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Have you started outlining financial goals for 2019? What are yours?

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  • amastewa93
    replied
    From the original post: 1. Re-establish emergency savings 2. Start seriously snowballing our debt (about $65K between the two of us) - we will have one car paid off completely by March 3. Cut costs by moving somewhere cheaper (we currently pay $1,400 in rent) 4. Once our debt is paid off and savings is stable, we will be saving for a down payment on a home (not likely until later in 2020) We have re-established our emergency savings and have paid off a decent amount of debt this year (though we are still far from being debt-free). Our rent is $100 less where we live in Atlanta (after moving from NC). We won't be looking at buying a home until some time in 2022 - we signed a 3-year lease.

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  • Like2Plan
    replied
    Saw this the other day and found it intriguing. Does he feel he needs to stop working before he starts claiming SS? https://www.fool.com/retirement/2019...62-that-n.aspx I saw that article, too, but it seems they didn't take into consideration: Inflation indexing of SS, Risk free annuity of SS and Sequence of returns risk (this per the discussion on another financial board). But, there are a couple of reasons for not claiming until after he stops working. 1. He has not reached his full retirement age and he would have to take a reduced amount. 2. If you are under full retirement age for the entire year, SS deducts $1 from your benefit payments for every $2 you earn above the annual limit. (For 2019, that limit is $17,640).

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  • riverwed070707
    replied
    Originally posted by Like2Plan View Post
    DH's company was bought out by another and next year DH will be moved to the other company's 401k which will not have the option to make after tax contributions. Since this is our last year for him to make after tax contributions, we have been favoring this category of savings over just about everything else. He has maxed out his normal tax advantaged contributions and for the rest of the year will be contributing to after tax.
    My IRA is on track to be fully funded for this year.


    This year DH contributed to Roth 401k/Roth catch up for his normal 401k contributions as it didn't make any sense to contribute to pre-tax and then turn around and convert. As a result, there is just a tiny bit of space left for conversions (of the other pretax dollars). I am waiting until December just to make sure there are no income (dividend/capital gain) surprises.


    Several reasons, but this has been put off for another year.


    DH has worked past 2 more retirement dates. He might retire next year. He won't claim as long as he is working and I don't think he will start social security mid-year. So, this decision has most likely been put off another year.
    Saw this the other day and found it intriguing. Does he feel he needs to stop working before he starts claiming SS? https://www.fool.com/retirement/2019...62-that-n.aspx

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  • Like2Plan
    replied
    Originally posted by Like2Plan View Post
    1. Continue contributing to 401K for DH and IRA for me.
    DH's company was bought out by another and next year DH will be moved to the other company's 401k which will not have the option to make after tax contributions. Since this is our last year for him to make after tax contributions, we have been favoring this category of savings over just about everything else. He has maxed out his normal tax advantaged contributions and for the rest of the year will be contributing to after tax.
    My IRA is on track to be fully funded for this year.

    2. Continue our multi-year tIRA to RothIRA conversion plan--we did our first conversion this year (2018). Most of our savings are in pretax retirement accounts, so conversions will help smooth out the taxable income when RMD's kick in.
    This year DH contributed to Roth 401k/Roth catch up for his normal 401k contributions as it didn't make any sense to contribute to pre-tax and then turn around and convert. As a result, there is just a tiny bit of space left for conversions (of the other pretax dollars). I am waiting until December just to make sure there are no income (dividend/capital gain) surprises.

    3. Make a plan for kitchen and bath renovations.
    Several reasons, but this has been put off for another year.

    4. Figure out when DH will claim social security.
    DH has worked past 2 more retirement dates. He might retire next year. He won't claim as long as he is working and I don't think he will start social security mid-year. So, this decision has most likely been put off another year.

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  • disneysteve
    replied
    Originally posted by scfr View Post
    My mom is currently not able to drive, and I think that's going to be a permanent thing but she's not willing to accept that yet
    We convinced my mom to stop driving after an accident a couple of years ago and she's still not willing to accept it yet. We hear about it all the time.

    It's nice to see that so far, those who have updated did a pretty good job of meeting their goals.

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  • scfr
    replied
    Originally posted by scfr View Post
    - Sell house & move
    - Figure out where to park proceeds from home sale given we don't know when we will be buying another house (1 year? 10 years? unknown at this time)
    - Firm up budget in new location (have completed only a very rough one)
    - Buy new car (probably, not definitely --- We had talked about going to only 1 car after our move, but I was the instigator of that discussion and DH is having a change of heart --- we will do what he wants, this move is going to be harder on him)
    - Continue to contribute as much as we are allowed to 401ks, but put taxable savings on hold
    - Fuzzy goal: Try to hash out how much assistance to provide to family members

    2019 is going to be a year of change and figuring things out, financially and otherwise. We are moving in order to go live near family members who need our help. I'm glad we are way ahead on retirement savings. We can decelerate savings and still reach our goal.
    Sold the house and moved early in the year
    Proceeds from sale of former home are parked
    New location budget (based on renting) set
    Maxing contributions to 401ks

    Car: We did go to only 1 car as part of our move (sold our older one before the move). We have not yet purchased a replacement 2nd car. We're managing fine sharing 1 car. My mom is currently not able to drive, and I think that's going to be a permanent thing but she's not willing to accept that yet and isn't ready to let go of her car. When she is ready, we may buy hers, so for the time being we've put our car purchase plans on hold.

    The "fuzzy goal" of trying to hash out how much assistance to provide to family members is the one I've learned the most about since our move and am continuing to learn about. It has turned out to not be a "fix it and forget it" thing. It's an on-going process and discussion and I don't think that's going to change. And that's really OK.

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  • kork13
    replied
    Originally posted by kork13 View Post
    I honestly haven't even put a thought to it very much yet. Hopefully over the Christmas/New Year's holiday I'll be able to sit down with DW to think through it.
    Our goals ended up not going very far. It basically ended up being "get ready for our next move" (hoard cash for a $150k/~50% house DP), in addition to the normal steady-state stuff of maxing retirement, saving slowly for kids' college, and other longer-term goals.

    Well, my wife was medically retired from the military in April, but in those 4 months we were able to stash just over $10k into her TSP. My TSP is on track to max for the year, as are both of our Roth IRAs. DKs' 529s have been on autopilot since birth. It's looking like we're just about on track to have the desired $150k by next April when we'll need it (as long as the money folks figure themselves out & start paying my per diem properly... renting a furnished apartment for 7 months while paying for my family to live in Alaska is expensive, and I'm drawing off of the savings until the money gets sorted out. Gratefully, I know it'll work out eventually, and when I eventually settle up, we should be right about there & ready for the move.

    As I started looking at all this, I realized how fast everything is starting to happen for us... but rather than taking this thread on a tangent, off to a new thread it goes!

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  • disneysteve
    replied
    Originally posted by rennigade View Post
    Im still working so my financial goals have not been met. : )
    Was it your goal to retire in 2019? If so, what changed to delay that?

    Or were you just joking?

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  • rennigade
    replied
    Im still working so my financial goals have not been met. : )

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  • cypher1
    replied
    Originally posted by cypher1 View Post
    Long term savings:
    Continue contributing 10% to 401K (employer match 6%). Max out Roth IRA and then max out HSA.

    So between those three I'm saving about 20% of my gross pay.

    Shorter term would be to continue stashing more cash in the EF. I can see some house repairs/upgrades this summer. Off the top of my head, goal would be to save another 12-15% between EF and taxable investments. But most realistically it will probably be 8-12%.

    However, this thread is further motivation to review all those numbers and goals.

    I forgot to add setting up a will or estate planning option.
    Recently bumped contribution to 15% for 401K, so between that and Roth, and HSA up to 31% for gross income. Continuing the same rate for EF/short term savings.

    I need to knock out that estate planning option.

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  • disneysteve
    replied
    Originally posted by disneysteve View Post
    Max my 401K at $25,000
    Pay off our mortgage
    Figure out what to do with the $1,600/month that will be freed up once the mortgage is gone
    Continue putting $1,000/month into our Ally account, buying a CD or two with that money along the way
    Continue putting $1,000/month into our taxable Vanguard account earmarked for retirement

    That's the big stuff that I know the numbers for already.
    Thanks for bumping this up, corn.

    I maxed my 401K.
    We paid off the mortgage in August.
    I now put at least $1,500/mo in Ally and did buy a 5K CD just last week. And most months I've put in more than $1,500.
    I also put at least $1,500/mo in Vanguard.
    I'm also putting 13% of my weekly gross into Vanguard to make up for what isn't going into the Roth until the first of the year.
    Our portfolio is up to almost $1.3 million. Life is good here, too.

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  • corn18
    replied
    Originally posted by corn18 View Post
    1. Save as much as possible: $62k to 401k, $13k to Roth, $600k to taxable (lots of RSU's and bonuses next year)
    2. Evaluate my future
    Taking a look at how we will end up this year and it looks like we will meet our goals. Although a little different mix than what we started out with.

    1. $62k to 401k maxed out
    2. $13k to Roth IRA;s
    3. $180k to house savings for future purchase
    4. $320k added to taxable
    5. $154k net downpayment on TX house

    So it looks like we saved right around $729k.

    Right now, it looks like our savings will grow from $758k at the end of 2018 to $1.466M at the end of this year. Life is ok.
    Last edited by corn18; 11-07-2019, 07:47 AM.

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  • veronak
    replied
    2019 Goals
    1. Pay off last two of 10 credit cards, about $13,000
    2. After paying off CCs, by the third quarter, tackle my student loan debt of about $70K ‍♀️

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  • Fishindude77
    replied
    Originally posted by disneysteve View Post

    Congrats on retirement!

    I'm curious about #7 as that seems like something that really would have needed to happen before you made the decision to retire. I'm assuming you must have had a pretty solid estimate of annual expenses to know that you could afford to retire when you did and you just want to nail it down in more detail.

    The whole mindset change from saving and preparing for retirement to working out how best to generate your income and preserve your principal has to be quite a challenge.

    I did a budget I think is pretty close, but we had a goofy tax situation due to receiving a windfall of $$ from business sale. Also, many items I never tracked closely in the past so just estimated them.
    2019 Will be first full year living solely out of pocket. I know exactly how much $$ is coming in and I will be able to see how much $$ I raid from investments, so will get a true picture of annual spending needs this year. Not concerned about being short, we've accumulated plenty and have some pretty smart investments that generate a nice annual income.

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  • disneysteve
    replied
    Originally posted by Fishindude77 View Post
    We're recently retired

    7. Get a better handle on our true annual spending and expenses
    Congrats on retirement!

    I'm curious about #7 as that seems like something that really would have needed to happen before you made the decision to retire. I'm assuming you must have had a pretty solid estimate of annual expenses to know that you could afford to retire when you did and you just want to nail it down in more detail.

    The whole mindset change from saving and preparing for retirement to working out how best to generate your income and preserve your principal has to be quite a challenge.

    Leave a comment:

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