Financial Goals 2015 - Well done, everybody!

The Something Awful Forums > Discussion > Ask/Tell > Business, Finance, and Careers > Financial Goals 2015 - Well done, everybody!

balancedbias: May 2, 2009; $$$$$$$$$

District Selectman posted:

Holy moly, how is it even possible to legally get $113k a year into retirement funds?!

401k (or 403b) + 457 =17.5k + 17.5k = 35k
Then add whatever company match

The IRAs are 5.5k×2 = 11k

The last 40k is not "retirement funds" in the way the rest is because it doesn't have the tax adavantages, but seriously that's impressive :stare:

# ¿ Dec 15, 2014 01:45

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# ¿ May 10, 2024 08:44

balancedbias: May 2, 2009; $$$$$$$$$

Well, this is going to be an interesting year depending on the timing of when we're looking to have our second child. We have a 3 year-old right now. Job situation is solid and funding all of our dreams, so I'll do my best not to screw it up somehow. No loans besides a mortgage, both of us working, fully stuffed emergency fund. These are not necessarily in order.

-Max out 401k

-Max out 457 (I learned about this late 2013 thanks to this forum and have been funding it ever since! :woop:

)

-Max out BOTH IRAs - I've always funded mine, but this'll be the first time for my wife.

-Roll over the nondeductible traditional IRA into a Roth - *sigh* so thanks to learning more about the requirements in the past few months, I realized that I've been screwing up. I knew that my IRA contributions weren't deductible for the past few years, and we don't qualify for the Roth directly, but I didn't know about form 8606. So there's going to be some 'splainin to the IRS, some vetting of a decent CFP and tax expert, and ultimately some Roth money that I should have done a while ago. Thankfully I don't have any deductible traditional IRA money.

-Continue monthly funding of 529 - the amount may change, again depends on theoretical baby #2.

-Increase life insurance - this I'll admit we've both been huge slackers. Well, more specifically me, since I made 4x what my wife did this year. She pointed out "If you drop dead, I'd be fine in the immediate run, but the future would be reaaal sketchy" and she's right :smith:

. As soon as we sit down and calculate the proper amount, I can definitely afford a bigger term policy.

-Make accelerated payments on the mortgage to the tune of 12,000 total for the year

-Adjust quarterly estimated payments so our 2015 refund is under $1000. This is always tough because the work schedule shifts occasionally.

# ¿ Dec 26, 2014 13:18

balancedbias: May 2, 2009; $$$$$$$$$

balancedbias posted:

Well, this is going to be an interesting year depending on the timing of when we're looking to have our second child. We have a 3 year-old right now. Job situation is solid and funding all of our dreams, so I'll do my best not to screw it up somehow. No loans besides a mortgage, both of us working, fully stuffed emergency fund. These are not necessarily in order.

1-Max out 401k

2-Max out 457 (I learned about this late 2013 thanks to this forum and have been funding it ever since! )

3-Max out BOTH IRAs - I've always funded mine, but this'll be the first time for my wife.

4-Roll over the nondeductible traditional IRA into a Roth - *sigh* so thanks to learning more about the requirements in the past few months, I realized that I've been screwing up. I knew that my IRA contributions weren't deductible for the past few years, and we don't qualify for the Roth directly, but I didn't know about form 8606. So there's going to be some 'splainin to the IRS, some vetting of a decent CFP and tax expert, and ultimately some Roth money that I should have done a while ago. Thankfully I don't have any deductible traditional IRA money.

5-Continue monthly funding of 529 - the amount may change, again depends on theoretical baby #2.

6-Increase life insurance - this I'll admit we've both been huge slackers. Well, more specifically me, since I made 4x what my wife did this year. She pointed out "If you drop dead, I'd be fine in the immediate run, but the future would be reaaal sketchy" and she's right . As soon as we sit down and calculate the proper amount, I can definitely afford a bigger term policy.

7-Make accelerated payments on the mortgage to the tune of 12,000 total for the year

8-Adjust quarterly estimated payments so our 2015 refund is under $1000. This is always tough because the work schedule shifts occasionally.

1-401k contributions are automated, so this is on track.

2-ditto for 457

3-This may change so that we contribute for my wife last year, then later on do the contribution this year. See below for how things change...

4-Got a CFP that actually understood the situation and is willing to help with the wording to the IRS and doing the old 8606 forms. The other issue is that we friggin destroyed out budget due to helping out family during their time of need. That slowed down the IRA stuff, and I'm picking up extra shifts to make up for it. The thing is, extra call is like a feast-or-famine situation and I was usually more comfortable on the famine side, so to speak. The extra bucks means that I'm possibly going to be a little burnt out midway through the year but we can actually increase our goals beyond what we had expected!

5-529 is on autopilot, steady as she goes. Planning on pregnancy by mid-year. So scary, so exciting!

6-Done! independent 20 year term life with an amount that lets her take care of everything. (Note to self: sleep with one eye open.) :ninja:

7-Keeping the bulk of this extra mortgage payment in a cash account until I'm sure no other family drama comes up this year. Plus we may refinance and if it's reasonable I may use some of that for closing costs. Again, thanks to extra call the total amount is leaning towards being bigger than we had initially hoped.

8-Yeah, this is not feasible. I'd rather not go through the mental gymnastics of min/maxing the tax refund with all of the other stuff going on. It looked great in January, but then February Family Fuckup month happened :cry:

# ¿ Mar 3, 2015 04:06

balancedbias: May 2, 2009; $$$$$$$$$

balancedbias posted:

1-401k contributions are automated, so this is on track.

2-ditto for 457

3-This may change so that we contribute for my wife last year, then later on do the contribution this year. See below for how things change...

4-Got a CFP that actually understood the situation and is willing to help with the wording to the IRS and doing the old 8606 forms. The other issue is that we friggin destroyed out budget due to helping out family during their time of need. That slowed down the IRA stuff, and I'm picking up extra shifts to make up for it. The thing is, extra call is like a feast-or-famine situation and I was usually more comfortable on the famine side, so to speak. The extra bucks means that I'm possibly going to be a little burnt out midway through the year but we can actually increase our goals beyond what we had expected!

5-529 is on autopilot, steady as she goes. Planning on pregnancy by mid-year. So scary, so exciting!

6-Done! independent 20 year term life with an amount that lets her take care of everything. (Note to self: sleep with one eye open.)

7-Keeping the bulk of this extra mortgage payment in a cash account until I'm sure no other family drama comes up this year. Plus we may refinance and if it's reasonable I may use some of that for closing costs. Again, thanks to extra call the total amount is leaning towards being bigger than we had initially hoped.

8-Yeah, this is not feasible. I'd rather not go through the mental gymnastics of min/maxing the tax refund with all of the other stuff going on. It looked great in January, but then February Family Fuckup month happened

So, the great news is that the retirement accounts are fully funded, so those goals are met! That's 1,2,3.

For #4 the old 8606 forms are sent to the irs. We just have to foot the tax bill, and we already have that set aside.

#5 is a bit E/N, there was a miscarriage, so no change necessary for now.

#6 and #7 remain unchanged.

Ironically, #8 may happen anyway if there are no major changes for the rest of the year.

This year has included some major personal milestones and heartaches, but the financial ship is sailing steady thanks in part to bfc.

# ¿ Sep 19, 2015 13:09

balancedbias: May 2, 2009; $$$$$$$$$

balancedbias posted:

Well, this is going to be an interesting year depending on the timing of when we're looking to have our second child. We have a 3 year-old right now. Job situation is solid and funding all of our dreams, so I'll do my best not to screw it up somehow. No loans besides a mortgage, both of us working, fully stuffed emergency fund. These are not necessarily in order.

1-Max out 401k

2-Max out 457 (I learned about this late 2013 thanks to this forum and have been funding it ever since! )

3-Max out BOTH IRAs - I've always funded mine, but this'll be the first time for my wife.

4-Roll over the nondeductible traditional IRA into a Roth - *sigh* so thanks to learning more about the requirements in the past few months, I realized that I've been screwing up. I knew that my IRA contributions weren't deductible for the past few years, and we don't qualify for the Roth directly, but I didn't know about form 8606. So there's going to be some 'splainin to the IRS, some vetting of a decent CFP and tax expert, and ultimately some Roth money that I should have done a while ago. Thankfully I don't have any deductible traditional IRA money.

5-Continue monthly funding of 529 - the amount may change, again depends on theoretical baby #2.

6-Increase life insurance - this I'll admit we've both been huge slackers. Well, more specifically me, since I made 4x what my wife did this year. She pointed out "If you drop dead, I'd be fine in the immediate run, but the future would be reaaal sketchy" and she's right . As soon as we sit down and calculate the proper amount, I can definitely afford a bigger term policy.

7-Make accelerated payments on the mortgage to the tune of 12,000 total for the year

8-Adjust quarterly estimated payments so our 2015 refund is under $1000. This is always tough because the work schedule shifts occasionally.

1-Done
2-Done
3 -Done
4-Done
5-Done (well, ongoing, but you get the point)
6-Done
7-Done
8- :laffo:

nope ! but hey, at least I don't owe a ton of money and have to sweat!

So, no new baby (on hold indefinitely), way more family drama (that doesn't look to affect any finances), and a variation in goals for 2016 on the way!

# ¿ Dec 19, 2015 02:18

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# ¿ May 10, 2024 08:44

balancedbias: May 2, 2009; $$$$$$$$$

slap me silly posted:

I like! Anyone who wants this and feels they deserve it, post in here with

(1) Link to the post with your original goals
(2) Link to the post that tells how you did

YES! I want it!

Original
http://forums.somethingawful.com/showthread.php?threadid=3687865&userid=151049#post439420460

The final update (which I guess has the original anyway, but I don't want to miss out on such a sweet tag)
http://forums.somethingawful.com/showthread.php?threadid=3687865&userid=0&perpage=40&pagenumber=11#post454022171

# ¿ Dec 25, 2015 15:21

The Something Awful Forums > Discussion > Ask/Tell > Business, Finance, and Careers > Financial Goals 2015 - Well done, everybody!