Retirement Savings -- Countup

[Randomsaver]

And here is my update:

Here are the current balances:

TSP: $4,969.00
SEP IRA: $31,618.46
ROTH IRA: $26,154.95
Taxable Brokerage: $6,337.02
Total: $69,079.43

Better than last time I posted.

Also - just wanted to point out that I've been somewhat cash constrained in the last few years - kids will do that -

Yup kids, and in my case, parents, siblings, and exes. Btw, congrats on the count up!

[LivingAlmostLarge]

Random I'm always confused how old you are. You should put down in the signature how long until you are 55. Anyway the other question is if you hit $120k before 55 won't you need more?

James great job and ever bit counts.

Four years after refinancing my mortgage and I've saved every month the $720 difference into an account and invested it. $68750 to pay down my mortgage in 8/2028.

It's not theoretically it's real. I saved 0.75% on my arm for 7 years since we had 2.75% 30 years versus 2% so 0.75% interest on a large number and I saved the difference in payment. So I'm pretty sure we are coming out ahead.

The question is where will I end up in 2028? Max I can pay is 7%. But in 2028 it'll be with whatever my investment account could be used to pay down and I'll have saved 0.75% interest on a big number.

[james.hendrickson]

Random I'm always confused how old you are. You should put down in the signature how long until you are 55. Anyway the other question is if you hit $120k before 55 won't you need more?

James great job and ever bit counts.

Four years after refinancing my mortgage and I've saved every month the $720 difference into an account and invested it. $68750 to pay down my mortgage in 8/2028.

It's not theoretically it's real. I saved 0.75% on my arm for 7 years since we had 2.75% 30 years versus 2% so 0.75% interest on a large number and I saved the difference in payment. So I'm pretty sure we are coming out ahead.

The question is where will I end up in 2028? Max I can pay is 7%. But in 2028 it'll be with whatever my investment account could be used to pay down and I'll have saved 0.75% interest on a big number.

Thank you LivingAlmostLarge, I've been doing a few things that help:

1. Putting all extra money into retirement. So this is a few bucks from taking back bottles and cans, or from stuff I sell on Facebook marketplace, or the like.
2. Reinvesting all dividends.
3. Moving money from dead accounts to retirement. I was heavily invested in Prosper.com for a while, but they changed their fee structure and it just wasn't worth it, so I'm moving the money out of that account into my IRAs.
4. I sell my spare bandwidth and browsing history. That's a few bucks a month, so I'm also socking that away.
5. Whenever I get paid, I put between 5% and 15% of my income into retirement. Generally speaking, I save more when I've got fewer expenses.

And good work on refinancing your mortgages, that's good basic personal finance blocking and tackling.

[Randomsaver]

Random I'm always confused how old you are. You should put down in the signature how long until you are 55. Anyway the other question is if you hit $120k before 55 won't you need more?

About 3.5 years before I turn 56. If I hit $120K before 56, yeah I will just continue adding up. That is the best scenario.

[Randomsaver]

About 3 full years to 56 LAL. Yes, I will just be adding to $120K if I hit it earlier than. That will be the best scenario.


Enjoying the current stability.

Savings to Retire at 56 to be used for Age 56-61
Balance: $ 83K
End-Goal by 56: $120K (that means a living budget of $20K/year for age 56, 57, 58, 59, 60 and 61)
Retirement Condo $400K: Fully Paid (No Renting expense!)

At age 62, it is SS onwards
401K Retirement Savings: $346K
IRA Retirement Savings: $ 73K
Total Retirement Savings: $410K (It's a long way back to the top but I wanna Rock N Roll)

My Forecasted Monthly Retirement Check Amounts, if to retire starting 2026 (actual withdrawal can only start in Jan of 2033):
401 : $ 1.47K
IRA : $ 0.30K
SS : $ 1.61K
Tot : $ 3.38K
Goal: $ 4.00K
The mood is to get to 80:20.

[LivingAlmostLarge]

Thank you LivingAlmostLarge, I've been doing a few things that help:

1. Putting all extra money into retirement. So this is a few bucks from taking back bottles and cans, or from stuff I sell on Facebook marketplace, or the like.
2. Reinvesting all dividends.
3. Moving money from dead accounts to retirement. I was heavily invested in Prosper.com for a while, but they changed their fee structure and it just wasn't worth it, so I'm moving the money out of that account into my IRAs.
4. I sell my spare bandwidth and browsing history. That's a few bucks a month, so I'm also socking that away.
5. Whenever I get paid, I put between 5% and 15% of my income into retirement. Generally speaking, I save more when I've got fewer expenses.

And good work on refinancing your mortgages, that's good basic personal finance blocking and tackling.

Even if I don't use the money saved to pay down the mortgage, I can look at it and decide. It still might be worth looking at if I come out ahead since the paydown at 2% is so much faster that in 7 years I might have shaved down enough to afford a 15 year mortgage if I wanted.

Random looks to me like you're going to hit $120k in the next year instead of 3 years. Is that what you are projecting at the rate of savings?

[Randomsaver]

Enjoying the current stability.

Savings to Retire at 56 to be used for Age 56-61
Balance: $ 84K
End-Goal by 56: $120K (that means a living budget of $20K/year for age 56, 57, 58, 59, 60 and 61)
Retirement Condo $400K: Fully Paid (No Renting expense!)

At age 62, it is SS onwards
401K Retirement Savings: $351K
IRA Retirement Savings: $ 74K
Total Retirement Savings: $425K (It's a long way back to the top but I wanna Rock N Roll)

My Forecasted Monthly Retirement Check Amounts, if to retire starting 2026 (actual withdrawal can only start in Jan of 2033):
401 : $ 1.49K
IRA : $ 0.30K
SS : $ 1.61K
Tot : $ 3.40K
Goal: $ 4.00K
The mood is to maintain 80:20.