We are getting close to maxing out on the 401K. We've already hit the normal max out, but since DH is over 50, we are going for the catch up amount, which is $30,000. Unfortunately, we are still waiting for payroll to make the contribution from November 10th and of course they have not made the one from the 25th yet, either, so we are waiting for them to deposit at total of $2104.73 that they did deduct from the paychecks. DH checked.
Once they do it, and DH is finally getting his butt in gear, and checking with payroll tomorrow, we'll have contributed $26,362.73. And we should have another $993 from each paycheck unless there is overtime, bringing our contribution to $28,348.73 for the year. I am super tempted to run the numbers and see what we would need to do percentage wise to get that extra $1651.27 withheld. It would be $825.64 and $826.63 from each check.
Which we could manage if we don't save anything for the bathroom in December, skip the gift fund and the phone fund contributions, and don't put anything in the household account which has $196 in it and all I need to buy from that money is a new filter for the fridge because we just replaced it and I like to have one on hand when we do that. So that will still leave that account with $140 in it. Since we just restocked everything we need, we should be just fine until January or February on what we have. I would just have to figure out percentages. I really want to max this thing out.
Then I want to figure out what percentage I need to put the 401K at to max it out for next year. Because of the raise, I think we can comfortably go from 16% to 18%. I just haven't done it. I really need to run the numbers. Okay, back from running the numbers. Yes, it looks like 18% is what I need to be withholding. Which would be about $1250 a paycheck instead of $993. Depending on overtime it could be more. It would be a difference of $257 in pretax dollars, but I don't know what that would shake out to in post tax dollars.
Either way, I think our budget can absorb that. There are definitely places we can tighten up and have some more discipline about. We could probably even just do 17%, because with the amount of overtime DH works, we'd probably smack up against it just fine raising it one percent and if it looks like we won't, I can adjust it in September instead of waiting until November. I just wasn't paying attention this year, because of heart conditon, then the stomach flu, then the real flu, then Covid again. $128.50 a week seems like an easier hit, but we might just be fine. I don't know. I'll talk to DH about it when we do our yearly, "I know you don't wanna, but you're gonna, sit down and go over the budget with me," meeting at the end of December. That's when we go over the state of all the finances, too.
The IRA is finally back up again. Still not quite up to pre-Biden levels, but doing much, much better. And the 401K is doing nicely despite the lack of contributions. This month was good for it.
$131,368.59 Total Retirement Accounts
This is an increase of $9913.20 since I last updated my sidebar. This increases my net worth to $226,673.53.