April 7, 2009

Wife Beginning New 401(k) Plan

My wife's eligible to contribute to her new company’s 401(k) beginning next month. She completed the online forms over the weekend and will begin contribution 5% of her pay in May. It works out to be a $115.63 contribution per check or $2,775.12 per year. I'm currently contributing 5% to my 401(k) plan ($3,171.15/year) and we're hoping to max out our Roth IRA contributions this year ($5,000 each). So far, we've contributed $2,000 this year towards our $10,000 total contribution.

If we’re able to fully fund our Roth IRA’s and don’t make any other changes to our 401(k) plans, we’ll be looking at a total contribution to our retirement accounts this year of $15,946.15. This is 13.41% of our gross income - not including any bonuses that my wife receives. If successful, this will be the largest percentage of our income we have invested to our retirement accounts. Ideally, we will slowly increase this percentage every year.


J. Money said...

yeah doggy, keep on investing that money! just think how fat these accounts will be 20-30 years from now :) I'll meet you all on the beach...

1MansMoney said...

You got that right! We keep telling ourselves, "sacrifice a bit now and it'll pay off later". See you on the beach J. Money.


Kristy @ Master Your Card said...

Excellent job there guys! How's the match from each of your prospective employers? I think it's great you want to max out Roth IRA contributions, of course, but I hope you're at least meeting the company match...wouldn't want to see free money thrown away.

Regardless, 13.41% is a great number and I'm with J...in 20-30 years, those accounts are going to be providing you a pretty penny or two!

Keep up the great work!

1MansMoney said...

Kristy - No match from our employers, but we still to plan to have a tidy sum at (early) retirement.


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