Author Topic: Save 50k single 100k couple in 2019  (Read 10531 times)

BlueHouse

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Re: Save 50k single 100k couple in 2019
« Reply #50 on: March 30, 2019, 05:23:40 PM »
That is one hell of a 401k match.

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Solo 401K.  limit between employee + employer contribution + >50 catch-up = $62K this year. 
Plus another $7K in a backdoor Roth. 

It really adds up fast!

Libertea

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Re: Save 50k single 100k couple in 2019
« Reply #51 on: March 30, 2019, 07:11:56 PM »
I'm in too, as a single.  My planned contributions include the following:

403b (last year for this - yay!): $18,000 (in process)
457: (last year for this too): $9000 (will do after 403b)
Roth IRA: $6000 (done)
US savings bonds: $20,000 (won't be purchased until December but am already setting aside the money)

Total 2019 contributions: $53,000

11ducks

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Re: Save 50k single 100k couple in 2019
« Reply #52 on: March 30, 2019, 10:14:59 PM »
I'm late to the party, but what the heck! My goal is $50k single in 2019, pretty equally split between retirement, investment and cash savings.

Bucket            Goal             Current
Retirement      17600           3990       22.7%
Investments    17550           4590       26.2%
Offset acct       14850           3850      26%
Total               $50000          $12430

SotI

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Re: Save 50k single 100k couple in 2019
« Reply #53 on: March 31, 2019, 03:26:15 AM »
March update - not as good as I would have liked, but 1st quarter is always heavy on annual payments. We also had to deal with unexpected high vet bills ...
So, only got about 16% of the goal yet for the 1st quarter. This should pick up in Q2.

                                           Goal            Current   
Tax exempt plan:            7,200              1,318       18.30%
Savings incl. EF:           13,000              2,190        16.85%
Brokerage:                     41,500              6,350        15.30%

Total:                              61,700              9,858         15.98%

Arbitrage

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Re: Save 50k single 100k couple in 2019
« Reply #54 on: April 01, 2019, 07:57:53 AM »
2019 Goals (for couple): $130k; $149k including normal debt paydown. 

As of 4/1/2019

401k: $4475 / $19000
401k match: $3442 / $16000
SIMPLE IRA: $3250 / $13000
SIMPLE Match: $800 / $3000
HSA: $1377 / $5500
HSA Match: $1500 / $1500
Backdoor Roth IRA: $6000 / $6000
Mega Backdoor Roth: $3442 / $16000
I Bonds: $10000 / $10000
Taxable Brokerage: (10100) / $20800
529 #1: $1650 / $6600
529 #2: $1650 / $6600
Extra Mortgage Principal: $1500 / $6000

Total: $28986 / $130000    22.3%

Regular mortgage principal and low-interest college debt principal paydown: $4620 / $19000

Thought I posted this earlier, but must've fat-fingered it.  Anyhow, plodding away, but not at all optimistic that we'll make it to the goal.  No raises on the horizon, and a hinted $5-10k bonus for DW was forgotten.  Also, the $350 monthly I trimmed from the food budget this year was gobbled up by the revelation that we're under-withholding by about that amount.  That'll help our FIRE number, but not our annual savings. 
« Last Edit: April 01, 2019, 08:00:08 AM by Arbitrage »

afuera

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Re: Save 50k single 100k couple in 2019
« Reply #55 on: April 04, 2019, 12:46:54 PM »

Account
L 401K:
J 401K:
L rIRA:
J rIRA:
L HSA:
J HSA: 
Brokerage: 
Total:
Goal
$50,000
$20,000
$6,000
$6,000
$3,500
$3,500
$20,000
$109,000
January
$4,086
$1,634
$2,000
$0
$750
$42.34
$0
$8,514
February
$4,086
$1,634
$1,500
$0
$250
$278.46
$0
$7,750
March
$9,919
$1,634
$2,500
$6,000
$250
$398
$0
$20,476
Total
$18,091
$4,902
$6,000
$6,000
$1,250
$719
$0
$36,740
% Complete
36.2%
24.5%
100%
100%
35.7%
20.5%
0%
33.7%


March was bonus month but April is tax bill month...

McStache

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Re: Save 50k single 100k couple in 2019
« Reply #56 on: April 07, 2019, 05:17:51 PM »
March Update:
Bucket         Current / Goal
401k           $ 4,921 / $ 19,000
401k Match     $ 1,640 / $ 6,500
Roth IRA       $ 1,950 / $ 6,000
HSA            $ 1,250 / $ 3,500
Brokerage      $ 2,045 / $ 15,000
------------------------------------
Total         $ 11,807 / $ 50,000

January        $ 3,939    7.9%
February       $ 8,420   16.8%
March         $ 11,807   23.6%


A little behind pace, but I should catch up when I get some tuition reimbursements later this year.

letsdoit

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Re: Save 50k single 100k couple in 2019
« Reply #57 on: April 17, 2019, 09:29:41 AM »
i'm confused as to how many ppl here have HSAs
dont you need high deductible health insurance to qualify for HSA?

philli14

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Re: Save 50k single 100k couple in 2019
« Reply #58 on: April 17, 2019, 10:01:49 AM »
i'm confused as to how many ppl here have HSAs
dont you need high deductible health insurance to qualify for HSA?

Yep. Mustachians tend to be younger demographic, which benefit most from HDHPs. I had a great work plan with great coverage, very small deductible. I specifically asked to be moved to a "worse" plan with a higher deductible in order to be eligible for HSA.

use2betrix

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Re: Save 50k single 100k couple in 2019
« Reply #59 on: April 17, 2019, 10:42:51 AM »
i'm confused as to how many ppl here have HSAs
dont you need high deductible health insurance to qualify for HSA?

Yep. Mustachians tend to be younger demographic, which benefit most from HDHPs. I had a great work plan with great coverage, very small deductible. I specifically asked to be moved to a "worse" plan with a higher deductible in order to be eligible for HSA.

This - my wife fell off her parents health insurance last year due to nearing the age limit and changes in their insurance. I had a fantastic standard health plan by my employer prior. However - adding her to my plan would be like an extra $800/mo. It was maybe $100-$150 for myself.

It made sense for us to switch to the HDHP. Weve maxed out the HSA end of 2018 and then again in January 2019.

While were young, its great. My wife, in our 7 years together, aside from her annual womanly dr appts I dont think has seen a single doctor (aside from vision or dental) in those 7 years. She is like the pinnacle of health.

Unfortunately for me, on the other hand, can be awfully high maintenance. Im incredibly health in the sense that my diet, weight, and exercise is all perfect. Ive also had 3 hernia surgeries and skin cancer prior to turning 30. I also have a tendency to come down with the worlds worst deadly cold/sinus infection/all of that, every year or 2 for about 2 weeks, and that usually warrants a doctors visit.

Our deductible is $3,000 ea and max out of pocket is $6,000 ea. We do, fortunately, have a huge great network if needed. Good PPO plan.

snoot

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Re: Save 50k single 100k couple in 2019
« Reply #60 on: April 17, 2019, 01:28:07 PM »
I'm in this year! I'm part of a couple but only tracking my savings for this challenge.

Goals:                       
Roth IRA 2018
Roth IRA 2019
457b
Pension contributions
Pension employer contributions
Cash
Total:
$5,500  (haven't contributed yet)
$6,000
$19,000
$4,050
$9,558
$6,000
$50,108


                       
Bucket:
Roth IRA 2018
Roth IRA 2019
457b
Pension contributions
Pension employer contributions
Cash
Total:
Progress:
Goal:
$5,500
$6,000
$19,000
$4,050
$9,558
$6,000
$50,108
100%
Q1
$5,500
$5,500
$100
$1000
$2500
$0
$14,600
29.2%

linuxhero

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Re: Save 50k single 100k couple in 2019
« Reply #61 on: April 19, 2019, 07:46:06 PM »
Checking in for April.  We've technically hit 'our numbers' for FIRE at this point (if using a 4% withdrawal rate).  Plan so far is to see how things go until the end of the year and reevaluate.  We'd rather be a bit more conservative given the high values of the stock market right now.


HSA                  $1667 / $5000
HSA Match             $500 / $2000
401K After Tax      $26990 / $29558
401K Employer Match  $2767 / $7405
401K Pre Tax            $0 / $19000
Roth IRA             $1921 / $6000
Wife Roth IRA        $1921 / $6000
Mortgage Principal   $3034 / $9240
Windfall            $16900 / $16900
Wife 401K            $4058 / $13056
Wife 401K Match       $300 / $979

Total:              $60057 / $115139 (52.1%)

ItsALongStory

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Re: Save 50k single 100k couple in 2019
« Reply #62 on: April 23, 2019, 09:11:39 PM »
Checking in for April.  We've technically hit 'our numbers' for FIRE at this point (if using a 4% withdrawal rate).  Plan so far is to see how things go until the end of the year and reevaluate.  We'd rather be a bit more conservative given the high values of the stock market right now.


HSA                  $1667 / $5000
HSA Match             $500 / $2000
401K After Tax      $26990 / $29558
401K Employer Match  $2767 / $7405
401K Pre Tax            $0 / $19000
Roth IRA             $1921 / $6000
Wife Roth IRA        $1921 / $6000
Mortgage Principal   $3034 / $9240
Windfall            $16900 / $16900
Wife 401K            $4058 / $13056
Wife 401K Match       $300 / $979

Total:              $60057 / $115139 (52.1%)

What is the reasoning for prioritizing post-tax 401k over pre-tax?

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Need2Save

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Re: Save 50k single 100k couple in 2019
« Reply #63 on: April 27, 2019, 11:24:34 AM »
2019 Goals vs. April Update
$ 19,000   /  $  6,307 -- 401k Mrs
$   8,000   /  $  4,223 -- 401k Match - won't change again until July 
$ 19,000   /  $  8,541 -- 401k Mr
$   5,500   /  $  7,982 -- 401k Match Mr - includes profit sharing of $5k (Mar '19)
$   5,230   /  $  1,600 -- HSA Mrs - includes some employer contributions
$   1,770   /  $     865 -- HSA Mr - includes some employer contributions
$ 75,000   /  $49,200 -- Taxable Investments
$   6,000   /  $  2,000 -- Other Savings
$ 35,000   /  $16,500 -- Extra Principal Payments
$174,500/ $97,220 -- 56%


ItsALongStory

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Re: Save 50k single 100k couple in 2019
« Reply #64 on: April 27, 2019, 01:23:36 PM »
2019 Goals vs. April Update
$ 19,000   /  $  6,307 -- 401k Mrs
$   8,000   /  $  4,223 -- 401k Match - won't change again until July 
$ 19,000   /  $  8,541 -- 401k Mr
$   5,500   /  $  7,982 -- 401k Match Mr - includes profit sharing of $5k (Mar '19)
$   5,230   /  $  1,600 -- HSA Mrs - includes some employer contributions
$   1,770   /  $     865 -- HSA Mr - includes some employer contributions
$ 75,000   /  $49,200 -- Taxable Investments
$   6,000   /  $  2,000 -- Other Savings
$ 35,000   /  $16,500 -- Extra Principal Payments
$174,500/ $97,220 -- 56%
With these savings numbers you must be moving at crazy pace. How many more years til FI?

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linuxhero

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Re: Save 50k single 100k couple in 2019
« Reply #65 on: April 27, 2019, 05:52:28 PM »
The main reason we max out our after tax 401k first is because then I roll it over to my Roth IRA using the mega-backdoor trick.  I like to do this earlier in the year because there's a 5 year waiting period before I can withdraw the money from the Roth.  If I first did the 401k pre-tax, then the after-tax, by the time the last deposit went into the after tax 401k it would be January of next year, meaning I'd have to wait an extra year to withdraw it from my Roth.  I guess I could do several mega-backdoor conversions per year, but each time I do, it's a $20 charge, so I'd like to minimize fees if possible.


What is the reasoning for prioritizing post-tax 401k over pre-tax?



ItsALongStory

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Re: Save 50k single 100k couple in 2019
« Reply #66 on: April 27, 2019, 10:15:14 PM »
The main reason we max out our after tax 401k first is because then I roll it over to my Roth IRA using the mega-backdoor trick.  I like to do this earlier in the year because there's a 5 year waiting period before I can withdraw the money from the Roth.  If I first did the 401k pre-tax, then the after-tax, by the time the last deposit went into the after tax 401k it would be January of next year, meaning I'd have to wait an extra year to withdraw it from my Roth.  I guess I could do several mega-backdoor conversions per year, but each time I do, it's a $20 charge, so I'd like to minimize fees if possible.


What is the reasoning for prioritizing post-tax 401k over pre-tax?


That makes perfect sense, I always thought I was limited to pre tax contributions to get the best match but turns out that our match is simply applied to the first contributions and always goes into post-tax. Might be worth consideration to switch my strategy.

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philli14

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Re: Save 50k single 100k couple in 2019
« Reply #67 on: April 28, 2019, 07:06:13 AM »

Bucket                 GOAL |      JAN |      FEB |      MAR |      APR |    TOTAL |
SIMPLE IRA         $ 18,000 | $  1,095 | $  1,850 | $  1,850 | $  1,850 | $  6,645 |
Roth IRA           $  6,000 | $  6,000 | $      0 | $      0 | $      0 | $  6,000 |
HSA                $  3,500 | $    500 | $    500 | $    500 | $    500 | $  2,000 |
Brokerage          $ 15,000 | $      0 | $      0 | $      0 | $  2,500 | $  2,500 |
Savings            $  9,000 | $ -3,000 | $  3,000 | $  2,000 | $  1,000 | $  3,000 |
------------------------------------------------------------------------------------
Total              $ 51,500 | $  4,595 | $  5,350 | $  4,350 | $  5,850 | $ 20,145 |
Progress                    | %    8.9 | %   10.4 | %    8.4 | %   11.4 | %   39.1 |


1/3 into the year, well over 33% of the way there, which is good because I have some challenging months ahead. Very happy with how April turned out - 90%+ SR!

Need2Save

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Re: Save 50k single 100k couple in 2019
« Reply #68 on: April 28, 2019, 08:54:37 AM »
2019 Goals vs. April Update

$174,500/ $97,220 -- 56%
With these savings numbers you must be moving at crazy pace. How many more years til FI?

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Well, the FI part is a bit subjective but we aren't quite where we want to be with our balances yet. Only 3 more years until we plan to retire. DH plans to leave at the end of April 2022 and myself in July 2022 (for one last bonus). We've been blessed with very good annual bonuses this year so we'll earn more (and save more) than we ever have in recent years but we haven't always had earnings like this. We were a one income family for many years. For reference, we will both be 49 in 2022. 

SotI

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Re: Save 50k single 100k couple in 2019
« Reply #69 on: April 28, 2019, 12:56:26 PM »
April update - now up to 23%.
May should increase savings.
At least if nothing unforeseen happens.


                                           Goal            Current   
Tax exempt plan:            7,200              1,757       24.4%
Savings incl. EF:           13,000              2,820       21.7%
Brokerage:                     41,500              9,750       23.5%

Total:                              61,700             14,327       23.2%

PhrugalPhan

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Re: Save 50k single 100k couple in 2019
« Reply #70 on: April 28, 2019, 02:33:15 PM »
I hadn't seen this listed previously and would like to add in.  I am single, though should have a GF moving in with me in the coming months (she is retired with pension & large TSP).  I have been saving around $50k / year for the last few years and should hit this again soon this year.  I concentrate on savings early in the year and then refill my savings accounts later once I hit the 457 account limit through year end.  This is on a gross salary of around $100k / year.


As of end of April (72.8%):
Bucket             Current / Goal
457                $15,400 / $25,000 (includes catch-up)
457 Match          $ 0,000 / $ 0,000 (I get no match - instead I get a good pension mostly employer funded)
Roth IRA           $ 7,000 / $ 7,000
HSA                $ 2,400 / $ 4,450
Brokerage          $13,000 / $13,000
Pension contrib.   $ 2,000 / $ 5,200 (I have to contribute 5% of paycheck to pension)
Total              $39,800 / $54,650


Will top off 457 plan by end of July & HSA will hit limit by early December. After July extra in paychecks will re-inflate my savings to where they started the year.

Arbitrage

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Re: Save 50k single 100k couple in 2019
« Reply #71 on: April 30, 2019, 08:16:13 AM »
2019 Goals (for couple): $130k; $149k including normal debt paydown. 

As of 4/30/2019

401k: $6365 / $19000
401k match: $5189 / $16000
SIMPLE IRA: $4400 / $13000
SIMPLE Match: $1100 / $3000
HSA: $1800 / $5500
HSA Match: $1500 / $1500
Backdoor Roth IRA: $6000 / $6000
Mega Backdoor Roth: $4896 / $16000
I Bonds: $10000 / $10000
Taxable Brokerage: (8100) / $20800
529 #1: $2200 / $6600
529 #2: $2200 / $6600
Extra Mortgage Principal: $1500 / $6000

Total: $39050 / $130000    30.0%

Regular mortgage principal and low-interest college debt principal paydown: $6170 / $19000

Only change in savings rate from last month is stopping the extra principal payments and moving those into taxable.  I'd like to build up a bit more of a buffer there to pay for a planned kitchen update/remodel.  In other words, that 'extra' savings probably isn't going to stick, and we'll be even further behind the goal. 

peeps_be_peeping

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Re: Save 50k single 100k couple in 2019
« Reply #72 on: April 30, 2019, 11:33:30 AM »
                              YTD / Goal
401(k)                   $6,336 / $19,000
401(k) match         $2,449 / $3,420
Roth IRA                $0 / $6,000
Taxable                  $5,308 / $19,580
Cash                      $3,925 / $12,000
Total                     $18,018 / $60,000

30.03% to goal


Last month I received a mysterious $1,309 contribution to my 401(k) that did not come out of my paycheck. I'm thinking it was a "true-up" or a bonus match for 2018 but I'm also a little afraid to ask because there have been some mistakes made in my small company with the 401(k) before and I would hate to be the one to point out this kind of mistake. I'm waiting to fund my Roth because if I get married this year our joint income will be too high. I can always toss cash in the Roth on 12/31/19 if I stay single all year.

SaucyAussie

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Re: Save 50k single 100k couple in 2019
« Reply #73 on: April 30, 2019, 12:02:37 PM »
Super late to the party but this perfectly aligns with my goals:

401k   4333 / 19000
match  3333 / 10000
Roth   0    /  6000
HSA    2000 /  5000
Txble  5000 / 10000
Total  14666/ 50000


McStache

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Re: Save 50k single 100k couple in 2019
« Reply #74 on: May 01, 2019, 06:39:48 PM »
April Update:
Bucket         Current / Goal
401k           $ 6,562 / $ 19,000
401k Match     $ 2,187 / $ 6,500
Roth IRA       $ 3,000 / $ 6,000
HSA            $ 1,500 / $ 3,500
Brokerage      $ 2,088 / $ 15,000
------------------------------------
Total         $ 15,337 / $ 50,000

January        $ 3,939    7.9%
February       $ 8,420   16.8%
March         $ 11,807   23.6%
April         $ 15,337   30.7%

afuera

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Re: Save 50k single 100k couple in 2019
« Reply #75 on: May 03, 2019, 09:51:41 AM »
Account
L 401K:
J 401K:
L rIRA:
J rIRA:
L HSA:
J HSA: 
Brokerage: 
Total:
January
$4,086
$1,634
$2,000
$0
$750
$42.34
$0
$8,514
February
$4,086
$1,634
$1,500
$0
$250
$278.46
$0
$7,750
March
$9,919
$1,634
$2,500
$6,000
$250
$398
$0
$20,476
April
$4,294
$1,639
$0
$0
$250
$278
$0
$6,462
Total/Goal
$22,386/$50,000
$6,541/$20,000
$6,000/$6,000
$6,000/$6,000
$1,500/$3,500
$998/$3,500
$0/$20,000
$43,202/$109,000
% Complete
44.8%
32.7%
100%
100%
42.9%
28.5%
0%
39.6%


Enigma

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Re: Save 50k single 100k couple in 2019
« Reply #76 on: May 21, 2019, 09:55:41 AM »
2019 Goals single: $60k
Just started a new job in March 2019

401k: $3140 / $19000
401k match: $663 / $2650
Traditional IRA: $1400 / $6000
HSA: $628 / $3500
Taxable Brokerage: $6,750 / $28850

Total: $12,581 / $60000 ~ 21% Goal

Late to the party as well.  Just started a new job in March.  Didn't have a 401k last year or HSA.  Currently 25% of my check is going towards funding my 401k.  I was penalized on taxes so an extra chunk of income is going from my paycheck towards taxes.  Most of my earnings is residual income from realestate.

linuxhero

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Re: Save 50k single 100k couple in 2019
« Reply #77 on: May 21, 2019, 11:45:17 AM »
May update.  Finished maximizing the after tax contributions to the 401k, and I'll be rolling those to my Roth (via mega-backdoor) in another week's time.


HSA                  $2083 / $5000
HSA Match             $500 / $2000
401K After Tax      $30093 / $29558
401K Employer Match  $3289 / $7405
401K Pre Tax          $327 / $19000
Roth IRA             $2705 / $6000
Wife Roth IRA        $2705 / $6000
Mortgage Principal   $3800 / $9240
Windfall            $16900 / $16900
Wife 401K            $5145 / $13056
Wife 401K Match       $374 / $979

Total:              $67920 / $115139 (58.9%)

letsdoit

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Re: Save 50k single 100k couple in 2019
« Reply #78 on: May 21, 2019, 03:01:05 PM »
on track for saving 74k, couple

SotI

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Re: Save 50k single 100k couple in 2019
« Reply #79 on: May 26, 2019, 07:40:17 AM »
May update - now up to 58%.

                                           Goal            Current   
Tax exempt plan:            7,200              4,121       57.2%
Savings incl. EF:           13,000            15,967     122.8%
Brokerage:                     41,500            15,950       38.4%

Total:                              61,700             36,038      58.4%

The distribution is out of whack, as there seem to be some unexpected medical expenses coming up, so I am keeping it in Savings still for the time being. If not needed, I will shift them to brokeragein Q4.

tralfamadorian

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Re: Save 50k single 100k couple in 2019
« Reply #80 on: May 26, 2019, 11:19:00 AM »
I don't think it's appropriate to add the MATCH that you get from your employer to the savings goal.

Why? Dollars in the 401k are dollars in the 401k regardless of whether they are employee or employer side (disregarding vesting).

ItsALongStory

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Re: Save 50k single 100k couple in 2019
« Reply #81 on: May 26, 2019, 01:27:35 PM »
If I don't put anything in my 401k then my match is zero so it is 100% dependent on my paycheck savings. I'll continue to include it but that doesn't mean you need to just like some people include vehicle equity in their net worth and I don't :-)

tralfamadorian

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Re: Save 50k single 100k couple in 2019
« Reply #82 on: May 26, 2019, 01:39:48 PM »

Why? Dollars in the 401k are dollars in the 401k regardless of whether they are employee or employer side (disregarding vesting).

I thought the challenge was saving from your paycheck(salary) otherwise, you can include your inheritance, market gains etc

Well, you can make up your own rules for your own savings if you wish to participate but as the thread OP for this year, I disagree that matching == market gains.

For those of us in a traditional employer/employee situation, matching is part of your total compensation when you choose a job. To separate salary from other compensation doesn't seem to usefully contribute in my opinion. For those of us who are self employeed, employee = employer so it's pedantic to separate the two.

Some of us include principal payments on mortgages. Some don't. I'm not here to henpeck their decision- it's their own FIRE journey.

ItsALongStory

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Re: Save 50k single 100k couple in 2019
« Reply #83 on: May 26, 2019, 01:44:47 PM »
First time I'm joining this, excited to see what I can accomplish. ESPP is somewhat misleading since it was credited to my account this year even though they were 2018 contributions. I won't be getting my Q4 contributions until early 2020 so it should be about a wash in the end.

HSA                  $416 / $4000
HSA Match              $1000 / $2000
401K Pre Tax           $1466 / $19000
401K Pre Tax Match           $733 / $9500
Roth IRA              $500 / $6000
Mortgage Principal   $800 / $9600
Taxable Account        $4403 / $15000

Total:              $9318 / $65100 (14.31%)

HSA                  $1874.97 / $5000
HSA Match              $1000 / $2000
401K Pre Tax           $6605.28 / $19000
401K Pre Tax Match           $3302.64 / $9500
Roth IRA              $6000 / $6000
Mortgage Principal   $4000 / $9600
Taxable Account        $3000 / $15000
2nd mortgage bulk payment from bonus: $0 / $15000



Total:              $25782.89 / $81100 (31.79%)

It looks like I had made an error in my HSA (I can contribute 5k instead of 4k). I also threw in the planned payoff for part of the 2nd mortgage we took out late 2018.

philli14

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Re: Save 50k single 100k couple in 2019
« Reply #84 on: May 30, 2019, 09:46:22 AM »

Bucket                 GOAL |      JAN |      FEB |      MAR |      APR |      MAY |    TOTAL |
SIMPLE IRA         $ 18,000 | $  1,095 | $  1,850 | $  1,850 | $  1,850 | $  1,850 | $  8,495 |
Roth IRA           $  6,000 | $  6,000 | $      0 | $      0 | $      0 | $      0 | $  6,000 |
HSA                $  3,500 | $    500 | $    500 | $    500 | $    500 | $    500 | $  2,500 |
Brokerage          $ 15,000 | $      0 | $      0 | $      0 | $  2,500 | $  1,500 | $  4,000 |
Savings            $  9,000 | $ -3,000 | $  3,000 | $  2,000 | $  1,000 | $    500 | $  3,500 |
-----------------------------------------------------------------------------------------------
Total              $ 51,500 | $  4,595 | $  5,350 | $  4,350 | $  5,850 | $  4,350 | $ 24,495 |
Progress                    | %    8.9 | %   10.4 | %    8.4 | %   11.4 | %    8.4 | %   47.6 |


Tough month expense wise. Good progress YTD.
« Last Edit: May 31, 2019, 01:24:25 PM by philli14 »

Need2Save

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Re: Save 50k single 100k couple in 2019
« Reply #85 on: May 31, 2019, 08:29:06 AM »
As a 4th year participant in these annual challenge threads, I have to disagree with @tampaite about counting employer contributions to retirement plans. These are dollars being deposited on our behalf and are part of our overall comepensation. There are numerous threads on how to calculate savings rates and many agree that adding in the employer contributions should be included. I also disagree that it's the same as including market fluctuations. There are already other threads for tracking/reporting changes in overall NW/Balance.

My thinking on the purpose of this thread is to motivate one aother (and more importantly ourselves) in adding 'NEW' money to our savings goals/investments regardless of where the money is coming from. I rather like this aspect because regardless of what is going on with the larger market (and thus balances) I'm focusing on advancing our goals towards FI. I can only get there by continuing to focus on investing/saving new money that I earn one way or another and addressing my other financial goals like paying off our mortgage next year.

Therefore, I support the flexibility for each person to decide for themselves what they wish to track. Either way, I hope you'll continue to post based on your personal preferences so we can celebrate along with you!

Arbitrage

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Re: Save 50k single 100k couple in 2019
« Reply #86 on: May 31, 2019, 12:33:51 PM »
2019 Goals (for couple): $130k; $149k including normal debt paydown. 

As of 5/31/2019

401k: $8380 / $19000
401k match: $6738 / $16000
SIMPLE IRA: $5500 / $13000
SIMPLE Match: $1300 / $3000
HSA: $2320 / $5500
HSA Match: $1500 / $1500
Backdoor Roth IRA: $6000 / $6000
Mega Backdoor Roth: $6446 / $16000
I Bonds: $10000 / $10000
Taxable Brokerage: (2600) / $20800
529 #1: $2750 / $6600
529 #2: $2750 / $6600
Extra Mortgage Principal: $1500 / $6000

Total: $52584 / $130000    40.4%

Regular mortgage principal and low-interest college debt principal paydown: $7720 / $19000


Arbitrage

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Re: Save 50k single 100k couple in 2019
« Reply #87 on: May 31, 2019, 02:12:30 PM »
As a 4th year participant in these annual challenge threads, I have to disagree with @tampaite about counting employer contributions to retirement plans. These are dollars being deposited on our behalf and are part of our overall comepensation. There are numerous threads on how to calculate savings rates and many agree that adding in the employer contributions should be included. I also disagree that it's the same as including market fluctuations. There are already other threads for tracking/reporting changes in overall NW/Balance.

My thinking on the purpose of this thread is to motivate one aother (and more importantly ourselves) in adding 'NEW' money to our savings goals/investments regardless of where the money is coming from. I rather like this aspect because regardless of what is going on with the larger market (and thus balances) I'm focusing on advancing our goals towards FI. I can only get there by continuing to focus on investing/saving new money that I earn one way or another and addressing my other financial goals like paying off our mortgage next year.

Therefore, I support the flexibility for each person to decide for themselves what they wish to track. Either way, I hope you'll continue to post based on your personal preferences so we can celebrate along with you!

You can disagree with me. No problem. In the same tone, I don't see why market gains and inheritance and tax refunds etc can also be considered as "savings" even though you aren't saving from your paycheck.

Anyway, as you said each onto their own but my opinion would be not to count matching as savings as you are not saving it from your paycheck.

You can certainly ignore employer matches if you wish, but you should probably stop throwing the 'market gains' strawman in your argument.  Not one single person in this thread has ever claimed that market gains are the equivalent of saving.

As far as tax refunds, I have no idea why that wouldn't be saving if you take it and invest it.  No difference from any other income once it's in your hand; a tax refund just means you shouldn't have withheld so much.

McStache

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Re: Save 50k single 100k couple in 2019
« Reply #88 on: June 02, 2019, 10:48:24 AM »
May Update:
Bucket         Current / Goal
401k           $ 8,202 / $ 19,000
401k Match     $ 2,734 / $ 6,500
Roth IRA       $ 3,725 / $ 6,000
HSA            $ 1,750 / $ 3,500
Brokerage      $ 5,779 / $ 15,000
------------------------------------
Total         $ 22,190 / $ 50,000

January        $ 3,939    7.9%
February       $ 8,420   16.8%
March         $ 11,807   23.6%
April         $ 15,337   30.7%
May           $ 22,190   44.4%


My 401k match is part of my compensation (income/salary) and I will continue to count it towards my goal.  I similarly count tax refunds (as that is just a shift in when I received my salary based on withholding errors).  Historically, I have also counted windfalls (such as small inheritances), but also correspondingly increased my savings goals to reflect what I am hoping to save from my labor-based income.

use2betrix

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Re: Save 50k single 100k couple in 2019
« Reply #89 on: June 02, 2019, 11:25:14 AM »
At $83,374 so far this year saved on my single income. Will easily hit it mid July, unless I end up buying this car Ive been wanting forever. Well see.

Enigma

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Re: Save 50k single 100k couple in 2019
« Reply #90 on: June 19, 2019, 06:05:03 AM »
2019 Goals single: $60k
Just started a new job in March 2019

401k: $3140 / $19000
401k match: $663 / $2650
Traditional IRA: $1400 / $6000
HSA: $628 / $3500
Taxable Brokerage: $6,750 / $28850

Total: $12,581 / $60000 ~ 21% Goal

Late to the party as well.  Just started a new job in March.  Didn't have a 401k last year or HSA.  Currently 25% of my check is going towards funding my 401k.  I was penalized on taxes so an extra chunk of income is going from my paycheck towards taxes.  Most of my earnings is residual income from realestate.
2019 Goal 6/19/2019   Update
      
401k: $6,280 / $19,000
401k match: $1,106 / $4,200
Traditional IRA: $5,000 / $6,000
HSA: $996 / $3,500
Taxable Brokerage: $12,700 / $27,300
      
Total: $26,082 / $60,000 (~43% towards goals)

SaucyAussie

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Re: Save 50k single 100k couple in 2019
« Reply #91 on: June 19, 2019, 07:26:07 AM »
At $83,374 so far this year saved on my single income. Will easily hit it mid July, unless I end up buying this car Ive been wanting forever. Well see.

What's the breakdown?

linuxhero

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Re: Save 50k single 100k couple in 2019
« Reply #92 on: June 25, 2019, 02:34:48 PM »
June update.  We are progressing nicely and are on track.


HSA                  $2500 / $5000
HSA Match             $500 / $2000
401K After Tax      $30093 / $29558
401K Employer Match  $3812 / $7405
401K Pre Tax          $980 / $19000
Roth IRA             $4676 / $6000
Wife Roth IRA        $4676 / $6000
Mortgage Principal   $4568 / $9240
Windfall            $16900 / $16900
Wife 401K            $6233 / $13056
Wife 401K Match       $463 / $979

Total:              $75402 / $115139 (65.5%)

SotI

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Re: Save 50k single 100k couple in 2019
« Reply #93 on: June 26, 2019, 03:21:00 PM »
June update - now up to 70%, but the lean half of the year is ahead, so savings will slow down again.

                                           Goal            Current   
Tax exempt plan:            7,200              4,561       63.3%
Savings incl. EF:           13,000            16,103    123.9%
Brokerage:                     41,500            22,550      54.3%

Total:                              61,700             43,214      70,0%

Still anticipating some  medical expenses coming up in August, so I am keeping Savings/EF above plan.

PhrugalPhan

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Re: Save 50k single 100k couple in 2019
« Reply #94 on: June 27, 2019, 10:31:09 AM »
End of June update for me.  Almost finished with the 457 account for the year.  End of July the 457 will be done and then the take home pay more than doubles and I can start living large (just kidding).   Seriously though, I am deciding on getting a new (to me) car as my current car is getting way up there in miles now, so a lot of my extra paychecks may go into that unfortunately.

As of end of June (88.7%):
Bucket             Current / Goal
457                $22,800 / $25,000 (includes catch-up)
457 Match          $ 0,000 / $ 0,000 (I get no match - instead I get a good pension mostly employer funded)
Roth IRA           $ 7,000 / $ 7,000
HSA                $ 2,900 / $ 4,500
Brokerage          $13,000 / $13,000
Pension contrib.   $ 2,800 / $ 5,200 (I have to contribute 5% of paycheck to pension)
Total              $48,500 / $54,700


Need2Save

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Re: Save 50k single 100k couple in 2019
« Reply #95 on: June 28, 2019, 06:51:41 AM »
I missed posting an update at the end of May (too busy with life), so here is through the end of June.

2019 Goals vs. June Update
$ 19,000   /  $  9,104 -- 401k Mrs
$   8,000   /  $  4,223 -- 401k Match - won't change again until July 
$ 19,000   /  $11,063 -- 401k Mr
$   5,500   /  $  8,822 -- 401k Match Mr - includes profit sharing of $5k (Mar '19)
$   5,230   /  $  2,282 -- HSA Mrs - includes some employer contributions
$   1,770   /  $  1,250 -- HSA Mr - includes some employer contributions
$ 75,000   /  $53,200 -- Taxable Investments
$   6,000   /  $  3,000 -- Other Savings
$ 35,000   /  $20,500 -- Extra Principal Payments
$174,500/$113,446 -- 65%

July will be nice because my 2nd annual bonus is paid then and we are investing/savings almost all of it. I'll also get 401k match for the first 6 months of the year.

Arbitrage

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Re: Save 50k single 100k couple in 2019
« Reply #96 on: June 28, 2019, 08:55:33 AM »
2019 Goals (for couple): $130k; $149k including normal debt paydown. 

As of 6/28/2019

401k: $10106 / $19000
401k match: $7774 / $16000
SIMPLE IRA: $6800 / $13000
SIMPLE Match: $1550 / $3000
HSA: $2750 / $5500
HSA Match: $1500 / $1500
Backdoor Roth IRA: $6000 / $6000
Mega Backdoor Roth: $7774 / $16000
I Bonds: $10000 / $10000
Taxable Brokerage: (600) / $20800
529 #1: $3300 / $6600
529 #2: $3300 / $6600
Extra Mortgage Principal: $1500 / $6000

Total: $61754 / $130000    47.5%

Regular mortgage principal and low-interest college debt principal paydown: $9300 / $19000

philli14

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Re: Save 50k single 100k couple in 2019
« Reply #97 on: June 29, 2019, 11:18:13 AM »

Bucket                 GOAL |      JAN |      FEB |      MAR |      APR |      MAY |      JUN |    TOTAL |
SIMPLE IRA         $ 18,000 | $  1,095 | $  1,850 | $  1,850 | $  1,850 | $  1,850 | $  1,850 | $ 10,345 |
Roth IRA           $  6,000 | $  6,000 | $      0 | $      0 | $      0 | $      0 | $      0 | $  6,000 |
HSA                $  3,500 | $    500 | $    500 | $    500 | $    500 | $    500 | $    500 | $  3,000 |
Brokerage          $ 15,000 | $      0 | $      0 | $      0 | $  2,500 | $  1,500 | $      0 | $  4,000 |
Savings            $  9,000 | $ -3,000 | $  3,000 | $  2,000 | $  1,000 | $    500 | $   2000 | $  5,000 |
-----------------------------------------------------------------------------------------------------------
Total              $ 51,500 | $  4,595 | $  5,350 | $  4,350 | $  5,850 | $  4,350 | $  4,350 | $ 28,845 |
Progress                    | %    8.9 | %   10.4 | %    8.4 | %   11.4 | %    8.4 | %    8.4 | %   56.0 |


Halfway through the year, 56% of the way there. July needs to be a big month as I will hardly be bringing in any income in August.

McStache

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Re: Save 50k single 100k couple in 2019
« Reply #98 on: June 30, 2019, 03:58:01 PM »
June Update:
Bucket         Current / Goal
401k           $ 9,843 / $ 19,000
401k Match     $ 3,281 / $ 6,500
Roth IRA       $ 5,000 / $ 6,000
HSA            $ 2,000 / $ 3,500
Brokerage      $ 5,779 / $ 15,000
------------------------------------
Total         $ 25,903 / $ 50,000

January        $ 3,939    7.9%
February       $ 8,420   16.8%
March         $ 11,807   23.6%
April         $ 15,337   30.7%
May           $ 22,190   44.4%
June          $ 25,903   51.8%


This year will be close. I'll slowly fall behind until December when some reimbursements for tuition come through, then I should sprint across the finish line at the last moment.

snoot

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Re: Save 50k single 100k couple in 2019
« Reply #99 on: June 30, 2019, 05:19:11 PM »
Bucket:
Roth IRA 2018
Roth IRA 2019
457b
Pension contributions
Pension employer contributions
Cash
Total:
Progress:
Goal:
$5,500
$6,000
$19,000
$4,050
$9,558
$6,000
$50,108
100%
Q1
$5,500
$5,500
$100
$1000
$2500
$0
$14,600
29.2%
Q2
$5,500
$6,000
$6,671
$2025
$4800
$0
$24,996
49.88%