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Ended the Year with $500K

December 29th, 2017 at 06:49 pm

We officially ended 2017 with $500,483.61. Even if we made it by one penny, I'd be thrilled. This was always my hope for this year. And I knew it had to be a year of high returns to make it. Definitely happy dancing!!!

Last year's ending balance was $392,814.02. That's a change of $107, 669.59 or 27.4%.

We contributed the max to our Roth IRA's, $5,500 each. My husband turned 48 this year, so soon we will be able to contribute even more each year. Specifically, in 2019 we will be able to contribute an additional $1000 for him. Luckily, this should be the same year our oldest daughter will graduate with her two bachelor's degrees. Smile

In 2017, my husband contributed $10,067.11 of his base pay to the TSP. Total retirement contributions were $21,067.11 for 2017. Our total retirement contribution is 18% of our gross income.

I haven't decided yet if we will increase our retirement contribution to my husband's TSP. It's tempting to increase another 1%. I need to do some calculations once the new withholding and tax calculator's come out.

I want to point out that it is NEVER too late to start saving for retirement. Anything you save for it is better than nothing. And over time it adds up! Increasing 1% a year isn't noticed particularly if you get a raise of at least that amount.

How did you do with your retirement savings?

7 Responses to “Ended the Year with $500K ”

  1. Jan Says:

    wow! thats a fantastic increase in 12 months! well done! I agree its never too late, we are working on getting our retirement funds built up and taking advantages of our tax concessions.

  2. Amber Says:

    Wow that's great, what a way to start the new year

  3. frugaltexan75 Says:

    Woo hoo! WTG on reaching the 1/2 mil mark.

    We maxed out DH's ROTH (6500), and put ~4500 in mine + what I have withheld in my checks.

  4. crazyliblady Says:

    That's great. I also agree that anything put into retirement is a good thing and also anything put into savings or paid on debts. I increased my retirement from $96,171 to $117,099, a difference of $20,928. The crazy thing is that I didn't really make any changes what it is invested in.

  5. Tabs Says:

    Wow, that's an amazing uptick! Congrats!

  6. scottish girl Says:

    That's amazing!

  7. rob62521 Says:

    Way to go!

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