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hazeleyes33
LIF Adult
Member since 5/05 13060 total posts
Name:
Ginger
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Attention Financial Savvy People-lol!!
Once my ds goes to school, we will have extra money per month and wondered if this set up is good if this is all the money we have to work with:
Savings-$400/month
401K and IRA-$200/month
Kids College-$160/month
Vacation Fund-$250/month
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Posted 10/26/07 3:22 PM  |
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CookiePuss
Cake from Outer Space!
Member since 5/05 14007 total posts
Name:
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Re: Attention Financial Savvy People-lol!!
You should first start with maxing out your employer sponsered retirement plans and then make max. contributions to your IRAs. Based on your numbers, you aren't putting enough away in your retirement accounts and putting away more money for vacation then retirement. Retirement savings should come before college savings.
Message edited 10/26/2007 3:25:33 PM.
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| Posted 10/26/07 3:24 PM |
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Blu-ize
Plan B is Now Plan A
Member since 7/05 32475 total posts
Name:
Susan
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Re: Attention Financial Savvy People-lol!!
Posted by shamrock124
You should first start with maxing out your employer sponsered retirement plans and then make max. contributions to your IRAs. Based on your numbers, you aren't putting enough away in your retirement accounts and putting away more money for vacation then retirement. Retirement savings should come before college savings.
Agree on all counts.
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| Posted 10/26/07 3:28 PM |
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hazeleyes33
LIF Adult
Member since 5/05 13060 total posts
Name:
Ginger
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Re: Attention Financial Savvy People-lol!!
Posted by shamrock124
You should first start with maxing out your employer sponsered retirement plans and then make max. contributions to your IRAs. Based on your numbers, you aren't putting enough away in your retirement accounts and putting away more money for vacation then retirement. Retirement savings should come before college savings.
Do you know how much the max is or is it different for each company? Do you know the max for the IRA?
Thanks so much!
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| Posted 10/26/07 3:28 PM |
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CookiePuss
Cake from Outer Space!
Member since 5/05 14007 total posts
Name:
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Re: Attention Financial Savvy People-lol!!
Posted by hazeleyes33
Posted by shamrock124
You should first start with maxing out your employer sponsered retirement plans and then make max. contributions to your IRAs. Based on your numbers, you aren't putting enough away in your retirement accounts and putting away more money for vacation then retirement. Retirement savings should come before college savings.
Do you know how much the max is or is it different for each company? Do you know the max for the IRA?
Thanks so much!
Of course I do...
These are 2007 limits
SIMPLE: $10,500 (catch up $13,000)
401K/403b $15,500 (catch up $20,500)
Traditional/Roth $4000 (catch up $5000)
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| Posted 10/26/07 3:33 PM |
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hazeleyes33
LIF Adult
Member since 5/05 13060 total posts
Name:
Ginger
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Re: Attention Financial Savvy People-lol!!
Posted by shamrock124
Posted by hazeleyes33
Posted by shamrock124
You should first start with maxing out your employer sponsered retirement plans and then make max. contributions to your IRAs. Based on your numbers, you aren't putting enough away in your retirement accounts and putting away more money for vacation then retirement. Retirement savings should come before college savings.
Do you know how much the max is or is it different for each company? Do you know the max for the IRA?
Thanks so much!
Of course I do...
These are 2007 limits
SIMPLE: $10,500 (catch up $13,000)
401K/403b $15,500 (catch up $20,500)
Traditional/Roth $4000 (catch up $5000)
So that is the max you can put in per year? Thanks so much, I will look over my numbers again!!
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| Posted 10/26/07 3:37 PM |
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CookiePuss
Cake from Outer Space!
Member since 5/05 14007 total posts
Name:
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Re: Attention Financial Savvy People-lol!!
Posted by hazeleyes33
QUOTE]
So that is the max you can put in per year? Thanks so much, I will look over my numbers again!!
Those are the numbers for 2007; they change again in 2008. The Trad/Roth IRA contribution go up to $5000 and the employer sponsered plans are indexed.
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| Posted 10/26/07 3:40 PM |
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hazeleyes33
LIF Adult
Member since 5/05 13060 total posts
Name:
Ginger
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Re: Attention Financial Savvy People-lol!!
Posted by shamrock124
Posted by hazeleyes33
QUOTE]
So that is the max you can put in per year? Thanks so much, I will look over my numbers again!!
Those are the numbers for 2007; they change again in 2008. The Trad/Roth IRA contribution go up to $5000 and the employer sponsered plans are indexed.
Thanks!
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| Posted 10/26/07 3:43 PM |
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MissJones
I need a nap!
Member since 5/05 22132 total posts
Name:
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Re: Attention Financial Savvy People-lol!!
Someone on here once posted something smart. You can always borrow for college but you can never borrow for retirement.
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| Posted 10/26/07 4:42 PM |
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hazeleyes33
LIF Adult
Member since 5/05 13060 total posts
Name:
Ginger
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Re: Attention Financial Savvy People-lol!!
Posted by MissJones
Someone on here once posted something smart. You can always borrow for college but you can never borrow for retirement.
So true. We will start saving for the kids again for college but I KNOW they will have to help out too because it will just not be enough.
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| Posted 10/26/07 4:54 PM |
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