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Retirement

November 21st, 2009 at 04:07 pm

Here is our current retirement contributions:

Me
6% to 401K
3% to 401K (from employer)
6% to ROTH IRA


DH
10% to 403B
10% to 403B (from employer)

Balances
401K $8300
ROTH IRA $1300
Rollover IRA $1700
403B $6400
(403B is estimated balance, we only get statement once a year)

I try to bump my own retirement up 2% per year. It definitely gets harder to move it up as time goes on. Right now I am contributing 12% (plus 3% from my employer). But this next year my employer contribution will go down to 1.5%. So I think I will change to :

Me
3% to 401K
1.5% to 401K (from employer)
11% to ROTH IRA

So that will get me up to 14% (15.5% if you count employer contribution) - I am trying to keep moving mine up till DH and I are both at 20% and then move each of us up a little each year.

Posted in Retirement | 2 Comments »

2 Responses to “Retirement”

  1. baselle Says:
    November 22nd, 2009 at 02:17 am 1258856260
    1258856260

    Very wise to have a mix of tax free (ROTH) and tax deferred (IRA, 401K, 403B) monies to tap into for retirement. You just never know what the tax future holds.

  2. financeaholic Says:
    November 25th, 2009 at 04:22 pm 1259166178
    1259166178

    it will be tight switching your contributions from a 401K to a roth IRA though because the money you contribute to your roth will be after tax money. while the money you contribute to your 401K is pre tax money. so you will likely be walking away with less in your paycheck and depending what you make that could be a substantial sum - food for thought Smile

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