometimes nothing can be a real cool hand

boarder42

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Re: Save 100k(couple) or 50k(single) in 2017
« Reply #6 on: December 28, 2016, 11:56:52 AM »
I kicked ass last year,
http://forum.mrmoneymustache.com/throw-down-the-gauntlet/save-100k-in-2016/msg1348256/#msg1348256

but my side-gig ended in October and I'm thinking of spending more time on hobbies than on paying gigs this year.  Getting the 100K taxable is a stretch this year. 

2017 Progress against Goal

 
  Year to date progress:       Saved          Goal
   401k                                0              24,000   
   401k match                      0              30,000   
   Roth IRA                          0               6,500   
   Taxable Savings                0             100,000   
------------------------------------------------------------------------------         
   YTD                                 0            160,500         0% of goal.
   
January YTD savings             0          100,000          0%

are you old? or how are you getting 24k into your 401k?
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BlueHouse

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Re: Save 100k(couple) or 50k(single) in 2017
« Reply #7 on: December 28, 2016, 01:38:03 PM »

are you old? or how are you getting 24k into your 401k?

Yes, I am old.  Thank you for your sensitivity.  ;)   Turning 50 late next year.   
Sometimes nothing can be a real cool hand

boarder42

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Re: Save 100k(couple) or 50k(single) in 2017
« Reply #8 on: December 28, 2016, 01:38:41 PM »

are you old? or how are you getting 24k into your 401k?

Yes, I am old.  Thank you for your sensitivity.  ;)   Turning 50 late next year.   

its one of my greatest attributes.
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ToughMother

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Re: Save 100k(couple) or 50k(single) in 2017
« Reply #9 on: December 28, 2016, 05:43:43 PM »
Going for it again in 2017:

Pension savings $12K
457 savings $24K
403b savings $12K
IRA savings $6.5K
After tax savings $4K
TOTAL $58.5K ($8K higher goal than 2016)

and yes, I'm old too.
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zinny1

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Re: Save 100k(couple) or 50k(single) in 2017
« Reply #10 on: December 28, 2016, 09:26:36 PM »
Only managed $32K in 2016 (Medical Expenses) but planning $50K in 2017.

Pension Savings (Super): $25K
Post Tax Savings/Investments: $26K
Total: $51K

Good luck all.

MM_MG

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Re: Save 100k(couple) or 50k(single) in 2017
« Reply #11 on: December 28, 2016, 09:35:36 PM »
In...again...

$18,000  401K
$13,500  Match
$11,000  Backdoor roths
$22,000  Mega backdoor roth
$8,000    Pension
$6,750    HSA with employer contribution
$44,000  Bonus
$X.XX     Taxable

Derrian

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Re: Save 100k(couple) or 50k(single) in 2017
« Reply #12 on: December 29, 2016, 10:35:44 AM »
I'm in again:
$18000 403b
$18000 457b
$8620 pension
$5500 Roth/Traditional IRA
$5000 taxable

Total: $55120

boarder42

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Re: Save 100k(couple) or 50k(single) in 2017
« Reply #13 on: December 29, 2016, 12:04:41 PM »
i'm super on the fence on 529s, but if not used for college arent they just taxable accounts?

nope they arent they get a 10% penalty if not used for education.  i'm not a fan anymore as i think the educational landscape will dramatically change in 19 years.
« Last Edit: December 29, 2016, 12:08:51 PM by boarder42 »
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FireHiker

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Re: Save 100k(couple) or 50k(single) in 2017
« Reply #14 on: December 29, 2016, 12:23:28 PM »
This may be a stretch for us, but I want to try. More likely to do so if I'm committed in writing so here goes. I'm including paying down our 401K loans because that is returning money to savings... Here are our goals:

My 401K: currently $14606, goal is $18,000
My 401K company match: $5618
Husband's 401k: currently $17,857, goal is $24,000 (he turns 50 next year)
Husband's 401K company match: $7440
HSA: $4000
company HSA contribution: $1000
Cash savings goal for 2017: $10,000 to after-tax savings

Total with current 401K: $60,521
Total with goal of max 401K: $70,058

We owe a ghastly $79k on our 401k loans. Goal is to get them paid off ASAP, after we max out pre-tax contributions. Mine is about $33k, husband's around $46k. Goal is to pay mine off in 2017. If we max out our 401k's and get my loan paid off, we'll hit $100k in 2017. We both make 6 figures but it will be a stretch that will require some big changes.

StarBright

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Re: Save 100k(couple) or 50k(single) in 2017
« Reply #15 on: December 29, 2016, 12:41:00 PM »
i'm super on the fence on 529s, but if not used for college arent they just taxable accounts?

nope they arent they get a 10% penalty if not used for education.  i'm not a fan anymore as i think the educational landscape will dramatically change in 19 years.

I'm honestly not sold on 529s in general either and we won't save for our kids entire college educations that way but we'll put in enough to cover books for each of them in 15 years :) But it is also tax advantaged in our state and there is a chance that I'll be starting a MBA program next fall, which will be mostly free except for about $2,500 dollars in course materials - so might as well toss a bit in a 529 if we can.

boarder42

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Re: Save 100k(couple) or 50k(single) in 2017
« Reply #16 on: December 29, 2016, 01:00:34 PM »
i'm super on the fence on 529s, but if not used for college arent they just taxable accounts?

nope they arent they get a 10% penalty if not used for education.  i'm not a fan anymore as i think the educational landscape will dramatically change in 19 years.

I'm honestly not sold on 529s in general either and we won't save for our kids entire college educations that way but we'll put in enough to cover books for each of them in 15 years :) But it is also tax advantaged in our state and there is a chance that I'll be starting a MBA program next fall, which will be mostly free except for about $2,500 dollars in course materials - so might as well toss a bit in a 529 if we can.

books should be bought online very cheap (i bought and resold to the university and made money) and by 15 years from now gets here digital books should be included as part of the class fee one would think.  if college even exists as we know it today.  which i feel is unlikely. 
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jorjor

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Re: Save 100k(couple) or 50k(single) in 2017
« Reply #17 on: December 29, 2016, 05:06:11 PM »
Okay, I'm in. $100k goal for us, which we were surprised to hit in 2016...

401k 1: $18,000
401k 2: $18,000 (might not hit exact due to her planned unpaid leave)
Match 1: $15,100 (large contribution hits in February with modest match throughout the year)
Match 2: $5,000 (not fully sure on the details here with her new job, but the somewhat ambiguous wording in the handbook sounded like a cap of $5k on match)
HSA: $6,750
BD Roth 1: $5,500
BD Roth 2: $5,500
Addl mortgage principal: $6,000
Taxable: $21,000
Total: $100,850

Things that will help us get there again in 2017:
- Wife starts a new job, with +$8-15k salary depending on commissions/bonuses and better 401k match
- My salary +$5k. Salary isn't the main determinant of my income though, it is determined by billing rate and hours (revenue) and commissions on sales. Increased billing rate for 2017 is such that if I had the exact same hours as this year, my bonus will be +$20k. I also was part of getting a new large client with ongoing work in October. That helped us rack in savings in the end of this year, but with full year of us doing work for them I expect this will increase my compensation by as much as +$25k-30k.
- Less travel, dining out, drinking expenses with a little one on the way.

Things that will make it tougher in 2017, all related to our big addition planned in April:
- Wife doesn't have paid maternity but plans to take the full 12 week unpaid leave (maybe partially covered by disability, haven't seen details on her new policy).
- New baby expenses.
- Child care the last couple months of the year (I have 12 week paid paternity, which I will take after she returns, so we should be covered on our own until October-ish).
- One or both of us potentially going part-time (3-4 days a week) after we return.
- Potentially some home improvements this year (old boiler that eventually needs replaced and would like to put newer windows in to make things a little more cozy).

Good luck everyone!
« Last Edit: December 29, 2016, 05:12:02 PM by jorjor »

Travelling Biologist

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Re: Save 100k(couple) or 50k(single) in 2017
« Reply #18 on: December 30, 2016, 12:21:29 PM »
I'm joining again! This was a great motivator last year.

2017  Goals

Investment stash only:

$47000 TFSA 1
$45000 TFSA 2
$11086 Pension contributions 1
$12193 Pension contributions 2
$7391 Employer match 1
$8128 Employer match 2
$3000 RRSP 1
$2800 RRSP 2

Total: $136598

Non-stash extras:
$5000 RESP
$1000 RESP government match

This will be a stretch goal for us but we exceeded our goals last year so I'm hoping we can do this!

FXF

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Re: Save 100k(couple) or 50k(single) in 2017
« Reply #19 on: December 30, 2016, 03:10:19 PM »
I think this could be a squeeze, but it's worth aiming for.

401kA$18,000
MatchA$4,800
403bB$0 (up in the air)
MatchB$0 (up in the air)
HSAA$5,150
MatchA$1,500
IRAA$5,500
IRAB$5,500
taxableA/B$58,550 (up in the air)
..$100,000
« Last Edit: May 26, 2017, 11:01:13 AM by FliXFantatier »

McStache

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Re: Save 100k(couple) or 50k(single) in 2017
« Reply #20 on: December 30, 2016, 07:28:28 PM »
I'm in for another year!

401k     $18,000
Match    $5,500
HSA       $3,400
IRA       $5,500
Taxable  $20,000

Libertea

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Re: Save 100k(couple) or 50k(single) in 2017
« Reply #21 on: December 31, 2016, 07:18:08 AM »
Targets for New Contributions in 2017:

403b: $18,000
Match: $1500
457: $18,000
Roth: $5500
Other: $15,000
--------------------
Total: $58,000

Luckyvik

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Re: Save 100k(couple) or 50k(single) in 2017
« Reply #22 on: January 02, 2017, 01:01:14 PM »
Mmm lets see:

Super 1: 25k

Super 2: 25k

Principal payments: 12k

Mortgage offset acc: 38k

= 100k

The mortgage offset of 38k is a stretch goal for us but at $3,167/month it's feasible, we just need to save most of my pay, which is something we wanted to do anyway.


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NinetyFour

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Re: Save 100k(couple) or 50k(single) in 2017
« Reply #23 on: January 02, 2017, 01:45:20 PM »
Singleton.

401a:  $6000 (this is mandatory; cannot be increased or decreased)
403b: $24,000 (optional, but I will max it out)
mortgage principal:  $5000
457:  at least $15,000 (optional; I can put a max of $24,000 in, but not sure I will be able to)

That gets me to $50,000, but maybe I can do better!  We'll see!
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MrMathMustache

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Re: Save 100k(couple) or 50k(single) in 2017
« Reply #24 on: January 03, 2017, 05:45:27 PM »
Would have hit the $50k mark in 2016, but chose to purchase a new car in April to replace the 16-year-old one I had been driving since college graduation.  Here's the 2017 plan:

Contributory IRA      $5,500 (funded 1/3/17)
457b                       $18,000 (bi-weekly deductions to fully fund by year-end)
403b                       $6,000 (bi-weekly deductions to fully fund by year-end)
After tax savings      $20,500

Good luck to everyone with the challenge!

linuxhero

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Re: Save 100k(couple) or 50k(single) in 2017
« Reply #25 on: January 06, 2017, 12:18:30 AM »
Another year already here.  Ok, going to see if I can contribute just a bit more than last year.  My company started for the first time to give $1k in free HSA contributions, so in theory I should be able to shunt that $1k from the HSA to my 401K.

My wife works about 12 hours a week, so I can't call us either single (50k) nor dual income (100k), so I feel comfortable with the amounts we can do, given we have 2 kids as well.


HSA:                   $5750
HSA Match:             $1000
401K After Tax:       $27010
401K Employer Match:   $6885
Roth IRA:              $5500
401K Pre Tax:         $18000
Wife Traditional IRA:  $5500
Mortgage principle:    $8446
=====================================
Total:                $78091 ($1389 more than last year)


If my bonus is larger than last year (hopefully?), than I should be able to contribute more to the 401k after tax, possibly completely maxing out the 401k ($54k).

Good luck everyone on this challenge!

SpareChange

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Re: Save 100k(couple) or 50k(single) in 2017
« Reply #26 on: January 06, 2017, 12:11:10 PM »
I'm in again! 50k, through some combination of 403b, HSA, tIRA, and taxable.

JustTrying

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Re: Save 100k(couple) or 50k(single) in 2017
« Reply #27 on: January 08, 2017, 02:19:15 PM »
My goal for 2017 is $44,000 put by me into long-term non-college savings. If I count my employer match (which I don't), paying down the mortgage (which I don't), and college savings (which I don't), I'm definitely above the $50,000 line.

403(b): $18,000
Roth: $5,500
Taxable Investments/increasing Emergency Fund: $20,500

I chose the amounts based on the goal of saving $1000 per pay period on top of my 403(b)

I plan to achieve this by budgeting (something I've never done before!). Since I've never budgeted I actually never did the math to realize: I'm mustachian! I always thought I wasn't mustachian because I always compared my savings to gross income, and never really considered paying down the mortgage to be part of the calculation. I was shocked when I did the math and realized that my savings rate is >50%!

havregryn

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Re: Save 100k(couple) or 50k(single) in 2017
« Reply #28 on: January 08, 2017, 02:25:30 PM »
On for this challenge!
We will make 30 000€ of principal payments on our mortgages this year and I think we can save 70 000 extra if we're very good this year.

sixkids

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Re: Save 100k(couple) or 50k(single) in 2017
« Reply #29 on: January 11, 2017, 06:17:54 PM »
I'm apparently poor and make a little less than $100k a year. My wife doesn't work, and we have 6 kids. I think I'll aim to add $10,000 to savings this year.

boarder42

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Re: Save 100k(couple) or 50k(single) in 2017
« Reply #30 on: January 12, 2017, 03:42:25 AM »
My goal for 2017 is $44,000 put by me into long-term non-college savings. If I count my employer match (which I don't), paying down the mortgage (which I don't), and college savings (which I don't), I'm definitely above the $50,000 line.

403(b): $18,000
Roth: $5,500
Taxable Investments/increasing Emergency Fund: $20,500

I chose the amounts based on the goal of saving $1000 per pay period on top of my 403(b)

I plan to achieve this by budgeting (something I've never done before!). Since I've never budgeted I actually never did the math to realize: I'm mustachian! I always thought I wasn't mustachian because I always compared my savings to gross income, and never really considered paying down the mortgage to be part of the calculation. I was shocked when I did the math and realized that my savings rate is >50%!

Employer match should be included it's post of your compensation just ear marked for retirement
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tightwaddy

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Re: Save 100k(couple) or 50k(single) in 2017
« Reply #31 on: January 12, 2017, 05:43:42 AM »
Singleton.

401a:  $6000 (this is mandatory; cannot be increased or decreased)
403b: $24,000 (optional, but I will max it out)
mortgage principal:  $5000
457:  at least $15,000 (optional; I can put a max of $24,000 in, but not sure I will be able to)

That gets me to $50,000, but maybe I can do better!  We'll see!

Hey NinetyFour--question for you.  Is there a reason you're maxing out the 403b before the 457?  I also have the option for both and have tended towards maxing the 403 myself but it occurred to me last month that the 457 has the benefit of no penalty withdrawal at any age.  I'm thinking I should max that out first, then the 403b but maybe there's something I'm missing or overlooking?

NinetyFour

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Re: Save 100k(couple) or 50k(single) in 2017
« Reply #32 on: January 12, 2017, 05:49:15 AM »
Singleton.

401a:  $6000 (this is mandatory; cannot be increased or decreased)
403b: $24,000 (optional, but I will max it out)
mortgage principal:  $5000
457:  at least $15,000 (optional; I can put a max of $24,000 in, but not sure I will be able to)

That gets me to $50,000, but maybe I can do better!  We'll see!

Hey NinetyFour--question for you.  Is there a reason you're maxing out the 403b before the 457?  I also have the option for both and have tended towards maxing the 403 myself but it occurred to me last month that the 457 has the benefit of no penalty withdrawal at any age.  I'm thinking I should max that out first, then the 403b but maybe there's something I'm missing or overlooking?

tightwaddy--good question.

When I retire, I will be very close to age 57.  Since I will be ancient over 55, I will be able to withdraw my 403b funds without penalty, so the 457 doesn't really have an advantage in that regard.

Also, the funds that are available to me in my 403b account are better (lower fees) than the ones in the 457 account.

If I were a youngster, I would definitely fill the 457 before the 403b.
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tightwaddy

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Re: Save 100k(couple) or 50k(single) in 2017
« Reply #33 on: January 12, 2017, 05:56:11 AM »
Singleton.

401a:  $6000 (this is mandatory; cannot be increased or decreased)
403b: $24,000 (optional, but I will max it out)
mortgage principal:  $5000
457:  at least $15,000 (optional; I can put a max of $24,000 in, but not sure I will be able to)

That gets me to $50,000, but maybe I can do better!  We'll see!

Hey NinetyFour--question for you.  Is there a reason you're maxing out the 403b before the 457?  I also have the option for both and have tended towards maxing the 403 myself but it occurred to me last month that the 457 has the benefit of no penalty withdrawal at any age.  I'm thinking I should max that out first, then the 403b but maybe there's something I'm missing or overlooking?

tightwaddy--good question.

When I retire, I will be very close to age 57.  Since I will be ancient over 55, I will be able to withdraw my 403b funds without penalty, so the 457 doesn't really have an advantage in that regard.

Also, the funds that are available to me in my 403b account are better (lower fees) than the ones in the 457 account.

If I were a youngster, I would definitely fill the 457 before the 403b.

Thanks for the quick & helpful response. That all makes sense.  Not really a "youngster" here, but I'm 45 and have the same Vanguard funds in both accounts so I'll stick with current plan of maxing the 457 first.

NinetyFour

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Re: Save 100k(couple) or 50k(single) in 2017
« Reply #34 on: January 12, 2017, 06:07:38 AM »
Singleton.

401a:  $6000 (this is mandatory; cannot be increased or decreased)
403b: $24,000 (optional, but I will max it out)
mortgage principal:  $5000
457:  at least $15,000 (optional; I can put a max of $24,000 in, but not sure I will be able to)

That gets me to $50,000, but maybe I can do better!  We'll see!

Hey NinetyFour--question for you.  Is there a reason you're maxing out the 403b before the 457?  I also have the option for both and have tended towards maxing the 403 myself but it occurred to me last month that the 457 has the benefit of no penalty withdrawal at any age.  I'm thinking I should max that out first, then the 403b but maybe there's something I'm missing or overlooking?

tightwaddy--good question.

When I retire, I will be very close to age 57.  Since I will be ancient over 55, I will be able to withdraw my 403b funds without penalty, so the 457 doesn't really have an advantage in that regard.

Also, the funds that are available to me in my 403b account are better (lower fees) than the ones in the 457 account.

If I were a youngster, I would definitely fill the 457 before the 403b.

Thanks for the quick & helpful response. That all makes sense.  Not really a "youngster" here, but I'm 45 and have the same Vanguard funds in both accounts so I'll stick with current plan of maxing the 457 first.

I'm jealous that you get to choose between Vanguard and Vanguard!  My 403b account is with TIAA and my 457 account is worse.  But I only have another 18 months of work, so it's all good!
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SwordGuy

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Re: Save 100k(couple) or 50k(single) in 2017
« Reply #35 on: January 12, 2017, 09:40:41 AM »
Ok, we're in:


Category                Amount
401k                   $24,000
Match                   $3,000
Spouse 401k            $24,000
Spouse Match            $1,300
Roth                    $6,500
Spouse Roth             $6,500
Flip House Repairs     $30,000
Rental #3 Repairs      $10,000
Rental #4 Repairs      $10,000
=============         ========
Total                 $115,300


The repairs on Rentals #3 and #4 are upgrades/renovations/repairs that increase the value of the property and will make them capable of being income producing.

The repairs on the Flip House are year 1 of a 2 year renovation plan that will make the property salable at a profit.

HappierAtHome

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Re: Save 100k(couple) or 50k(single) in 2017
« Reply #36 on: January 12, 2017, 04:47:23 PM »
I don't know if it will be realistic for us to save $100k this year (having a baby, decreasing both our incomes, buying a new-to-us car) but reading this thread really makes me want to try. So I'm here to join in, and it's a real stretch goal so a good challenge for me.

bigchrisb

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Re: Save 100k(couple) or 50k(single) in 2017
« Reply #37 on: January 12, 2017, 04:58:22 PM »
I'm in!

Although I'm getting to the pointy end, being pretty much FI, with a RE date coming up in July.  My goal is to save 100% of my job income until the 3rd of July (last day).  That means savings of $86,000 over this time.

What's the challenge if I'm already FI you say?  One word - weddings.  Both my own in Feb, and I'm the best man for one in July.  These will be a budgetary challenge compared to usual expenses!  I'd like to be able to cash flow these out of investment income, and keep saving all my earned income, which will be a bit of a cost control challenge.

Good luck all!

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Re: Save 100k(couple) or 50k(single) in 2017
« Reply #38 on: January 13, 2017, 07:46:45 AM »


My goal is to save 100% of my job income until the 3rd of July (last day).  That means savings of $86,000 over this time.

$86K in essentially half a year is spectacular!  Since you are single now but will be a couple post-wedding - is that based only on your income?

MrMoogle

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Re: Save 100k(couple) or 50k(single) in 2017
« Reply #39 on: January 13, 2017, 09:07:29 AM »
I make $84k/year now.  After seeing this thread, I went back to last year: I saved $45k last year on $80k, but I only qualified for 6 months of ESOP contributions.  So with $4k additional income and another 6 months of contributions, $50k will be possible, but a stretch.  Might as well set the bar a little high though, right?

My goal for the last few years has been $40k, so I was pleasantly surprised to see last year's result.

BlueHouse

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Re: Save 100k(couple) or 50k(single) in 2017
« Reply #40 on: January 13, 2017, 09:28:39 AM »
I make $84k/year now.  After seeing this thread, I went back to last year: I saved $45k last year on $80k, but I only qualified for 6 months of ESOP contributions.  So with $4k additional income and another 6 months of contributions, $50k will be possible, but a stretch.  Might as well set the bar a little high though, right?

My goal for the last few years has been $40k, so I was pleasantly surprised to see last year's result.

That is really impressive.  Percentages are what differentiates the badass from the rest of us.  Congrats.
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MrMoogle

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Re: Save 100k(couple) or 50k(single) in 2017
« Reply #41 on: January 13, 2017, 11:30:10 AM »
I make $84k/year now.  After seeing this thread, I went back to last year: I saved $45k last year on $80k, but I only qualified for 6 months of ESOP contributions.  So with $4k additional income and another 6 months of contributions, $50k will be possible, but a stretch.  Might as well set the bar a little high though, right?

My goal for the last few years has been $40k, so I was pleasantly surprised to see last year's result.

That is really impressive.  Percentages are what differentiates the badass from the rest of us.  Congrats.
Thanks.  It doesn't feel impressive though.  Alabama has a pretty low COL and I don't feel like I'm sacrificing.  I guess it's because I'm on cruise control now.  A few years ago when I started cooking more and saved $40k on $75k, that felt impressive.  But I haven't really changed anything since then, just my salary keeps rising, and I turn to cooking faster than I used to, since it's easier and quicker and healthier. 

tarheeldan

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Re: Save 100k(couple) or 50k(single) in 2017
« Reply #42 on: January 13, 2017, 11:42:19 AM »
I'm in! Last year I grew NW by $41k and aim to do better this year (single). I'm shooting for $45k on a $75k gross income.

T 401k:  $18.0k
T IRA:      $5.5k
Taxable: $21.5k

boarder42

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Re: Save 100k(couple) or 50k(single) in 2017
« Reply #43 on: January 13, 2017, 12:12:26 PM »
I make $84k/year now.  After seeing this thread, I went back to last year: I saved $45k last year on $80k, but I only qualified for 6 months of ESOP contributions.  So with $4k additional income and another 6 months of contributions, $50k will be possible, but a stretch.  Might as well set the bar a little high though, right?

My goal for the last few years has been $40k, so I was pleasantly surprised to see last year's result.

That is really impressive.  Percentages are what differentiates the badass from the rest of us.  Congrats.
Thanks.  It doesn't feel impressive though.  Alabama has a pretty low COL and I don't feel like I'm sacrificing.  I guess it's because I'm on cruise control now.  A few years ago when I started cooking more and saved $40k on $75k, that felt impressive.  But I haven't really changed anything since then, just my salary keeps rising, and I turn to cooking faster than I used to, since it's easier and quicker and healthier.

thats what its all about getting on that cruise control.  i'm just impatient so now its just time.  can i figure out how to make 50k more yeah i can probably do that.  but it wont accelerate or cut any years off FIRE.

we're saving 100k on salaries and bonuses and stock that cross over 170k so its not nearly as impressive as what some of the lower incomes do esp when you consider the base income and the percentage.
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bigchrisb

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Re: Save 100k(couple) or 50k(single) in 2017
« Reply #44 on: January 15, 2017, 10:18:31 PM »


My goal is to save 100% of my job income until the 3rd of July (last day).  That means savings of $86,000 over this time.

$86K in essentially half a year is spectacular!  Since you are single now but will be a couple post-wedding - is that based only on your income?
Yes, this is based just on my income.  We have not combined finances.  Luckily, she is also on the frugal spectrum.  Tighter on big experiences, more inclined to spend on day to day, and more conservative investor than I am.  Pretty lucky, as having a financially aligned partner is a pretty big factor in FIRE I suspect!

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Re: Save 100k(couple) or 50k(single) in 2017
« Reply #45 on: January 16, 2017, 08:53:18 AM »
I'm going to use this thread as inspiration. My actual goal is 47,700 (including maxed out tax advantaged accounts, the rest post-tax savings and investments)...but that is so very close to 50K...I have not accounted for any raise this year in my budgeting, so if that happens I may be able to hit that mark.

(I just realized that three years ago, my savings rate was a big fat zero...I'm pretty impressed with the changes I've made over the last few years!)

boarder42

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Re: Save 100k(couple) or 50k(single) in 2017
« Reply #46 on: January 16, 2017, 08:55:29 AM »
I'm going to use this thread as inspiration. My actual goal is 47,700 (including maxed out tax advantaged accounts, the rest post-tax savings and investments)...but that is so very close to 50K...I have not accounted for any raise this year in my budgeting, so if that happens I may be able to hit that mark.

(I just realized that three years ago, my savings rate was a big fat zero...I'm pretty impressed with the changes I've made over the last few years!)

nice work.. andy 2.3k could be easily side hustled as well.  check out ARS's thread on selling tradelines.  i make that much in about 3 months.
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RWD

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Re: Save 100k(couple) or 50k(single) in 2017
« Reply #47 on: January 16, 2017, 10:24:29 AM »
I haven't run the final numbers, but it looks like we are falling just short of $100k for 2016. Seems like a good goal for 2017.

Worked out the numbers for our plan of attack:

401k + matching: $21,219
HSA: $3,350
Mandatory retirement + matching: $14,745 to $17,694
457: $0
403b: $0
Roth IRAs: $11,000
Car loan principal: $5,962
Mortgage principal: $10,058

Subtotal: $66,334 to $69,283

Taxable investments required to hit $100k: $30,717 to $33,666


We should be able to hit this as long as we keep our expenses the same or better than 2016.
« Last Edit: July 07, 2017, 04:42:27 PM by RWD »

FI@2022Jem

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Re: Save 100k(couple) or 50k(single) in 2017
« Reply #48 on: January 16, 2017, 11:54:39 AM »
I'm in to try!  We are a couple but our goal will be $63,000 (toddler in daycare is slowing us down a bit...).

I have gotten close the last couple of years but never completely maxed my 401k but this is the year!  We have also never opened a taxable account but this year I plan to front load the 401k then open a taxable account once it's maxed.

401k: 18,000
401k match: 1,400
457 (available at side gig): 600
IRA’s: 11,000
Mortgage Principal (3 loans): 22,000
Taxable: 10,000 (stretch goal)
------------------------------------------------
Total: $63,000

2Birds1Stone

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Re: Save 100k(couple) or 50k(single) in 2017
« Reply #49 on: January 16, 2017, 12:12:31 PM »
This is going to be a huge stretch goal of ours this year! But we are in :)

Retirement Contributions
$18,000 his 401k
$7,000 her 401k
$5,500 his Roth IRA
$5,500 her Roth IRA
$6,750 HSA

$42,750 Total

Non Retirement Contributions
$24,000 his Taxable
$12,000 his EF
$12,000 her EF
$6,000 her Taxable
$3,250 Combined Joint Travel Fund

$57,750 Total

$100,000 Grand Total
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