Home > Christmas Bonus, Retirement, and Net Worth

Christmas Bonus, Retirement, and Net Worth

December 17th, 2023 at 12:22 am

DH got his Christmas bonus this on Friday and it was $911.64.  Before taxes it was $1200.  Not as good as last year, so the company must not have done as well.  Either that or they will be distributing a larger portion in stock shares this year.  I hope so.  DH worked his tail off in overtime this year so his percentage of hours worked is high and the portion of shares you get is based on the percentage of hours you work.  We've got a fairly large chunk of change in company stock on top of the 401K and the IRA.  Of course we can't sell it back until years one and two after retirement, but it should be significant by then.  Just won't like the tax bill.

We've decided to tithe $91.16 and put the rest into the medical account.  They've changed things up a bit this year with how they do the deductible and the out of pocket max.  So starting in January, the deductible is now $1250 per person or $2500 per family.  The out of pocket max is $3000 per person or $5000 per family.  Which would, supposedly, help out the average family.  But I'd really like to have been done with the deductible, because we have the $3000 to pay that off immediately.  And once that is paid off the out of pocket max is worked on at a 20% co-insurance.

DD will wipe out her deductible and out of pocket max with her surgery in January, but the rest of us will be working on wiping out the $1250 that is left on the deductible and the $2000 left on the out of pocket max.  At least the deductible is lower.  It has been $3000 for the past couple of years, so a drop of $500 is welcome.

DS's therapy, a couple of my scheduled appointments, and DH's appointments to have his knees checked out and likely x-rayed, will probably have the deductible met sometime in February.  So the big flush of medical spending will be done and we will only have to worry about co-insurance until the out of pocket max is met, which will be a relief.

They finally, finally, finally dumped in the money for the 401K they'd withheld, but hand't put into the account, so 3 paydays' worth was dumped in on the 15th, plus the match, which was a substantial dump with all the overtime.  Even so, there was a good leap in profits in the last two weeks in the 401K.  A bit over half of the gains were profit, a bit under half was what was deposited.  Even the IRA went up a bit.  It has $269 to where it was before the free fall started 2.5 years ago, but it may yet get there.  Too bad the recession/depression destroyed it for so long, but the last couple of months have been a lot better.

The new amount in the retirement accounts, minus company stock, is $140,203.74, a rise of $8835.15 in two weeks.  The 401K is at $140,203.74 and the IRA is at $13,368.59.  You can see why I was so upset about the money not being deposited into the 401K account, because the last six weeks have been phenomonal and we could have made more money.  I mean, I know it would have probably only been a couple of hundred dollars, but that is money that would have grown into something and I feel cheated out of it.

Seven weeks and five weeks is too long to hold onto someone's witholdings, in my opinion.  They are a company with over 100 employees though so the Safe Harbor Act does us no good.  Oh, well, what are you going to do?  At least it is there now.  And this last one only took them a week to get in, so there is that.  But next payday is the Friday before Christmas and they tend to take their sweet time when a holiday is right after a payday, so this may start up all over again.  But I can't stress on it.  What will be, will be.  I have been working on letting things go in therapy, but I have issues with doing that on the financial front, because letting things go is what got me into so much trouble in the past.  So maybe everything but finances.

Anyway, this bumps the old net worth up to $235,508.68.  Seems like just yesterday I was coming up on $100K and now I'm about to hit $250K in networth.  Crazy what being out of debt can do for you.  We have decided to go ahead and bump up our retirement savings from 16% to 17%.  I am not quite brave enough to do 18% yet, at least not until we are done saving for the bathroom repair.  Heck, after that I might be brave enough to go up to 20%.  We'll see.



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