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Retirement Update and Thoughts

November 8th, 2020 at 01:22 am

Our retirement has gone up  from $36,810.93 on 10/10/20 to $37,826.36, a difference of $1012.43.  Only $440 of that was contributions, so we've made a profit of $572.43 in 4 weeks, during one of the most unsettled periods of our nation's history.  I wish his work was contributing the to the 401K.  I hate that they had to quit in July due to Covid in order to stay afloat.  We would be further ahead.  I will be glad when this awful year is over and I hope and pray with all I am that next year will be better and the promised vaccine will be successful and actually here.

Once I know how next year is going to play out in the paycheck department, I can decide whether or not to increase our contributions.  Our portion of medical will be going up around $250 a month pre-tax.  I don't know what that will shake out to until we get our first full January paycheck.  The plan was to bump it up to 7% in January and then if that seemed doable, work our way up to 10% by adding 1% at a time and seeing how that shakes out.  Of course, if the tax cuts are revoked, then that will be moot as well, because we will lose another $250 a paycheck due to that.

If things get better next year at DH's work, and I'm not sure they will with Biden's vendetta against the oil industry, but if they do and DH gets the raise that should have gone with his promotion and we get their contributions back, we should be able to handle 10% no problem.  But if ifs and buts were candy and nuts, this would not be a worry.  At least they have the biodiseal conversion contract at one of the oil refineries.

I know we have to step up our game somehow or other with retirement.  It helps that mom has told us we are going to inherit the $650,000 house since we are the only ones who have helped her all these years (as long as we give my sisters $100,000 each that we can pay them interest free over time for their smaller portions of the inheritance), we will never have to worry about a place to live.

Although we would probably eventually sell this place and move away from the city, possibly the state, we would easily be able to buy a house outright with the profits elsewhere.  We are looking at Montana because DH's work has a branch there that he works with now, and they have asked in the past about moving there.  We just can't currently afford it.  I would like to retire in a lower cost of living area that is less politically rabid to one side.  Somewhere a little more centrist to slightly conservative, so more pro gun, has better water rights, and is anti-big gov.  Montana is my favorite other state that I have ever visited and even though the winters are colder, the summers are amazing.

All this limbo makes me feel crazy.

1 Responses to “Retirement Update and Thoughts”

  1. rob62521 Says:

    I totally get what you are saying. Our retirement savings has gone up, down, and back again. Sure hope things settle down and we start seeing more growth.

    We were fortunate to live in a place where th cost of living is reasonable, although Illinois is getting more and more tax hungry as our state has so many bills that have not been paid.

    Hopefully you can save enough that you can retire to someplace you can afford and like.

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