Christy gave me the idea to start documenting our savings in a post every month. After writing the first one, that gave me the idea to document our retirement savings.
Saving for retirement has been a big focus of ours lately. We wish we would have started being more focused on it years ago, but there is no time like the present and we’ve still got about 20 years to prepare.
As I’ve stated before, I didn’t get right minded about retirement until we paid off our house and I got obsessed with finances. We currently invest 9% of my pay into my work 401k. Our 9% goes into a Roth 401k and my company match of 3% goes into a traditional.
We are currently only funding half of our Roth IRAs. $3,000 into mine and $3,000 into Christy’s by investing $250 into each account every month. We would like to fully fund them, but unfortunately our money is too tight at the moment. If I get a bonus at the end of the year, we plan on using that to max them out.
Here is where we stand as of today.
Work 401k | $69,138 |
Roth IRA’s | $2,900 |