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!
| 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. |
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?
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.
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 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.
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%!
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!
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?
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 beancientover 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.
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 beancientover 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.
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.
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.
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.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.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.
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!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?
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!)
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.
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
why is your taxable so high with out maxing her 401k?
why is your taxable so high with out maxing her 401k?
We are both in commissioned sales and both of our employers only allow a certain % of our BASE salary to be deferred into 401k.
In 2015 I was unable to max out my 401k despite earning $109k gross w-2 earnings.
It sucks, and despite our efforts to push for changes there has been no progress in this area.
interesting and annoying.
Luckily, she is also on the frugal spectrum.Oh, bigchrisb, that is hilarious! LMAO!!
| Year to date progress: Saved Goal 401k 2,000 24,000 401k match 29,385 30,000 Roth IRA 6,500 6,500 Taxable Savings -23,400 100,000 ------------------------------------------------------------------------------ YTD 14,485 160,500 9% of goal |
| Goal | Actual | Remaining | |
| 401(K) | 18,000 | 1,385 | 16,615 |
| 401(K) Match | 7,200 | 554 | 6,646 |
| 2016 Roth IRA | 1,500 | 1,000 | 500 |
| 2017 Roth IRA | 5,500 | 0 | 5,500 |
| 2016 HSA | 513 | 0 | 513 |
| 2017 HSA | 3,400 | 0 | 3,400 |
| Taxable | 17,000 | 0 | 17,000 |
| Total | 53,113 | 2,938 | 50,175 |
Luckily, she is also on the frugal spectrum.Oh, bigchrisb, that is hilarious! LMAO!!
Congratulations on your upcoming wedding! Sounds like you two are quite a pair. I wish you all the best.
Luckily, she is also on the frugal spectrum.Oh, bigchrisb, that is hilarious! LMAO!!
Congratulations on your upcoming wedding! Sounds like you two are quite a pair. I wish you all the best.
Glad it gets a giggle! We are both definitely on the spectrum...
To update, January was a cracker of a month, with $24k saved, so 28% of target in the bank already. However, it's a bit of an aberration, with a $16k tax refund skewing the numbers. Target for remaining months = $12.4k/month.
How are you able to save that much personally?
Are you owning or renting?
What specific MMM strategies work well for you?
| Year to date progress: Saved Goal 401k 4,000 24,000 401k match 29,895 30,000 Roth IRA 6,500 6,500 Taxable Savings -3,400 100,000 ------------------------------------------------------------------------------ YTD 36,995 160,500 23% of goal |
Oh, bigchrisb, I just saw your response. What an awesome start! That's a huge refund! One option would be to tweak your withholdings right now so you can save that money in the current year rather than waiting until next year to get another giant refund. That would make hitting your 2017 target even easier. Saving sooner also gives your investments more time to compound. Go, Chris, go!Luckily, she is also on the frugal spectrum.Oh, bigchrisb, that is hilarious! LMAO!!
Congratulations on your upcoming wedding! Sounds like you two are quite a pair. I wish you all the best.
Glad it gets a giggle! We are both definitely on the spectrum...
To update, January was a cracker of a month, with $24k saved, so 28% of target in the bank already. However, it's a bit of an aberration, with a $16k tax refund skewing the numbers. Target for remaining months = $12.4k/month.
I would like to join in. $100,000 is going to be a very big challenge but let's see how in goes.Hmmm, care to elucidate?
$18,000 401k
$ 1,500 401k match
$ 5,500 Roth IRA
$ 6,500 DH Roth IRA
$36,000 Mortgage
$10,500 Taxable Vanguard
$10,000 Archaeology Dig
$12,000 Debt
Gives me $100,000. Will be very excited if I could do this!
This is a fair question. I will try to clarify.I just assumed they are being paid for the archaeological dig and paying down their debt.I would like to join in. $100,000 is going to be a very big challenge but let's see how in goes.Hmmm, care to elucidate?
$18,000 401k
$ 1,500 401k match
$ 5,500 Roth IRA
$ 6,500 DH Roth IRA
$36,000 Mortgage
$10,500 Taxable Vanguard
$10,000 Archaeology Dig
$12,000 Debt
Gives me $100,000. Will be very excited if I could do this!
You're planning on spending 10 grand on an archeology dig, but you still have 12k (or more) in debt?
Also, this list may add up to 100k, but some of these items appear to be spending rather than saving.
I'm refraining from any facepunching for the time being, but it's only with great willpower.
| Goal | So far | Percentage | |
| 401(k) | $18,000 | $6,900 | 38.3% |
| Roth IRA | $5,500 | $5,500 | 100% |
| Taxable | $21,500* | $4,000 | 18.6% |
| Goal | Actual | Remaining | |
| 401(K) | 18,000 | 2,769 | 15,231 |
| 401(K) Match | 7,200 | 1,108 | 6,092 |
| 2016 Roth IRA | 1,500 | 1,500 | 0 |
| 2017 Roth IRA | 5,500 | 500 | 5,000 |
| 2016 HSA | 513 | 513 | 0 |
| 2017 HSA | 3,400 | 0 | 3,400 |
| Taxable | 17,000 | 0 | 17,000 |
| Total | 53,113 | 6,390 | 46,723 |
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
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.
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?
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?
I won't include regular principal payments in my savings numbers; it does make sense if you're paying down extra on it though.
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.
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?
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?
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.
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!
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.
| 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 |
| Goal | Actual | Remaining | |
| 401(K) | 18,000 | 3,467 | 14,533 |
| 401(K) Match | 7,200 | 1,387 | 5,813 |
| 2016 Roth IRA | 1,500 | 1,500 | 0 |
| 2017 Roth IRA | 5,500 | 1,500 | 4,000 |
| 2016 HSA | 513 | 513 | 0 |
| 2017 HSA | 3,400 | 680 | 2,720 |
| Taxable | 17,000 | 0 | 17,000 |
| Total | 53,113 | 9,047 | 44,066 |
| 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 |
April update: 2017 Progress against Goal
Year to date progress: Saved Goal
401k 8,000 24,000
401k match 30,915 30,000
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)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 thought there was an IRS limit of $54K on the total.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)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.
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.
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!QuoteThe 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
I'm in a couple of months late to the challenge, but we were already getting close.
24,000 my 457
11,383 my match
24,000 hub's 401k
1,440 hub's match
12,170 mortgage principal
12,000 taxable savings
__________
$84,933
| Goal | Actual | Remaining | |
| 401(K) | 18,000 | 4,863 | 13,137 |
| 401(K) Match | 7,200 | 1,945 | 5,255 |
| 2016 Roth IRA | 1,500 | 1,500 | 0 |
| 2017 Roth IRA | 5,500 | 2,500 | 3,000 |
| 2016 HSA | 513 | 513 | 0 |
| 2017 HSA | 3,400 | 1,360 | 2,040 |
| Taxable | 17,000 | 0 | 17,000 |
| Total | 53,113 | 12,682 | 40,431 |
APRIL UPDATED TOTALS/ORIG GOALS:
401k Mrs: $6,144 / $18,000 (34%)
401k Match Mrs: $0 / $2,400 (0%)
401k Mr: $6,225 / $18,000 (35%)
401k Match Mr: $6,700 / $5,500 (122%) -- includes $5,000 employer profit sharing deposit
HSA Mrs: $2,791/ $5,230 (53% - includes employer $ of $1,500)
HSA Mr: $1,182 / $1,520 (78% - includes employer $ of $1,000)
Taxable Investments: $21,285 / $14,300 (149%)
Other Savings: $4,800 / $10,800 (44%)
College 529: $1,665 / $4,990 (33%)
Other College: $2,745 / $14,000 (20%)
Extra Mortgage Princ: $17,798 / $27,668 (64%)
TOTAL: $71,337 / $122,408 (58% of original goal)
| Year to date progress: Saved Goal 401k 10,000 24,000 401k match 31,425 30,000 Roth IRA 6,500 6,500 Taxable Savings 11,600 100,000 ------------------------------------------------------------------------------ YTD 59,525 160,500 37% of goal |
| Goal | Actual | Remaining | |
| 401(K) | 18,000 | 6,260 | 11,740 |
| 401(K) Match | 7,200 | 2,504 | 4,696 |
| 2016 Roth IRA | 1,500 | 1,500 | 0 |
| 2017 Roth IRA | 5,500 | 3,500 | 2,000 |
| 2016 HSA | 513 | 513 | 0 |
| 2017 HSA | 3,400 | 2,040 | 1,360 |
| Taxable | 29,500 | 14,500 | 15,000 |
| Total | 65,613 | 30,816 | 34,797 |
May Totals:46.97% complete (34.49% without additional $12,500)
Goal Actual Remaining 401(K) 18,000 6,260 11,740 401(K) Match 7,200 2,504 4,696 2016 Roth IRA 1,500 1,500 0 2017 Roth IRA 5,500 3,500 2,000 2016 HSA 513 513 0 2017 HSA 3,400 2,040 1,360 Taxable 29,500 14,500 15,000 Total 65,613 30,816 34,797
May ended up being a good month, income wise. First, I finally received my federal tax refund of about $4,000. $2,000 was moved towards savings and the rest went towards paying my bills due in June, so other than rent I have very little due for June. Second, my parents gave me $12,500 from the anticipated sale of their vacation home, which I moved to my taxable investment account. I wasn't sure how to account for it on my goal, since while I did save it, I didn't earn it, so it felt like cheating. I decided to just increase my taxable savings goal for the year by $12,500 and include it in the amount saved. June is a three paycheck month, so it will also be good income wise (and maybe I'll finally get my California tax refund, but I'm trying to be patient), however I also anticipate another $1,000-2,000 of expenses for a big trip in August, plus one of my two roommates might be leaving our three-bedroom, rent controlled apartment soon and I am strongly considering moving out myself instead of replacing her, so I am trying to keep extra cash around in case I move, plus obviously if I move out of an apartment shared with two other adults into my own place my expenses will increase significantly. I think it might be worth it at this point in my life however to finally have a space to myself.
| Year to date progress: Saved Goal 401k 12,000 24,000 401k match 31,935 30,000 Roth IRA 6,500 6,500 Taxable Savings 11,600 100,000 ------------------------------------------------------------------------------ YTD 62,035 160,500 39% of goal |
| Goal | Actual | Remaining | |
| 401(K) | 18,000 | 9,046 | 8,954 |
| 401(K) Match | 7,200 | 3,618 | 3,582 |
| 2016 Roth IRA | 1,500 | 1,500 | 0 |
| 2017 Roth IRA | 5,500 | 5,000 | 500 |
| 2016 HSA | 513 | 513 | 0 |
| 2017 HSA | 3,400 | 3,060 | 340 |
| Taxable | 29,500 | 15,500 | 14,000 |
| Total | 65,613 | 38,237 | 27,376 |
(I forgot I had already contributed ...Mustachian people problem, for sure! That's the great thing about this system, when you're not worried about where the next floogedlyboss is coming from, you can save without thinking about every penny. Woo hoo!
4800 4800 Archaeology DigI don't know how I missed this Archeology Dig category. Do you have more details on this somewhere shared publicly? I'm intriqued. Always been interested in Archeology but it is not where near anything I do professionally and I've never participated in a dig before.
SAFAmBritThis was an expense rather than income (we saved it to pay it). My daughter is doing a double major in earth science and anthropology so for her 21st we offered to send her on a dig - this one was in Orvieto in Italy (Cost was all in except flights which GP's paid) however she is also digging up a mammoth in the Mojave desert. You will be surprised how many are around. Contact you local college and ask.4800 4800 Archaeology DigI don't know how I missed this Archaeology Dig category. Do you have more details on this somewhere shared publicly? I'm intriqued. Always been interested in Archaeology but it is not where near anything I do professionally and I've never participated in a dig before.
Thanks for the reply that is very cool and supportive of you. I don't have time to devote to it right now, but it's one of the things I'd like to possibly get into in my early retirement years!SAFAmBritThis was an expense rather than income (we saved it to pay it). My daughter is doing a double major in earth science and anthropology so for her 21st we offered to send her on a dig - this one was in Orvieto in Italy (Cost was all in except flights which GP's paid) however she is also digging up a mammoth in the Mojave desert. You will be surprised how many are around. Contact you local college and ask.4800 4800 Archaeology DigI don't know how I missed this Archaeology Dig category. Do you have more details on this somewhere shared publicly? I'm intriqued. Always been interested in Archaeology but it is not where near anything I do professionally and I've never participated in a dig before.
There are a lot of awesome inspiring stories in this thread! I have spent the better part of the morning at the drawing board to see if wife and I can accomplish this... more to come need to find about 10k more
Mmm lets see:Jan-June 2017
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.
Sent from my iPhone using Tapatalk
| Goal | Actual | Remaining | |
| 401(K) | 18,000 | 10,442 | 7,558 |
| 401(K) Match | 7,200 | 4,177 | 3,023 |
| 2016 Roth IRA | 1,500 | 1,500 | 0 |
| 2017 Roth IRA | 5,500 | 5,500 | 0 |
| 2016 HSA | 513 | 513 | 0 |
| 2017 HSA | 3,400 | 3,400 | 0 |
| Taxable | 29,500 | 17,500 | 12,000 |
| Total | 65,613 | 43,032 | 22,581 |
| Year to date progress: Saved Goal 401k 14,000 24,000 401k match 32,445 30,000 Roth IRA 6,500 6,500 Taxable Savings 11,600 100,000 ------------------------------------------------------------------------------ YTD 64,545 160,500 40% of goal |
Sadly, I have blown mine in April. Combination of a honeymoon, costs associated with an upcoming kid, and booking in a bucket list trip for before the kid arrives. Sadly I'm out for this one from here on in.
| Year to date progress: Saved Goal 401k 16,000 24,000 401k match 32,955 30,000 Roth IRA 6,500 6,500 Taxable Savings 31,600 100,000 ------------------------------------------------------------------------------ YTD 87,055 160,500 54% of goal |
| Goal | Actual | Remaining | |
| 401(K) | 18,000 | 11,745 | 6,255 |
| 401(K) Match | 7,200 | 4,698 | 2,502 |
| 2016 Roth IRA | 1,500 | 1,500 | 0 |
| 2017 Roth IRA | 5,500 | 5,500 | 0 |
| 2016 HSA | 513 | 513 | 0 |
| 2017 HSA | 3,400 | 3,400 | 0 |
| Taxable | 29,500 | 19,500 | 10,000 |
| Total | 65,613 | 46,856 | 18,757 |
| Goal | So far | Percentage | |
| 401(k) | $18,000 | $18,000 | 100% |
| Roth IRA | $5,500 | $5,500 | 100% |
| Taxable | $21,500 | $15,600 | 72.6% |
Goal So far Percentage 401(k) $18,000 $6,900 38.3% Roth IRA $5,500 $5,500 100% Taxable $21,500* $4,000 18.6%
| Goal | Actual | Remaining | |
| 401(K) | 18,000 | 13,141 | 4,859 |
| 401(K) Match | 7,200 | 5,256 | 1,944 |
| 2016 Roth IRA | 1,500 | 1,500 | 0 |
| 2017 Roth IRA | 5,500 | 5,500 | 0 |
| 2016 HSA | 513 | 513 | 0 |
| 2017 HSA | 3,400 | 3,400 | 0 |
| Taxable | 29,500 | 21,500 | 8,000 |
| Total | 65,613 | 50,810 | 14,803 |
| Year to date progress: Saved Goal 401k 18,000 24,000 401k match 33,465 30,000 Roth IRA 6,500 6,500 Taxable Savings 31,600 100,000 ------------------------------------------------------------------------------ YTD 89,565 160,500 56% of goal |
I have no idea where all of my money is going! I'll have to dig in to take a look. Each quarter my Estimated taxes are killing me and making it so I can't catch up/get ahead <of my plan>.
Thanks for the encouragement DogBoy. I don't think I've been spending more than last year. I think I may have to get better at planning my taxes. I think I had a massive tax refund from 2015, so that would have set up 2016 for a really strong year. After 2016, I owed a bit, and that got me started in the hole. At least I hope that's all it is.I have no idea where all of my money is going! I'll have to dig in to take a look. Each quarter my Estimated taxes are killing me and making it so I can't catch up/get ahead <of my plan>.
IFYP!...$90k through 3 quarters is not exactly falling behind. Granted, you are below your plan (I think) but its still 90k ahead. ;)
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!
September numbers
18000 18000 401k
1400 1400 401k match
3000 5500 Roth IRA
5500 6500 DH Roth IRA
36000 36000 Mortgage
2200 15800 Taxable Vanguard
4800 4800 Archaeology Dig
12000 12000 Debt
83400 100000
83 % towards target
| Account | Savings | Goal |
| 401k (A) | 18,000 | 18,000 |
| 401k match/PS (A) | 13,500 | 18,000 |
| 401k (B) | 18,000 | 18,000 |
| 401k PS (B) | 8,000 | 9,000 |
| HSA (A+B) | 6,750 | 6,750 |
| BD Roth IRA (A+B) | 11,000 | 11,000 |
| Loan Payoff | 40,750 | 40,750 |
| TOTAL | 116,000 | 121,500 |
| Year to date progress: Saved Goal 401k 18,000 24,000 401k match 33,975 30,000 Roth IRA 6,500 6,500 Taxable Savings 51,600 100,000 ------------------------------------------------------------------------------ YTD 112,075 160,500 70% of goal |
| Goal | Actual | Remaining | |
| 401(K) | 18,000 | 14,537 | 3,463 |
| 401(K) Match | 7,200 | 5,815 | 1,385 |
| 2016 Roth IRA | 1,500 | 1,500 | 0 |
| 2017 Roth IRA | 5,500 | 5,500 | 0 |
| 2016 HSA | 513 | 513 | 0 |
| 2017 HSA | 3,400 | 3,400 | 0 |
| Taxable | 29,500 | 24,500 | 5,000 |
| Total | 65,613 | 55,765 | 9,848 |
I'd like to get this to $110k by my last day at work (7 Oct). September and October are big dividend months, and there should be a small amount of vacation time paid out at the end.Sep $19033
Jan $24763
Feb $5079
Mar $18870
Apr $2328
May $4325
Jun $3499
Jul $14404
Aug $14616
This is going to be a huge stretch goal of ours this year! But we are in :)
Retirement Contributions
$18,000 his 401k $18k
$7,000 her 401k $12k
$5,500 his Roth IRA $5.5k
$5,500 her Roth IRA $5.5k
$6,750 HSA $6.75k
$42,750 Total $47,750
Non Retirement Contributions
$24,000 his Taxable
$12,000 his EF $40k
$12,000 her EF
$6,000 her Taxable
$3,250 Combined Joint Travel Fund
$57,750 Total $40,000
$100,000 Grand Total $87,750
I am so impressed by the amounts that people are able to save -- especially the younger people. Good job everyone!
I often think "if only I had known when I was that age", but I realize I'm extremely lucky to have found the way before it is too late and also that I've found it during the time of my highest income...so I can "catch up" to where I would have been ...if only. :)
I suppose, but I don't think lemonade stand money would really make a difference no matter how young you start (unless it's people giving you money for your effort rather than tied to real economy. In which case, I can see your point). I guess to me, the real changes become obvious when there really is a percentage of your expenses that you can save. And that didn't happen to me with my lemonade stand, or my rock sale, or my worm collections. It really only would have made a difference for me once I was working full time and able to save money. Every penny I earned before that went to my family to defray the cost of raising me and to my schooling. There was no extra to stash back then (for me. YMMV)I am so impressed by the amounts that people are able to save -- especially the younger people. Good job everyone!
I often think "if only I had known when I was that age", but I realize I'm extremely lucky to have found the way before it is too late and also that I've found it during the time of my highest income...so I can "catch up" to where I would have been ...if only. :)
i dont think there is an age people dont say i wish i'd known sooner. the college kid - man if i'd worked in school. the HS kid man if i had saved more of my tips. the middle school kid - why'd i blow all my lemonade stand/mowing money on candy. etc.
obviously the younger you get there the better off you'll be. but i dont regret not knowing til post college as i think i'd have had less fun.
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?401k: 18k
My goal for the last few years has been $40k, so I was pleasantly surprised to see last year's result.
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!
My progress:
401a: $10,518
403b: $18,500
457: $13,930
mortgage principal: $8,788
Total: $51,736
And another $18K+ will go into retirement accounts before the year is over. :)
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!
| Jan-17 | $200 |
| Feb-17 | $1,700 |
| Mar-17 | $5,650 |
| Apr-17 | $9,576 |
| May-17 | $18,365 |
| Jun-17 | $30,847 |
| Jul-17 | $42,619 |
| Aug-17 | $52,436 |
| Sep-17 | $60,290 |
| Oct-17 | $68,144 |
| Nov-17 | $77,961 |
| TFSA | $18,885 |
| RRSP | $59,076 |
| Taxable | $0.00 |
| Goal | Actual | Remaining | |
| 401(K) | 18,000 | 16,631 | 1,369 |
| 401(K) Match | 7,200 | 6,653 | 547 |
| 2016 Roth IRA | 1,500 | 1,500 | 0 |
| 2017 Roth IRA | 5,500 | 5,500 | 0 |
| 2016 HSA | 513 | 513 | 0 |
| 2017 HSA | 3,400 | 3,400 | 0 |
| Taxable | 33,500 | 32,500 | 1,000 |
| Total | 69,613 | 66,697 | 2,916 |
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!
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
| Jan-17 | $200 |
| Feb-17 | $1,700 |
| Mar-17 | $5,650 |
| Apr-17 | $9,576 |
| May-17 | $18,365 |
| Jun-17 | $30,847 |
| Jul-17 | $42,619 |
| Aug-17 | $52,436 |
| Sep-17 | $60,290 |
| Oct-17 | $68,144 |
| Nov-17 | $77,961 |
| Dec-17 | $105,090 |
| TFSA | $23,975 |
| RRSP | $81,115 |
| Taxable | $0.00 |
Here's the Q4 update
(through 12/23 paycheck)
GOALS ACTUAL (thru Q4)
Pension savings $12K 14,060 117% (got a promotion/raise, pension is % of salary)
457 savings $24K 24,000 100%
403b savings $12K 24,000 200% (got a promotion/raise, $ going here)
ROTH savings $6.5K 6,500 100% (I forgot I had already contributed to my 2016 account, so I had everything saved for 2017)
After tax savings $4K 16,834 421% (rest of promotion/raise going here)
TOTAL $58.5K ($8K higher goal than 2016) 85,394 150% in Q4
The promotion/raise that helped me crush my 2017 financial goals also crushed my health and soul. I'm bagging out of the job in 2018 as soon as possible. No idea what my future path holds and what that means for my savings. Hope to make enough to max out a 403b/401k type plan. I do have money already saved for an IRA (be it Roth or traditional) so that will happen for 2018, but anything after that is TBD. Exciting (aka frightening) times ahead...
CONGRATS to all those who met or exceeded your goals for the year! HANG IN THERE for those that encountered circumstances where they felt short of their goals -- keep at it!!
ToughMother--I wish you all the best as you exit from your stressful job! Thanks to all your savings, you are in the position to prioritize your health! :) I hope you will update us at some point as your exit date approaches--maybe in the "Class of FIRE 2018" thread? :)
I never updated at the end of November; we had saved $80,976.95 YTD as of the end of November. It looks like we will be falling short of our goal this year, but it's a big improvement over last year. Our savings rate as of the end of November was 41.6%. I'll post a final update at the end of December, but I'm pretty happy with our comparison against last year:
2017 (through Nov), $80,976.95 saved, 41.6% savings rate
2016 $58,192.98 saved, 27% savings rate
It's amazing what a little bit of awareness and accountability makes. We will definitely try again next year to hit the 100k.
ToughMother--I wish you all the best as you exit from your stressful job! Thanks to all your savings, you are in the position to prioritize your health! :) I hope you will update us at some point as your exit date approaches--maybe in the "Class of FIRE 2018" thread? :)
Hey @NinetyFour !! Thanks for checking in while on your mid-west visit!
While I'd LOVE to be FIRE'd in 2018, the truth is I do have to find SOMETHING as this premature exit means I'll no longer have a pension to figure into my future plans. I'll be leaving with 7 years of the 10 needed to be vested. If I'm lucky, I'll find some other gig in the state system, but otherwise, it is back to the drawing board...
My stress and health consequences are so bad, though, that I truly have no options -- I'm going to the doc today to get some help with my blood pressure. I can't even imagine going back to work after break -- but I still have another week of sweet freedom before thinking about that trauma. In the meantime, I'm doing a lot of projections (with assistance from Mark Zoril http://workshop.planvisionmn.com/96-plan/ (http://workshop.planvisionmn.com/96-plan/)) to see what my options and needs are.
I'm grateful this position gave me a blockbuster savings year, but the cost has been far too high. I'll share more when I "cut bait." Congrats on your own upcoming FIRE! SO impressed and you just knocked your goals for the year out of the park! So terrific!
Happy New Year!
401K + match (mine) - 23100
401k + match (hers) - 24400HSA - 6750- spent on lasik for each of us (not counted)
Emergency Fund - 15000
College Fund - 13000
Taxable brokerage - 18000
Mortgage principal - 8400
Total: $101900
Overall, we had a good saving year. We started our taxable brokerage and plan to put 48000 in it next year which will start the early retirement stash now that all the other stuff is out of the way.
401K + match (mine) - 23100
401k + match (hers) - 24400HSA - 6750- spent on lasik for each of us (not counted)
Emergency Fund - 15000
College Fund - 13000
Taxable brokerage - 18000
Mortgage principal - 8400
Total: $101900
Overall, we had a good saving year. We started our taxable brokerage and plan to put 48000 in it next year which will start the early retirement stash now that all the other stuff is out of the way.
I don't understand want you mean. Hopefully that's not at the cost of your tax advantaged accounts
https://www.madfientist.com/how-to-access-retirement-funds-early/
| Goal | Actual | Remaining | |
| 401(K) | 18,000 | 18,000 | 0 |
| 401(K) Match | 7,200 | 7,211 | (11) |
| 2016 Roth IRA | 1,500 | 1,500 | 0 |
| 2017 Roth IRA | 5,500 | 5,500 | 0 |
| 2016 HSA | 513 | 513 | 0 |
| 2017 HSA | 3,400 | 3,400 | 0 |
| Taxable | 33,500 | 34,500 | (1,000) |
| Total | 69,613 | 70,624 | (1,011) |
I'm in a couple of months late to the challenge, but we were already getting close.
24,000 my 457
11,383 my match
24,000 hub's 401k
1,440 hub's match
12,170 mortgage principal
12,000 taxable savings
__________
$84,933
$37,416 so far, right on target for the year.
If market gains counted, I would be all set for 2017 (as I'm sure most of you would be).
| Year to date progress: Saved Goal 401k 24,000 24,000 401k match 34,995 30,000 Roth IRA 6,500 6,500 Taxable Savings 51,600 100,000 xtra mortgage principal 23,340 0 ------------------------------------------------------------------------------ YTD 140,095 160,500 87% of goal |