Goal Update: Retirement July 2017

Jen

It’s been a year since my last retirement update.  How are we standing with our goals?

2016

I calculated that we would only hit 14% of gross income in retirement accounts for the year, thanks to my grad school tuition.  That is exactly where we hit.

2017

We hoped to increase our retirement rate to 20-25% this year, but I can already say that isn’t going to happen, thanks to home repairs, the need to replace one vehicle, several appliances, and our new modest vacation fund.

I expect we will hit 14-16% of gross this year again.

Overall Retirement Savings

The markets have done pretty well overall this year, and we exceed where I expected us to be. We are at 22% of our minimum retirement goal of 1.2 million. Last year we were at 19-20% of goal, so we’ve gone up by about 2.5%.

Retirement Related Goals

  1. Consolidating my old employer 401K accounts into a Vanguard IRA. I decided to just roll over my worst-performing account, since the other two are actually doing great,have decently low expenses, and give me a little diversity. I did all of the paperwork for the rollover this week and set up my Vanguard IRA. Done!
  2. Open a Vanguard Roth IRA account. We did this and have 2 years worth of funds in there for me. Done! 
  3. We have a lot of research and learning to do when it comes to deciding where we are going to put the “early retirement” portion of our funds. I have a list of books on my list to read. Still working on this. 

2018 Goals

We plan to continue to max our Roth IRAs, but need to increase our savings.  I am thinking of adding another 3-4% of my income to my Vanguard IRA, but this is dependent upon how much I am able to work.

Where are you at with your retirement goals?

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One thought on “Goal Update: Retirement July 2017

  • One of the best things we did was rollover our retirement accounts to Vanguard! Glad you got that done!

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