Home > Stimulus is Pending, Retirement is at 15%

Stimulus is Pending, Retirement is at 15%

January 3rd, 2021 at 12:11 am

I checked my bank account this morning and to what should my wondering eyes appear, but a pending stimulus payment. DH and I got $1200 together.  I'm a little disappointed that they couldn't get their act together and do the $2000, but free money is free money.  That will go into the EF, minus the tithe, and that will put us at a little over three month's expenses.  I plan to continue to save for six month's expenses, which will take to the end of the year or thereabouts.  Eventually I'd like six month's income and not just six month's expenses, but once expenses are met, I'll probably cut the contribution in half so we can save for other things, but still push forward.

We also made sure our retirement account was set to15% for 2021.  DH had done it once but it didn't take.  So we did it again and this time got to an end screen he didn't get to the first time.  I will make sure I check it again before payroll hits.

I did the numbers and between what we will contribute and what work will contribute (2.5%) it'll be a little over $20K this year.  And that doesn't include company stock.  If DH works until 72 and we get the same average rate of return as has been going for the last 20 years with the funds we are in, we should have 5.5 million.  If we max out it'll be a little higher.  If he can only work until 65, we still max out a little over 2 million.  That's assuming no raises that will allow us to max out our 401K.  Gives me hope that our disabled daughter will be well taken care of and that there will be an inheritance for my son, too.

And that's only if we don't put anything into the IRA.  If we can contriubte to it this year that would be amazing, even if it is only a little bit.  But I think if possible we would max out the 401K first, which would be an additional $2000 to what we are putting in.  That might be a big enough stretch on its own.

DH's work is considering doing something where if you work overtime, instead of getting paid overtime, the hours worked can bank for extra paid vacation time or can bank for a quarterly payout, or do half vacation time/half quarterly payout.  Since the project he is working on does not authorize overtime, this would be a way to actually work it, but get a different way of paying out.  Normally it is only offered to salaried employees, not hourly, but he is doing the work of a salaried employee.  I think they are putting it to a vote when everyone comes back from the holidays.

I am all for it.  I'd like extra paid vacation and an extra payout, so we would do 50/50 for the first quarter and see what that looks like.  And of course extra hours worked already means extra sick leave banked, since it is based on that at his work.  While straight OT is better than anything, that just won't be an option this year.  I guess we just have to wait and see how things play out.


3 Responses to “Stimulus is Pending, Retirement is at 15%”

  1. Wink Says:

    I noticed my stimulus was pending also. That was pretty quick.

  2. rob62521 Says:

    Good job on your retirement goals.

    Sure hope that works out for DH's job and he can get one of the three options since he is working overtime.

  3. terri77 Says:

    That’s a huge increase on your retirement savings! Great job.

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