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so very close

November 17th, 2014 at 10:30 am

The total sum of all my retirement account balances is currently $498,581.39. So very close to $500K! I really hope it hits $500K soon before the market inevitably dips again. I want to see the milestone amount on my computer screen in all of its glory.

I just realized that I contributed way more than planned this year to my work 403B account. I turned 50 in September which means that I automatically qualify for the $23K voluntary contribution "catch up" limit rather than the standard $17.5K. I set the percentage of my salary going to voluntary retirement very high years ago and didn't notice this year that my paychecks didn't increase significantly during the year like in previous years once the $17.5 limit was hit. I checked with HR and I will reach the $23K limit during the next pay period. Woops - I didn't realize that this would automatically happen. That plus the mandatory 6% that my employer requires to be contributed means that a high percentage of my salary went towards retirement this year. On top of all of that, my employer contributes 15% of my salary amount to my retirement account each year. I'm thinking about not contributing to my Roth or traditional IRA for 2014.

Demolition of my old bathroom began today! I will have a new bathroom in a few weeks. I'm both terrified and excited. But mostly I'm proud of myself for pulling the trigger on a house project. FINALLY! Smile

2 Responses to “so very close”

  1. patientsaver Says:

    Congratulations! You're doing great and fast on my heels in terms of net worth. See if you can catch me!

  2. snafu Says:

    Demo is scary but I hope you'll take pictures to track the process and your feelings. Getting a 15% retirement contribution from your employer is Supercalifragalisticexpialidocious! If you lowered your 403B contribution to 17%, how would it affect the employer's contribution? You could use the variance for ROTH. How much input do you have in the specific investments of your retirement plan? You might like to slowly reduce your exposure to the international risk percent of your portfolio for example. Can you look at market downdrafts as a buying opportunity?

    Consider that after retirement your capital continues to produce income, you will only use a small percentage for annual expenses for a great many years. Just now the actuaries are having problems trying to work out sums retirees need after age 80!

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