As I mentioned in my now deleted blog entry due to the hacking, the IRS will/has announced higher retirement plan limits in 2020. You will now be able to contribute $19,500 to your 401k and catch-up contributions for those 50 & older has increased to $6,500. No change to the IRA limit.

Multiple articles linked below for your reading pleasure:

https://www.msn.com/en-us/money/retirement/irs-raises-retirement-account-limits-for-2020/ar-AAJXoWD?ocid=spartandhp

https://www.journalofaccountancy.com/news/2019/nov/irs-inflation-adjustments-2020-retirement-plans-201922407.html

https://www.forbes.com/sites/ashleaebeling/2019/11/06/irs-announces-higher-2020-retirement-plan-contribution-limits-for-401ks-and-more/#1f285dc533bb

https://money.usnews.com/money/retirement/iras/articles/ira-contribution-limits

https://401kspecialistmag.com/irs-bumps-2020-401k-contribution-limit-to-19500/

ETA:

Biweekly contribution for the 401k:$750
Biweekly contribution for catch-up:$250

I love readings money diaries from Refinery 29. Check them out at:

https://www.refinery29.com/en-us/money-diary

The GAO has released a report on the rate of retirement savings at the request of Bernie Sanders. It's still shocking to me no matter how many times I read pretty much the same thing.

https://www.gao.gov/assets/700/697898.pdf

The numbers don't quite match up, I calculated 101% with the percentage breakdown. Savings rates have slightly improved, but still, what is to be done? More personal finance education for children? Is it a lack of education or a lack of income? Probably both. When you consider that this survey is for Americans 55 and older, the picture gets even scarier.

Apparently I’ve landed myself in retired blog status due to not posting for 3 months. So an update is in order.

It’s that time of year again: tax season. A time of year that I don’t particularly look forward to as i’m Sure to owe taxes again this year. Thankfully, this year will be in the hundreds instead of the thousands. The much hyped middle class tax breaks netted me little & I will miss some of the lost deductions. Oh well, there are worse things to happen than to be gainfully employed (two jobs even!) and to owe a little in taxes.

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.

This week I sent off the final payment for my federal taxes (including the late fees & penalties). This year I owed over $4k, which is a much larger amount than I've ever owed. Last year was an unusual year with income that I didn't anticipate. This year will be less income, but I still decreased my exemptions to 0 at both jobs. I don't anticipate another 6 figure year for 2018.

I have been working a lot of extra hours at my full-time job, but there is no overtime pay involved. I earn hours to take off later. I don't have strong feelings about not getting overtime, but it would be nice if I did. I've raided what little cash I had to pay off the IRS. However, I will enjoy the extra time off later when we get past our inspection.


No other new news on the personal finance front. Things are the same, but I'm happy to see some bounce-back in the stock market, for however long it holds.

I have a had a few phone consultations with a representative from Personal Capital. Of course they want me to sign up to have them manage my investments. The percentage is small, only 0.89% for up to $1 million then it goes down. Their asset allocation calls for some REIT's & gold, neither of which I'm sold on. Has anyone worked with them?

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.

My 40th birthday was Tuesday & I took the day off. It's pretty much my only day off in a 4 week span so I was looking forward to it. I slept in a little later than usual, went to the gym, then the spa (massage, facial, and pedicure) followed by dinner, then drinks. It was a very good day. My friend made me a beautiful scrapbook. I can't wait to fill it with new adventures & experiences in this next year of life.

On Thursday I attended the dinner thrown by the law firm that handled the union's class action settlement. My check turned out to be significantly bigger than expected. The amount that I thought was before taxes, was actually after taxes. So I ended up with a check for $10k.

I also got a check from my parents for my birthday and my insurance dividend from USAA. In addition to what I've already received, I'm also expecting to have my 401k contributions returned to me as I'm over the contribution limits, plus my performance bonus before the end of the year. Rumors are that we will get a percentage amount rather than a cash reward. Percentage awards are usually preferable.

This month has been very financially prosperous!