Financial goals for 2023

[disneysteve]

As 2022 winds down, I thought it would be fun to see what people are working on or towards for 2023. Are you just on auto-pilot with your existing plan or do you have particular financial goals you're working towards?

Personally, 2023 will be the first full year that I'm only working per diem. Our budget calls for me to earn 50K from work so I'll make sure I'm on track to make at least that much for the year. Because of my wife's recent surgery and the bills that will result, I'm probably going to up my hours somewhat to compensate so the 50K should be no problem at all.

2023 will also be the first full year that I'm doing ebay as seriously as I do now. Our budget calls for 6K from that. I don't think I'm going to change that even though I exceeded that for 2022. I want to keep ebay fun and not feel pressured to do more and more.

Assuming my wife makes a full recovery, I hope to travel more. I want to get to platinum status with Marriott (we're gold now). I think our budget is flexible enough to cover that. Hopefully, at some point in 2023 the market will start to recover which will help a lot when it happens. On the fixed income side, I've been gradually rolling over maturing bonds/CDs into higher interest ones so that's boosting our income a decent amount. Things that were at 1-2% are now getting reinvested at 4-5%.

No other big things planned. We got a new roof and one new car this year. Hopefully no big unforeseen expenses will crop up but at least I know we're prepared if they do.

[crazyliblady]

My financial goals for 2023:

I was in a car accident in September and am still waiting on the outcome of the lawsuit from that. The financial blast from the accident meant that even with the car insurance payout on my old car, that I had to empty most of two savings accounts in order to purchase a replacement used car. So, my first financial goal after the lawsuit is settled is to replace my savings with funds from the lawsuit.

Second, I have a small balance on a credit card, so I will be paying it off.

Third, I will be opening a Roth IRA. I called my retirement account company to ask about the process. I can open an account for a minimum deposit of $100. I can make deposits by mail or by automatic deposit, but I prefer to make deposits by mail.

[srblanco7]

Covering the basics - we'll max my 401k, contribute at 30% rate to DW's 401k, max two Roth IRAs, and continue 529 contributions for DS who will attend college in Fall 23 (location TBD). We'll have two in college for the fall 23 - spring 24 school year, but we should be set to fully fund from 529 savings. DW is likely to retire in spring 23, which had been my plan as well, but now, given potential of recession, will likely hold off until spring 24. Targeting April 24, after I receive my annual bonus.

Beyond that, I'll have to buy a "new to us" car in H1 2023. Likely a 2-3 year old full size pickup. Other than that, substantially status quo - which for us means building cash cushion for ER.

[bjl584]

Bump up my ROTH contributions. Contribution limits are rising for 2023

Currently saving up for a fairly major project at our cabin. We're having a deck and a covered porch built in the Spring

I got a new job in September, so I have an old 401K that I need to roll over into an IRA at some point

Besides that, still on auto pilot with my other investments.

[kork13]

We'll be moving again with the military next summer, though I'm still awaiting word on where my next assignment will be. The details of that assignment will drive alot of what happens next year.

The autopilot stuff remains:
- Max 2x Roth IRAs & 1x Roth TSP retirement accounts.
- Continue building our 3 kids' 529s per our plan (around $5300 next year).

Additional financial goals include:
- Build up $175k in taxable investments by Dec'23. (Currently ~$135k -- we're not going to hit this year's goal of $150k... We also had to pause & reduce our contributions due to some increased expenses).
- Use 40+ days of leave NLT Dec'23 (I need to burn down an excess).
- Sell primary house next summer for $350k+, possibly buy next home in cash (if buying makes sense).
- Build up $1.25M in invested assets by Dec'23, not including primary home. (Currently ~$1.1M).

We might not quite achieve all of this, it really just depends on how the various markets do.

[MonkeyMama]

Will continue to max out IRAs. & will continue to do the minimum for 401K match.

Still don't know what my raise will be for 2023, but I believe that I will be able to resume taxable investment contributions. We stopped when my last job went to heck in 2018. Never resumed, because I gained a 401K plan. Overall, saving more than we were before, but it will be nice to build up taxable investments again.

Any extra cash is being earmarked for the years we will have two in college at the same time (2023 - 2025). Will continue to cash flow college.

[QuarterMillionMan]

Maxing Roth at $7500 in gold/silver precious metals IRA. Maxing 457 government w/the 4% match. Buying crptos with remaining funds.

[rennigade]

More of the same for us. Now that home improvements are done we'll be able to save much more. Our expenses should be much lower in 2023.

[ua_guy]

We'd like to pay off the house by Spring. I'm probably going to need to recast my career in 2023 for health reasons. Otherwise, it's autopilot with savings and stuffing retirement accounts.

[disneysteve]

One other thing is that we might be able to start contributing to our Roths again in 2023 as my income will be much lower. I'll wait until we file our 2023 returns though just to be safe so I won't know until early 2024.

[LivingAlmostLarge]

I don't know really 2022 has been an odd year.

We maxed out 2 401ks (i started a business and had a solo 401k). DH sold stock and we came into a windfall. We saved it all except taxes. We gifted the kids a bunch of money. We dumped $75k into each 529 as well. So on the savings side I guess we sort of saved like the bulk of our income this year but it's not a normal year.

We lost a boatload of money in investments. I'm not sure what to do other than stay the course.

[disneysteve]

We lost a boatload of money in investments. I'm not sure what to do other than stay the course.

It's only on paper unless you sell and lock in those losses. We've also seen our portfolio drop quite a bit (6 figure amount) but we're staying invested. I'm only 58 so there's plenty of time for recovery.

[kork13]

One other thing is that we might be able to start contributing to our Roths again in 2023 as my income will be much lower. I'll wait until we file our 2023 returns though just to be safe so I won't know until early 2024.

Why would you not be eligible? If you're only planning to earn $50k from your job, $6k (high end say $12k), plus a variety of interest & dividend income, you would EASILY qualify for the Roth IRAs. If your MAGI is expected to be $153k or below (sounds like you'll be far below that level), I would start contributing in Jan'23. Why wait?

[disneysteve]

Why would you not be eligible? If you're only planning to earn $50k from your job, $6k (high end say $12k), plus a variety of interest & dividend income, you would EASILY qualify for the Roth IRAs. If your MAGI is expected to be $153k or below (sounds like you'll be far below that level), I would start contributing in Jan'23. Why wait?

You're probably right. I have to check the rules and touch base with our accountant. I haven't looked at the details yet.

ETA: It looks like the MAGI limit for MFJ is actually $218,000 so we should be just fine. I can't imagine we'll make more than that unless I decide to go back to work. Even if I make 75K plus 15K from ebay plus 60K from investments that's still only 150K.

[rennigade]

Another thing I thought of is we need to set up a trust. That will only cost a couple grand and will give us peace of mind.