Our retirement investing is on auto pilot. My husband saves 10% of his base pay (this is pay that does not include our housing allowance). We also each max out our Roth IRAs for a total of $11,000 a year. Our total retirement investment for 2016 was $20,032.04.
The total balance in our retirement accounts at the end of 2015 was $330,739.99. We ended 2016 with a total balance of $392,814.02. A difference of $62,074.03. More than two thirds of that increase was growth!
I wish the market had done well enough for us to see $400K. We were really close at one point, but the market fluctuates. We will get there!
Our retirement savings rate is 17.45% of our income. I often bump this up every year by 1%. I'm pretty sure I will do it again this year, too. I'm also contemplating changing from Roth IRAs to Traditional. We are in the 15% tax bracket so the savings would be $1650 in taxes. I guess I figure this is money we could put toward college expenses that are happening now. I have a little over two weeks to decide (the auto investment happens around the 18th of the month for our Roth IRAs).
Are you increasing your retirement savings in 2017?
2016 Retirement Wrap Up
January 1st, 2017 at 03:27 pm
January 1st, 2017 at 03:41 pm 1483285308
How exciting to be so close to $400k!
I don't plan to increase retirement savings, but we max out everything that we can.
January 1st, 2017 at 03:43 pm 1483285429
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