Wednesday, April 4, 2012

1st Quarter Retirement Update

It's been a really long time since i've posted any updates on my retirement balances and accounts... and with it being the end of the 1st quarter of 2012, it's really about time I list them all out here-- if only to remind myself how much I need to combine my accounts together! A lot of these accounts were once active and now they are just sitting around waiting to be rolled over into something new.

I need to start making calls to move my accounts together...

Investment Accounts
Vanguard Roth IRA--- This is my new Roth IRA :) I'm invested in some target date retirement funds for now and I've been really happy with the low fees and ease of use.

  • Current Value $5,855.62
  • Amount Invested: $5,500.00
  • grown 6.4% since inception.
ING Direct Roth IRA--- This was my initial Roth IRA that I used to learn about investing in different kinds of funds. When i learned enough and broke even, I transferred the funds from sharebuilder to this account and stuck the money in savings/cd's, still as a Roth IRA. Now that my vanguard account is open, I need to start transferring the liquid amounts of money from this account to Vanguard.

  • Current Value $19,701.97
  • Amount Invested: $19,000.00
  • Grown 3.96% since inception.
ICMA-RC 457 Account: This is my brand new 457 account that I opened so I can roll my 2 inactive old work accounts to. For the time being I have it set to take $5 out of my paycheck since the minimum amount you can put in a year is $120.00. I basically opened this account to roll in my other accounts.
  • Current Value: $31.38
  • Amount Invested: $30.00
  • Grown 4.6% since inception
Nationwide 457 Account: This was my first retirement account that was opened for me by my employer when I was 16 and was funded entirely by my employer. Now that I have a new 457 open, I can roll this one in there.
  • Current Value: $1,037.06
  • Amount Invested: ????? I have no idea.
ICMA-RC 401A Account: This was once another employer paid retirement account... but they have stopped funding it so i'll be rolling it over into the new 457 account.
  • Current Value: $1,112.20
  • Amount Invested: $928.62 (employer's money)
  • Grown 19.76% since inception
Total: $27,738.23

The cash value of my pension currently sits at $19,219.05. If I were to quit today I could take this money and run with it or let it sit in the account and earn an automatic 6% interest until I wanted the dough... or, since I've been with my company at least 5 years, I could pull a pension at 55.

If I left today, my annual unmodified pension at 55 would be $8,050.90.

If I wait and continue working until i'm 56, my annual pension in today's dollars would be $34,373.00 a year. If I passed away, SCB would continue to get that same amount until he passed on. If he passes first, I'd continue getting the same check for life. We have decided this is the best "option" to use when we plan our retirement. 

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