Goal Progress – ROTH IRAs

by Dual Income No Kids on September 4, 2008 · 0 comments

While it isn’t very sexy, James & I are plugging along towards our goal of maxing out our ROTH IRAS before moving on to other more exciting goals of saving for real estate and redoing our website.

Thus far James has managed to make it up to $2,650 in his 2008 ROTH account. Six hundred fifty of this has come from extra savings on his behalf, and another $2k has come from extra savings from Miel. James will need another $2,350 to max out on his ROTH IRA contributions.

Miel has been set up for a long time to plunk away at $25 a month towards her ROTH, and then topping it off before tax season. Now she has just added another $1,000 in a one time payment and upped her regularly contributions to another $200 per month (in addition to the other $25). This should mean that she will need another $3,400 to finish off her yearly contributions.

Ideally we’d like to start next year with an automatic deduction plan that will make contributions to maxing out our ROTH IRAs a bit more like doing the same with 403(b). This will mean that we’ll need to auto deduct $917 a month to max out on both of our accounts. While we’ve managed to max out on our ROTHs over the last several years, this will hopefully make it a bit more seamless and easy to not notice big chucks of money missing.



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