Author Topic: Save 100k(couple) or 50k(single) in 2017  (Read 21099 times)

neverrun

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Re: Save 100k(couple) or 50k(single) in 2017
« Reply #100 on: March 01, 2017, 05:21:07 AM »
February update.  Still recovering from a high January Vet bill, I have funds set aside for that.  They are not included in my "savings" here.  I'm replacing them first with money that would normally be sent to my taxable account.  Same goes for the money I'm going to be spending in March for almost a month long vacation.  So I probably won't be speeding my going to my taxable for a few more months. 

$5,500/5500 Roth
$4200/41,110 to taxable
$1500/2600 HSA
$125/750 Employer contribution to the HSA
$3465/18000 TSP (401K)
$1372.76/7040 TSP Match
_______
$16162.76/$75,000

jorjor

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Re: Save 100k(couple) or 50k(single) in 2017
« Reply #101 on: March 01, 2017, 09:09:51 AM »
$24,622 / $100,000

February was bigger than normal because my large annual profit sharing contribution hit my retirement account yesterday. We can't get there without a good amount of taxable account savings, which we have not started yet.  We're building up cash to cover medical bills related to the baby coming so we can let the HSA investments ride, and also to make sure we have a nice little buffer for when my wife is on unpaid leave for a few months thereafter. We will (hopefully) be back-loaded to get to $100k.
« Last Edit: March 01, 2017, 09:11:35 AM by jorjor »

FireHiker

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Re: Save 100k(couple) or 50k(single) in 2017
« Reply #102 on: March 01, 2017, 12:19:15 PM »
We are not on track yet to make the goal for the year, but things should rocket up here soon. March is 3 check month so that makes a dent, raise time is around April, and in June we go from full day daycare to the last kid moving over to elementary school summer program. Also, we paid for a lot of travel in February, both a February trip and an upcoming April trip. No additional travel currently planned the rest of the year except some camping/road trip in summer, much less $$.

So far, we are:
YTD 401k contributions: $5012.20
YTD 401k matching: $1188.23
YTD repayments on 401k loans: $1130.20
YTD HSA: $819.24
YTD cash savings: $2443

Total: $10,592.87, or 10.6% towards the $100k target.

Definitely behind, but at raise time we plan to max our 401k's, and I am still hopeful we can hit the $100k target by the end of the year. It is a stretch but I like a challenge and usually rise to the occasion.

akzidenz

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Re: Save 100k(couple) or 50k(single) in 2017
« Reply #103 on: March 01, 2017, 01:34:47 PM »
I didn't manage to do this in 2016, but I'm hopeful that 2017 will be the year (helped out by a nice little bonus that added $7,500 to my net worth!).

GoalSo farPercentage
401(k)$18,000$6,90038.3%
Roth IRA$5,500$5,500100%
Taxable$21,500*$4,00018.6%

* This works out to saving $1,800/month out of my take-home pay. This should be very doable, as long as I stay disciplined throughout the year! I'll also be getting some kind of raise in September, so that should give me a little extra to put into savings…

ritz

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Re: Save 100k(couple) or 50k(single) in 2017
« Reply #104 on: March 01, 2017, 03:10:37 PM »
February Totals:
GoalActualRemaining
401(K)18,0002,76915,231
401(K) Match7,2001,1086,092
2016 Roth IRA1,5001,5000
2017 Roth IRA5,5005005,000
2016 HSA5135130
2017 HSA3,40003,400
Taxable17,000017,000
Total53,1136,39046,723

I'm at 12.03% of what I'd like to save for the year, so I'm a little behind, but I am at least finished with my 2016 IRA and HSA, so I can move on to 2017's accounts.
« Last Edit: March 01, 2017, 03:24:00 PM by ritz »

RWD

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Re: Save 100k(couple) or 50k(single) in 2017
« Reply #105 on: March 04, 2017, 10:03:11 AM »
January 2017 - $17.3k

February 2017

401k + matching: $3,220 / $21,219
HSA: $2,850 / $3,400
Mandatory retirement + matching: $2,949 / $14,745
457: $0
403b: $0
Roth IRAs: $11,000 / $11,000
Car loan principal: $971 / $5,962
Mortgage principal: $1,659 / $10,058
Brokerage: $0 / $33,616

TOTAL: $22.6k / $100k
« Last Edit: July 07, 2017, 04:43:25 PM by RWD »

LovesToTravel

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Re: Save 100k(couple) or 50k(single) in 2017
« Reply #106 on: March 04, 2017, 10:48:04 AM »
We saved over 100000 last year and these are our goals for 2017. So far, we have unexpected bonus money coming, and I am making a lot in overtime, so we may surpass the goals by the end of the year. The emergency fund and college fund are on track to be done by June.

401K + match (mine) - 23000
401k + match (hers) - 22000
HSA (mine) - 3400
HSA (hers + child) - 6750

Emergency Fund - 15000
College Fund - 20000

Taxable brokerage - 12000
Mortgage principal - 8400

Total: $111550

I think your HSA plans ($3,400 + $6,750) could get you in trouble - even with 2 HSA accounts, you are limited to a total of $6,750 in contributions for the family.  You can't skirt the IRS yearly family contribution limit by having 2 HSA accounts.

Rife

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Re: Save 100k(couple) or 50k(single) in 2017
« Reply #107 on: March 04, 2017, 11:08:35 AM »
We saved over 100000 last year and these are our goals for 2017. So far, we have unexpected bonus money coming, and I am making a lot in overtime, so we may surpass the goals by the end of the year. The emergency fund and college fund are on track to be done by June.

401K + match (mine) - 23000
401k + match (hers) - 22000
HSA (mine) - 3400
HSA (hers + child) - 6750

Emergency Fund - 15000
College Fund - 20000

Taxable brokerage - 12000
Mortgage principal - 8400

Total: $111550

I think your HSA plans ($3,400 + $6,750) could get you in trouble - even with 2 HSA accounts, you are limited to a total of $6,750 in contributions for the family.  You can't skirt the IRS yearly family contribution limit by having 2 HSA accounts.

It didn't get us in trouble, but we did have to request the money to be pulled out and can't count the excess. Yes this was a mistake we found out about at tax time. We both work for the same company and have to be on separate plans but the family limit still only counts for us both.
"Aww, 20 dollars..I wanted a peanut." Homer Simpson

FireHiker

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Re: Save 100k(couple) or 50k(single) in 2017
« Reply #108 on: March 07, 2017, 09:35:31 AM »
Both my husband and I got decent raises this year (found out in the past week) and the first thing we did was max out our 401k's, which for him includes 6k of catch up contribution. I think our savings numbers are really going to take off here soon. It seems like the 100k may actually happen, though there is still a lot of year left.

How many of you are including mortgage principal in your savings numbers? I wasn't planning to include it, but I see some people are. Thoughts on that?

BlueHouse

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Re: Save 100k(couple) or 50k(single) in 2017
« Reply #109 on: March 07, 2017, 10:02:18 AM »
Both my husband and I got decent raises this year (found out in the past week) and the first thing we did was max out our 401k's, which for him includes 6k of catch up contribution. I think our savings numbers are really going to take off here soon. It seems like the 100k may actually happen, though there is still a lot of year left.

How many of you are including mortgage principal in your savings numbers? I wasn't planning to include it, but I see some people are. Thoughts on that?

Congratulations on the raises!  and especially for maxing out being "the first thing"!

Mortgage principal:  Last year, I  included the extra payments for principal in my numbers, but not the normal payment portion.  That made the most sense to me because I was consciously deciding where and how to stash that savings amount -- it wasn't a simple monthly expense. 

I have different savings goals this year, so that's why I'm not doing the same this year. 

Sometimes nothing can be a real cool hand

MishMash

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Re: Save 100k(couple) or 50k(single) in 2017
« Reply #110 on: March 07, 2017, 10:56:26 AM »
We are in.  To toss a wrench in it, neither one of us gets ANY 401k match, and neither of us has access to an HSA.   Also, our end goal on taxable may come up short due to an upcoming life event towards the end of the year.

where we are at so far/end goal

401k me-- 18k (front loading, should be done next paycheck)

TSP-- 3k/28k DH got a surprise deployment for a short period, 15k will be going in the Roth option and additional 10k in the standard by early summer.

Roths x 2--11,000/11,000 (done)

Principle on house--4,809/19,300

Taxable: 0/$40,000

Dividends and interest on taxable accounts only (not sure if you guys include this or not) somewhere between $16k and $20k this year.

Looking at 116,300 without dividends being counted, and up to 136k if they are.

Need2Save

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Re: Save 100k(couple) or 50k(single) in 2017
« Reply #111 on: March 07, 2017, 05:57:16 PM »
How many of you are including mortgage principal in your savings numbers? I wasn't planning to include it, but I see some people are. Thoughts on that?

Congrats on the raises!  Another vote here for counting the 'extra' principal only but not what is normally required for your payment.  Like BlueHouse, I view it as funneling extra savings into another one of our ER goals in lieu of buying more share of my favorite index fund.  Both options fuel our FIRE goals but I don't count what I HAVE to pay the bank each month.   

FireHiker

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Re: Save 100k(couple) or 50k(single) in 2017
« Reply #112 on: March 08, 2017, 10:44:36 AM »
Thanks for the congratulations, and the thoughts on mortgage principal. With a rate of 3.25% on a 30 year fixed loan, and the fact that we don't plan to retire in place but sell and downsize substantially, we are not planning on paying extra on the mortgage. I won't include regular principal payments in my savings numbers; it does make sense if you're paying down extra on it though.

RWD

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Re: Save 100k(couple) or 50k(single) in 2017
« Reply #113 on: March 08, 2017, 11:27:44 AM »
I won't include regular principal payments in my savings numbers; it does make sense if you're paying down extra on it though.

Does it not make sense to include principal payments as savings when you aren't paying extra? In theory you could get that money out (and invest it or something) with a HELOC or by selling the property. I figure that anything that increases my net worth (assets minus liabilities), not counting investment gains/dividends, is savings. In this case even just making a normal minimum mortgage payment you are decreasing your liabilities which increases your net worth.

Travelling Biologist

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Re: Save 100k(couple) or 50k(single) in 2017
« Reply #114 on: March 08, 2017, 12:28:54 PM »
I won't include regular principal payments in my savings numbers; it does make sense if you're paying down extra on it though.

Does it not make sense to include principal payments as savings when you aren't paying extra? In theory you could get that money out (and invest it or something) with a HELOC or by selling the property. I figure that anything that increases my net worth (assets minus liabilities), not counting investment gains/dividends, is savings. In this case even just making a normal minimum mortgage payment you are decreasing your liabilities which increases your net worth.

This is just for motivation so you do what works for you. If counting your mortgage principal brings you to a nice round number that motivates you, why not? Personally, I'm with RWD. I'm counting everything we directly contribute to our NW by either paying down debt or increasing savings. So if we pay down/invest 100k this year, then that is what our NW would increase by as a direct result of our actions, ignoring market gains/losses.

BlueHouse

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Re: Save 100k(couple) or 50k(single) in 2017
« Reply #115 on: March 08, 2017, 01:11:52 PM »
Quote
This is just for motivation so you do what works for you.

+1.  I haven't seen any "Savings Police" around here lately.  Whatever motivates you to reach your goals is almost always the right thing. 
Sometimes nothing can be a real cool hand

FireHiker

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Re: Save 100k(couple) or 50k(single) in 2017
« Reply #116 on: March 08, 2017, 02:27:09 PM »
My husband was arguing for including the principal payments in savings, and I wanted to hit the 100k without including it. I can see both sides though as it IS going to our net worth, especially since we plan to sell and downsize into something much smaller that we'll buy outright in retirement. For now I am tracking savings with and without the mortgage principal, but my 100k couple goal here is to make it without the principal.

LiquidLen

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Re: Save 100k(couple) or 50k(single) in 2017
« Reply #117 on: March 10, 2017, 12:09:56 PM »
Totally going for it. I think I can. I already made 20% of it.

Travelling Biologist

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Re: Save 100k(couple) or 50k(single) in 2017
« Reply #118 on: March 10, 2017, 01:11:41 PM »
February update
Investment stash only:
$6000/$47000 TFSA 1
$6000/$45000 TFSA 2
$1847/$11086 Pension contributions 1
$2032/$12193 Pension contributions 2
$1231/$7391 Employer match 1
$1354/$8128 Employer match 2
$0/$3000 RRSP 1
$0/$2800 RRSP2
Total: $18,464/$136,598 (15%)

Non-stash extras:
$1827/$1827 Mortgage Principal
$834/$5000 RESP
$0/$1000 RESP government match

Grand Total:$21,125 $142,598

A bit behind, but it took one extra month to pay off the mortgage, and we get paid slightly less for the first 6 months of the year. I think we are still on track.

Bateaux

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Re: Save 100k(couple) or 50k(single) in 2017
« Reply #119 on: March 10, 2017, 11:46:16 PM »
I don't think we've ever hit 100k saved in new investment yet.  This could be the first.   However with our working capitol were gaining over $500 per day in NW considering a 7 % return and new money invested.  I think total NW was over a 200k gain in 2016.  Would love to get to $1000 per day NW gain.  Would take a roaring stock market but within possibility.
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sieben

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Re: Save 100k(couple) or 50k(single) in 2017
« Reply #120 on: March 15, 2017, 08:17:39 PM »
Seems like a bit of a stretch goal for me, but I'd like to give it a goal ;)
I was only able to save $37,156.22 in 2016 so this should make me push a bit harder hopefully!

2017
RRSP: +11000
TFSA: +5500
Margin: +28500
P2P: +5000

I've already maxed out my TFSA and RRSP for the year. I'll be spending the rest of the year throwing whatever I can into my margin account.
I'm slowly trickling money into my P2P account up here in Canada as well. It's a tiny marketplace compared to the US so I don't like putting too much in at once.

RetirementDreaming

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Re: Save 100k(couple) or 50k(single) in 2017
« Reply #121 on: March 16, 2017, 12:05:41 AM »
We are in.  Came up short in 2016 with 92,348.   Plan for 2017 is:

   
Mortgage        $50,000
Savings          $6,190
401k Match     $12,000
ESPP                 $10,000
401k                 $41,000
H S A           $7,750
Roth                 $12,000
========   ======
Total                  $138,940

End of Feb=  19.5%


Rife

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Re: Save 100k(couple) or 50k(single) in 2017
« Reply #122 on: March 18, 2017, 04:19:52 PM »
To update, we got bigger annual bonus' than we planned since our CEO authorized more than the official formula was supposed to pay out (so like yay!). We have the 15000 in emergency funds in place, and 5000 of the 20000 for the college fund. After that money is going to non-IRA brokerage. The rest is auto withdraws that are on track.
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flyingby

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Re: Save 100k(couple) or 50k(single) in 2017
« Reply #123 on: March 21, 2017, 08:05:33 AM »
Joining in!

 
Goal/March 20th
 
401k
$17,500/$4,800
 
401k Match
$7,200/$4,800
 
403b*
$1,350/$312
 
403b Match
$1,350/$312
 
Roth IRA (Him)
$5,500/$5,500
 
Roth IRA (Her)
$5,500/$5,500
 
Mortgage Paydown
$7,080/$1,770
 
Cash
$55,000/$0
 
Total
$100,480/$22,993
 
« Last Edit: March 21, 2017, 08:15:40 AM by flyingby »

linuxhero

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Re: Save 100k(couple) or 50k(single) in 2017
« Reply #124 on: March 22, 2017, 09:31:26 AM »
March numbers...

I got a larger than expected bonus as well as a nice raise.  Also, the HSA match from my employer hit as well.  Given those, I calculated I'll actually be able to max out my 401K entirely (ie. reaching the annual defined contribution limit of $54,000 for 2017) for the first time.  I'll keep my original total I calculated at the beginning of the year, and if I go over, I'll make the percentage greater than 100%.


HSA:                   $1437 / $5750
HSA Match:             $1000 / $1000
401K After Tax:       $24222 / $27010
401K Employer Match:   $2616 / $6885
Roth IRA:              $1750 / $5500
401K Pre Tax:             $0 / $18000
Wife Traditional IRA:  $1750 / $5500
Mortgage principle:    $2076 / $8446
=====================================
Total:                $34851 / $78091 (44.6%)



On a related note, what happens when you hit the annual defined contribution max?  I'm assuming that the 401k contributions are automatically calculated so I don't go over the $54,000 limit?  Or maybe not?  Anyone know?


dogboyslim

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Re: Save 100k(couple) or 50k(single) in 2017
« Reply #125 on: March 22, 2017, 09:32:39 AM »
We are in:

Source               Goal        YTD    Remaining
-------------------------------------------------
401(K)             18,000      4,909       13,091
Match              24,000     15,876        8,124
Taxable            60,400     37,900       22,500
Debt Reduction      7,700      1,932        5,768
-------------------------------------------------
Total             110,100     60,617       49,483

A decent chunk of our compensation happens in Q1, so it will slow down from here.

BlueHouse

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Re: Save 100k(couple) or 50k(single) in 2017
« Reply #126 on: March 22, 2017, 10:14:40 AM »
March numbers...

I got a larger than expected bonus as well as a nice raise.  Also, the HSA match from my employer hit as well.  Given those, I calculated I'll actually be able to max out my 401K entirely (ie. reaching the annual defined contribution limit of $54,000 for 2017) for the first time.  I'll keep my original total I calculated at the beginning of the year, and if I go over, I'll make the percentage greater than 100%.


On a related note, what happens when you hit the annual defined contribution max?  I'm assuming that the 401k contributions are automatically calculated so I don't go over the $54,000 limit?  Or maybe not?  Anyone know?

Awesome!  Hitting that $54K is a huge help in getting to FI so much faster.  If not for that, I'd be looking at FI at least 10 years later! 

As for going over the limit....I've always had it calculated, but I'm not sure if that's a requirement that they do so, or if most just do.  The only time you are likely to get into trouble with that is if you start a new employer mid-year without telling them how much you've already contributed. 
Sometimes nothing can be a real cool hand

Need2Save

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Re: Save 100k(couple) or 50k(single) in 2017
« Reply #127 on: March 23, 2017, 06:45:10 AM »
On a related note, what happens when you hit the annual defined contribution max?  I'm assuming that the 401k contributions are automatically calculated so I don't go over the $54,000 limit?  Or maybe not?  Anyone know?

It would be best to ask this question of your payroll or HR department because different employers handle it different ways.  Assuming they have an accumulator in their payroll system, they should stop your contributions for the rest of the year when you hit the maximum but even the logic in the payroll system sometimes fails.  However - do you contribute a fixed dollar amount, or fixed percentage of your pay?  Also, does your company true up matching contributions so you are not cheating yourself out of the match for the pay periods that you are not contributing?  hopefully so. 

Congrats on the big bonus, by the way. 

Need2Save

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Re: Save 100k(couple) or 50k(single) in 2017
« Reply #128 on: March 23, 2017, 06:47:18 AM »
We are in:

Source               Goal        YTD    Remaining
-------------------------------------------------
401(K)             18,000      4,909       13,091
Match              24,000     15,876        8,124
Taxable            60,400     37,900       22,500
Debt Reduction      7,700      1,932        5,768
-------------------------------------------------
Total             110,100     60,617       49,483

A decent chunk of our compensation happens in Q1, so it will slow down from here.

That is a huge 401k match.  Totally jealous over here.

Need2Save

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Re: Save 100k(couple) or 50k(single) in 2017
« Reply #129 on: March 24, 2017, 11:13:00 AM »
February 2017:
$20,939 / $122,408 (17% of original goal)

March promises to be WAY more exciting due to bonuses, third paycheck month, and Profit Sharing 401k deposit from Mr.Need2Save's employer! 

March has not dissapointed.  It was an extra check month, we got bonuses, and the MR got $5,000 in 401k profit sharing.
Here are the new totals (it's less exciting from here on out)

MARCH UPDATED TOTALS/ORIG GOALS:
401k Mrs:  $4,738 / $18,000 (26%)
401k Match Mrs: $0 / $2,400 (0%)
401k Mr: $4,842 / $18,000 (27%)
401k Match Mr: $6,321 / $5,500 (115%) -- includes $5,000 employer profit sharing deposit
HSA Mrs: $2,791/ $5,230 (53% - includes employer $ of $1,500)
HSA Mr: $1,141 / $1,520 (75% - includes employer $ of $1,000)
Taxable Investments:  $17,584 / $14,300 (123%)
Other Savings: $2,400 / $10,800 (22%)
College 529: $1,248 / $4,990 (25%)
Other College: $2,745 / $14,000 (20%)
Extra Mortgage Princ:  $16,234 / $27,668 (59%)
$60,048 / $122,408 (49% of original goal)

We did not plan to pay quite as much on our extra mortgage payment, but our credit union processed the transfer as a manual check instead of electronic transfer and the bank applied the whole thing to the principal.  I could have called to have them adjust it, but we decided to leave it alone and transfer the amount of our regular payment in time for April due date to avoid getting off track on our payment schedule. It just speeds up our pay off date by at least one more month which is fine by me. 

McStache

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Re: Save 100k(couple) or 50k(single) in 2017
« Reply #130 on: March 24, 2017, 08:50:03 PM »
March Update:
Bucket         Current / Goal
401k           $ 5,834 / $ 18,000
401k Match     $ 1,297 / $ 5,000
Roth IRA       $ 2,050 / $ 5,500
HSA              $ 850 / $ 3,400
Brokerage      $ 1,802 / $ 20,000
------------------------------------
Total         $ 11,838 / $ 50,000

January        $ 3,727   7.5%
February       $ 7,918   15.8%
March         $ 11,838   23.7%

SAfAmBrit

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Re: Save 100k(couple) or 50k(single) in 2017
« Reply #131 on: March 29, 2017, 07:09:25 PM »
March Numbers

$6,480     / $18,000     401k     
$1,500     /  $ 1,500     401k match
$2,750     /  $ 5,500     Roth IRA
$0            /  $ 6,500     DH Roth IRA
$17,664   / $36,000     Mortgage
$450        / $10,500     Taxable Vanguard
$0            / $10,000     Archaeology Dig
$1400      / $12,000     Debt

$30,144 / $100,000

30% on track

RWD

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Re: Save 100k(couple) or 50k(single) in 2017
« Reply #132 on: March 29, 2017, 08:28:06 PM »
January 2017 - $17.3k
February 2017 - $22.6k

March 2017

401k + matching: $5,635 / $21,219
HSA: $3,400 / $3,400
Mandatory retirement + matching: $4,424 / $14,745
457: $0
403b: $0
Roth IRAs: $11,000 / $11,000
Car loan principal: $1,459 / $5,962
Mortgage principal: $2,485 / $10,058
Brokerage: $11,000 / $33,616

TOTAL: $39.4k / $100k


Made our Q2 investment a little early so it fell into March instead of April. Everything seems to be progressing fine to hit the $100k goal.
« Last Edit: July 07, 2017, 04:43:41 PM by RWD »

FireHiker

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Re: Save 100k(couple) or 50k(single) in 2017
« Reply #133 on: March 30, 2017, 10:00:24 AM »
March numbers are in! March is a 3 check month for us, we maxed our 401ks starting with the second check (will have to adjust withholdings down a percent towards the end of the year), and we got our 2% company contribution (on top of the regular 3% match, there is an annual 2% contribution) for last year.

So far, we are:

Jan: $3913.79
Feb: $6679.08
March: $13289.36
Total YTD: $23,882.23, or 23.88% towards the $100k target, broken out as follows:

YTD 401k contributions: $9826.68
YTD 401k matching: $7313.53
YTD repayments on 401k loans: $2902.85
YTD HSA: $1396.17
YTD cash savings: $2443

Still not QUITE on track to hit $100k, but we are moving in the right direction. In June we go from paying crazy expensive preschool to public school before/after/summer program, so that will help a lot, and of course the 401k contributions will be higher the rest of the year than they were in Jan/Feb.

linuxhero

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Re: Save 100k(couple) or 50k(single) in 2017
« Reply #134 on: March 30, 2017, 03:45:33 PM »
On a related note, what happens when you hit the annual defined contribution max?  I'm assuming that the 401k contributions are automatically calculated so I don't go over the $54,000 limit?  Or maybe not?  Anyone know?

It would be best to ask this question of your payroll or HR department because different employers handle it different ways.  Assuming they have an accumulator in their payroll system, they should stop your contributions for the rest of the year when you hit the maximum but even the logic in the payroll system sometimes fails.  However - do you contribute a fixed dollar amount, or fixed percentage of your pay?  Also, does your company true up matching contributions so you are not cheating yourself out of the match for the pay periods that you are not contributing?  hopefully so. 

Congrats on the big bonus, by the way.

Thanks...

I called up the HR department, who told me to call Fidelity.  Fidelity said that once I hit the $54k, it will automatically cease coming out of the paycheck.  I do wish that they allowed us to have a certain dollar amount taken out, but they only allow a certain percentage to be taken out instead.  I've had to create a crazy spreadsheet that calculates out how much I need to take out percentage-wise each paycheck throughout the year (after tax/pre tax) in order to maximize the amount of contributions by year end.  Since I frontload all my contributions each year, the percentage changes 8 times throughout the year and ranges from 6% to 50% in order to hit the maximum, and do it so that I hit $54k on the last paycheck of the year.  I contribute at least 6% each pay period so that I don't have to worry about getting the company match.

Thanks all for the help!

bigchrisb

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Re: Save 100k(couple) or 50k(single) in 2017
« Reply #135 on: March 30, 2017, 06:44:01 PM »
March update:

March was a pretty solid savings month, helped out by a high point in the dividend payment cycle.

January: $24k (28%) saved.  Cumulative progress $24/86k (28%). 16.6% of time to target gone.
February: $5k (6%) saved.  Cumulative progress $29/86k (33.7%).  33% of time to target gone.
March: $18.9k (22% saved).  Cumulative progress $48/86k (56%).  50% of time to target elapsed. 

I'm ahead of the curve on this month's data.  However I probably need to be, as May and June are low dividend months. To hit my goal, I'll need to keep monthly spend under $3k a month total spend for the next three months. I can do that!


BlueHouse

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Re: Save 100k(couple) or 50k(single) in 2017
« Reply #136 on: April 01, 2017, 08:33:07 AM »
Ugh.  March was not very satisfying. 

2017 Progress against Goal
 
  Year to date progress:       Saved          Goal
   401k                                6,000              24,000   
   401k match                    30,405              30,000   
   Roth IRA                          6,500              6,500   
   Taxable Savings               -3,400            100,000   
------------------------------------------------------------------------------         
   YTD                                 39,505            160,500         25% of goal
   
January YTD savings             14,485          160,500          9%
February YTD savings            36,995          160,500         23%
March YTD savings                39,505          160,500         25%
Sometimes nothing can be a real cool hand

Sailor Sam

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Re: Save 100k(couple) or 50k(single) in 2017
« Reply #137 on: April 01, 2017, 09:11:00 AM »
MARCH
              MAR         YTD        GOAL
Fed TSP:   $1,506.34   $4,471.70    $18,000 
Trad IRA:  $458.84     $1,375.48    $5,500
After Tax: $3,644.04   $13,612.40   $26,500
Total:     $5,609.22   $19,459.58   $50,000

Jan YTD Savings:   $5,571.87   (11% of goal) 
Feb YTD Savings:   $13,850.36  (28% of goal)
Mar YTD Savings:   $19,459.58  (39% of goal)


March was pretty good for me. I'm 40% of the way to the goal, in Q1. Things will be slower during the rest of the year, but hopefully they'll continue being better than I expected.
« Last Edit: June 09, 2017, 11:04:48 PM by Sailor Sam »

jorjor

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Re: Save 100k(couple) or 50k(single) in 2017
« Reply #138 on: April 01, 2017, 11:41:05 AM »
Got a larger than expected mid-year bonus!

That's about it for positive financial happenings in March. We didn't invest it as we normally would, since the baby is due at the end of April. Setting money aside for medical bills, a chunk for new windows, and a bit extra ER fund since wife will be off work for a bit and we can't cash flow quite as much. We were a bit spendy doing some things together that will be harder after baby comes (a trip alone together, a bit more eating out than normal, etc.) and getting some baby items. Therefore, it was just our scheduled 401k contribs and match. No worries, we planned for things to be backloaded anyway.

But hey, baby is due at the end of April! We're so excited, and are happy with how we've planned things financially in advance of Little Guy's arrival with the help of everything we've learned on this site.

SpareChange

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Re: Save 100k(couple) or 50k(single) in 2017
« Reply #139 on: April 01, 2017, 11:54:33 AM »
March: $4,970.82

YTD: $17,547.96/50k (35.1%)

neverrun

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Re: Save 100k(couple) or 50k(single) in 2017
« Reply #140 on: April 03, 2017, 04:28:55 AM »
March update.

$5,500/5500 Roth
$6300/41,110 to taxable
$1500/2600 HSA
$187.5/750 Employer contribution to the HSA
$4851/18000 TSP (401K)
$1926.68/7040 TSP Match
_______
$20265.18/$75,000

Khanjar

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Re: Save 100k(couple) or 50k(single) in 2017
« Reply #141 on: April 03, 2017, 06:57:08 AM »
I think this is now my goal for rolling year May 2017- April 2018. Single, 50k.
Known/will accomplish
~100k income
~1800/month hard costs

Saving:
-18k max 401k
-Employer contribution ~4k
-Max HSA contribution
-ROTH (won't actually affect savings, just moving money from taxable -> ROTH
-attempt to save ~25-30k in taxable account.

ritz

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Re: Save 100k(couple) or 50k(single) in 2017
« Reply #142 on: April 05, 2017, 10:24:31 AM »
March Totals:
GoalActualRemaining
401(K)18,0003,46714,533
401(K) Match7,2001,3875,813
2016 Roth IRA1,5001,5000
2017 Roth IRA5,5001,5004,000
2016 HSA5135130
2017 HSA3,4006802,720
Taxable17,000017,000
Total53,1139,04744,066
17% done... Definitely behind.

The good news is I received a raise since last posting... The bad news is it's a laughably small raise (less than one percent) because I only worked here a few months in 2016. At least I don't have to redo my 401(K) contribution percentage to get the full match!

ToughMother

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Re: Save 100k(couple) or 50k(single) in 2017
« Reply #143 on: April 05, 2017, 03:12:51 PM »
Here's the Q1 update

                         (through 4/7 paycheck)
GOALS                       ACTUAL (Q1)
Pension savings $12K   3397 28%
457 savings $24K         7000 29%
403b savings $12K       3500 29%
IRA savings $6.5K        6500 100% (OK, I forgot I had already contributed to my 2016 account, so I have everything saved for 2017.  I'm depositing it this week.  Onward to saving for 2018!)
After tax savings $4K    2773 69%
TOTAL $58.5K ($8K higher goal than 2016)  23,170 39% in Q1
« Last Edit: April 22, 2017, 07:50:38 AM by ToughMother »
In English & Latin,
ToughMother.

BlueHouse

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Re: Save 100k(couple) or 50k(single) in 2017
« Reply #144 on: April 12, 2017, 01:44:07 PM »
April update:  2017 Progress against Goal
 
  Year to date progress:       Saved          Goal
   401k                                8,000              24,000   
   401k match                    30,915              30,000   
   Roth IRA                          6,500              6,500   
   Taxable Savings               21,600            100,000   
------------------------------------------------------------------------------         
   YTD                                 67,015            160,500         42% of goal
   
January YTD savings             14,485          160,500          9%
February YTD savings            36,995          160,500         23%
March YTD savings                39,505          160,500         25%
April   YTD savings                67,015          160,500         42%
[/quote]
Sometimes nothing can be a real cool hand

rpr

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Re: Save 100k(couple) or 50k(single) in 2017
« Reply #145 on: April 12, 2017, 03:09:22 PM »
April update:  2017 Progress against Goal
  Year to date progress:       Saved          Goal
   401k                                8,000              24,000   
   401k match                    30,915              30,000   


I just want to say that this is an amazing 401k match.

BlueHouse

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Re: Save 100k(couple) or 50k(single) in 2017
« Reply #146 on: April 12, 2017, 03:12:28 PM »
April update:  2017 Progress against Goal
  Year to date progress:       Saved          Goal
   401k                                8,000              24,000   
   401k match                    30,915              30,000   


I just want to say that this is an amazing 401k match.
I'm turning 50 this year, so I think that match will increase to 36K for a total 401k contribution of $60k, (but i won't get it until next year)
Sometimes nothing can be a real cool hand

rpr

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Re: Save 100k(couple) or 50k(single) in 2017
« Reply #147 on: April 12, 2017, 03:21:14 PM »
April update:  2017 Progress against Goal
  Year to date progress:       Saved          Goal
   401k                                8,000              24,000   
   401k match                    30,915              30,000   


I just want to say that this is an amazing 401k match.
I'm turning 50 this year, so I think that match will increase to 36K for a total 401k contribution of $60k, (but i won't get it until next year)
I thought there was an IRS limit of $54K on the total.

dogboyslim

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Re: Save 100k(couple) or 50k(single) in 2017
« Reply #148 on: April 14, 2017, 12:11:06 PM »
Quote
The annual additions paid to a participant’s account cannot exceed the lesser of:
100% of the participant's compensation, or

$54,000 ($60,000 including catch-up contributions) for 2017;  $53,000 ($59,000 including catch-up contributions) for 2016.

From: https://www.irs.gov/retirement-plans/plan-participant-employee/retirement-topics-401k-and-profit-sharing-plan-contribution-limits

BlueHouse

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Re: Save 100k(couple) or 50k(single) in 2017
« Reply #149 on: April 14, 2017, 12:52:12 PM »
Quote
The annual additions paid to a participant’s account cannot exceed the lesser of:
100% of the participant's compensation, or

$54,000 ($60,000 including catch-up contributions) for 2017;  $53,000 ($59,000 including catch-up contributions) for 2016.

From: https://www.irs.gov/retirement-plans/plan-participant-employee/retirement-topics-401k-and-profit-sharing-plan-contribution-limits
Thanks for that link.  I've been confused about whether that $6K was a net increase or whether it just moved from the employer contribution bucket to the employee contribution bucket.  Good to know that I will be able to contribute $60K total this year to my 401k!  That's awesome!
Sometimes nothing can be a real cool hand