Author Topic: Race to 50K  (Read 4179 times)

haypug16

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Re: Race to 50K
« Reply #50 on: November 30, 2017, 07:49:15 AM »
November Update

                          10/9/2017       10/31/17         11/30/17
401K                  $23,828.55     $24,456.73     $25,798.78
Capital One IRA      2,232.00         2,250.61         2,298.01
Fidelity IRA               322.27            311.75           304.79
Total Retirement $26,382.82      $27,019.09     $28,401.58 (Increase from Oct of $1,382.49)

Left to save by December 2018 is $21,598.42. That's $1,661.42 per month over 13 months. I did end up increasing my 401k to 12% this month and will increase to 14% around January. Reaching $50K by the end of next year is feeling more and more possible.

DieHard_772

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Re: Race to 50K
« Reply #51 on: November 30, 2017, 02:11:09 PM »
November Update

                          10/9/2017       10/31/17         11/30/17
401K                  $23,828.55     $24,456.73     $25,798.78
Capital One IRA      2,232.00         2,250.61         2,298.01
Fidelity IRA               322.27            311.75           304.79
Total Retirement $26,382.82      $27,019.09     $28,401.58 (Increase from Oct of $1,382.49)

Left to save by December 2018 is $21,598.42. That's $1,661.42 per month over 13 months. I did end up increasing my 401k to 12% this month and will increase to 14% around January. Reaching $50K by the end of next year is feeling more and more possible.

@Haypug, may I ask, why the Capital One IRA?  I don't know much about their retirement products, although I do have a bank account with them. How much are the fees?

I've heard good things about Fidelity, those fees are low, yes?



haypug16

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Re: Race to 50K
« Reply #52 on: November 30, 2017, 03:00:31 PM »
November Update

                          10/9/2017       10/31/17         11/30/17
401K                  $23,828.55     $24,456.73     $25,798.78
Capital One IRA      2,232.00         2,250.61         2,298.01
Fidelity IRA               322.27            311.75           304.79
Total Retirement $26,382.82      $27,019.09     $28,401.58 (Increase from Oct of $1,382.49)

Left to save by December 2018 is $21,598.42. That's $1,661.42 per month over 13 months. I did end up increasing my 401k to 12% this month and will increase to 14% around January. Reaching $50K by the end of next year is feeling more and more possible.

@Haypug, may I ask, why the Capital One IRA?  I don't know much about their retirement products, although I do have a bank account with them. How much are the fees?

I've heard good things about Fidelity, those fees are low, yes?

I honestly would have to look. I have the Capital One because I used to have Sharebuilder (a million years ago) and they were acquired by Capital One. Fidelity is where I want to start putting more of my money eventually I just have been focusing on debt payment and not retirement savings lately so the balance is very low on that one.

MommyCake

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Re: Race to 50K
« Reply #53 on: December 01, 2017, 05:12:50 AM »
Hi Everybody!

Checking in to update... 
TSP balance is up to 34,300.  Mint thinks I will hit 50k in Sept 2019.  Yay progress!
I canceled my contract on the house I was going to buy, so I think in 2018 I can bump up my retirement contributions significantly.  Baby # 2 is due to arrive in January, and this may affect both income and expenses, so don't want to shake things up too much just yet. 

About the IRA's..... Should I bother with these yet?  I haven't been able to max out TSP yet, so I haven't been contributing to my IRA that I opened years ago.  Theres only a few thousand in there.  I don't know that much about IRA's honestly, but I know MMM recommends maxing 401k first.  Any thoughts?


haypug16

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Re: Race to 50K
« Reply #54 on: December 01, 2017, 07:16:44 AM »
Hi Everybody!

Checking in to update... 
TSP balance is up to 34,300.  Mint thinks I will hit 50k in Sept 2019.  Yay progress!
I canceled my contract on the house I was going to buy, so I think in 2018 I can bump up my retirement contributions significantly.  Baby # 2 is due to arrive in January, and this may affect both income and expenses, so don't want to shake things up too much just yet. 

About the IRA's..... Should I bother with these yet?  I haven't been able to max out TSP yet, so I haven't been contributing to my IRA that I opened years ago.  Theres only a few thousand in there.  I don't know that much about IRA's honestly, but I know MMM recommends maxing 401k first.  Any thoughts?

Congrats on the Balances up and on the upcoming arrival of Baby #2!

I have heard the same regarding maxing out 401k before contributing to an IRA. That is my goal. I'm new to all this but the tax benefits of contributing to a 401k are great also the money comes right out of the paycheck so there's no temptation to spend it. That's at least the reasoning I have for putting the 401K first. My IRA balances are all pre MMM so I was just kind of throwing my money around with no real idea of what I was doing. Now I at least have "some" idea of what's going on. My goal is to max out 401K by the end of 2018 and then start adding to the Fidelity IRA.

Rosy

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Re: Race to 50K
« Reply #55 on: December 13, 2017, 01:56:42 PM »
Woo, I reached the halfway point! EF & investments now equal $25,000. Could have been higher but November was a spendypants month for me. I did also move some more of my EF over to my Roth. I think this was the right call, but I should leave my EF alone now. On track for $40,000 by end of summer 2018. $50,000 in early 2019. Gotta stay focused!

Woohoo - halfway there is sweet victory:) CONGRATS to you westtoeast! I'm practically green with envy:)...

Update: Ending the year 2017 with $10,117.

OUTLOOK: 2018 - no debt except car loan (grrr) and I'm back in the game - which means I can contribute a solid $1K in January. Things are looking up again.
All other goals and financial surprises are sorted out and I think January may turn out to be a good month.