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New Retirement Plan Limits

November 4th, 2018 at 09:42 am

The IRS announced new retirement plan limits on November 1st. The 401k limit increases to $19,000 and the IRA limit increases to $6,000. For those under 50, you can contribute $1000 more to your retirement accounts next year. Both plans were projected to increase & it's nice to know that it's official. For those of you that contribute biweekly you'll be contributing $731 per period for your 401k(if you choose even distributions) and $500 a month to your IRA.

Im looking forward to meeting my max once again next year. Although the market has had a rough year, I am still committed to contributing up to the IRS limits.

Home Maintenance

September 2nd, 2018 at 08:22 am

I'd really like to get back to building up my savings again. My savings accounts were depleted in an effort to pay down debt, but I'd like to have that assurance of having something set aside again. Also, after more than 12 years of owning my own home it has belatedly dawned on me that I really need to have an account for those unexpected, yet expected, home repairs & maintenance costs.

2019 Budget

August 18th, 2018 at 07:39 am

I have already started to work on my 2019 budget with estimates of an increase in my retirement plans as well as an increase in pay. My pay should go up in January even if an annual raise isn't approved, because I am due for an increase due to my pay schedule. Retirement plans may increase $1k in contribution limits, but my pay should increase at least another $2k, hopefully $3k if an across the board increase is approved.

Retirement Plans in 2019

August 18th, 2018 at 07:36 am

I have read predictions that both the 401k and IRA limits will increase by $500 next year. It will be nice to be able to save an extra $1k next year. I will make the adjusts accordingly in December, when the changes are signed into law.

Merry Christmas & Happy New Year

December 22nd, 2017 at 08:26 am

Happy Holidays to all! My family is flying in today. I am looking forward to spending the next several days with them. We both fly out on the 27th. Them back home, me to London then Edinburgh.

My gym is going up $1 in January. I decided to cancel my membership. It will be $50 a month & I can get a membership at a 24 hour fitness club for much cheaper. I am also looking to cut my cable next year. I guess my New Year's resolution is to be more vigilant about my spending. I don't plan on cutting out vacations so I will look elsewhere. I barely watch television anyway.

My goal was to have $500k by age 40. It seemed a very lofty goal at the time, but I have not only accomplished that goal,I have surpassed it. Now for the next goal. Is $1 million by age 45 out of the question? Maybe not, but it will require some dedication to cutting expenses, getting rid of debt, and continuing to save a good percentage of my income. $750k seems too conservative, but if we run into a bear market it may be an optimistic goal.

I'm excited for what the future holds in many ways.