Oh wow, this one is a doozy. Since I wrote my 10 year goals on my birthday, my work changed a few things regarding retirement (basically eliminating one decision point date on my timeline - really nothing big), and so it got me thinking.
Right now I am set at 6% with a traditional 401(k). I need to up that percentage methodically over the next 10 years. I just have to. I'm just trying to figure out exactly when. Just thinking here - I would love to up it by one percent each quarter so that I can eventually max out my contribution each year. That is not foreseeably possible for this year, so for right now I will consider it a win to up it by 1% by my birthday.
Ted is at 10% in his and his a Roth one. I will set the same goal for his contribution, but not by his birthday which is in 3 weeks. I can't swing it yet.
I do have 2 small Roth IRA's. One takes some doing to change the contribution amount, which is set at $50 per paycheck. I hope to up it by $50 each year on my birthday, so in September. This is fondly known as my quilting retirement fund. My sister laughed at this and then she thought for a minute and said that this was pretty hecking smart on my part. I know.
The other small Roth IRA I have is on Stash. Right now it's $5 per paycheck (don't laugh) and I will start my quarterly $5 increases on this starting with my next paycheck on Thursday. This is fondly known as my knitting retirement fund.
My last investment is also with Stash and is just a personal fund invested in mutual funds. I do $20 per paycheck, and I will start my quarterly $5 increases on this as well on Thursday. This one actually doesn't have a name, but I think of it as pizza and beer / travel / whatever funds.
I just did my usual 5 minute retirement calc. They say you need 80% of what you make when you retire. I do have a pension, which will fund 45% of my retirement income. I need another 35%. I logged into SSA and if I retire at the max age, I will get that other 35% no problem. That means all the saving is for other stuff, which is ideal. Yes, I do have a better retirement calc process. I just haven't done it in a while. I'll make that a 2021 goal.
Lastly, there was a commercial where the financial guy asked what do want to do when you retire and the customer answered. Then he asked what do you want to do between now and then. She answered that she wanted to run with the bulls. I remember this because I am trying to remember to do what I want NOW and not wait for retirement.
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