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Closing in on $100K

June 6th, 2014 at 07:13 am

My personal retirement account is closing in on $100K!! I'm at over $96K. For a little perspective, I had just $6,034 in my Roth IRA in May 2003. Compounding interest along with contributions make a difference!!

The markets are finally moving up a little faster the last few weeks. Of course we are still contributing, too. I will contribute $5,500 to my Roth this year, which is the maximum allowed.

My husband has the same amount go into his Roth and also contributes to the TSP with 8% of his base pay. His balances total over $190K.

This also means that at some point, and I'm hoping this year, we will top $300K in retirement funds. Sometimes that seems like a lot of money and other times not nearly enough.

We still expect my husband to put in 20 full time years with the Army. That earned paycheck he will receive from that point forward will definitely supplement our retirement income. There is always the possibility he will not complete the 20 years, which is the whole reason we are saving for retirement outside the retirement pension. The resulting paycheck would be lower and not available until after he turns 65.

Anyway...I look forward to dancing around about my $100K milestone and our combined $300K milestone in the near future. What retirement milestone are you looking forward to meeting next?

7 Responses to “Closing in on $100K”

  1. My English Castle Says:

    My retirement account is lovely(ish), but we really need to boost DH's. He's a contractor and his company offers no 401K, so his Roth always needs maxxing out.

  2. Rachael777 Says:

    congrats exciting news!

  3. Bob B. Says:

    I updated my personal balance sheet this morning. My net worth, including house and mortgage, is a few dollars greater than 200K. My retirement fund is 157K of that.

  4. Lal Says:

    How do you contribute $11k to a Roth? I thought the maximum was $5500?

  5. creditcardfree Says:

    Lal, oops...you are correct it is only $5500 maximum each. I was clearly adding ours together, but thinking of them as separate. I will correct in my post. Thanks!!

  6. MonkeyMama Says:

    Awesome!

  7. FrugalTexan75 Says:

    That is exciting news!

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