Wednesday, March 12, 2014

Roth IRA Update!

When we last left this adventure, we were trying to figure out how to get South County Boy's FIRST EVER Roth IRA maxed out by the April 15th deadline. At 27 years of age, its about time we started up some serious retirement funds for him and since we like to go BIG or go home, we told good old Uncle Sam that we maxed out not just mine but HIS on our 2013 taxes. So we need to get it done.

I first opened my Roth IRA back in 2006 when I was only 20 years old and every year since then, even with college tuition bills and rent payments I have been faithful to cause of maxing out a Roth IRA ever year. That's $39,500 over the past 7 years. Not bad for a 20 something eh?

But this will be South County Boy's first real jump into putting retirement a priority... and unfortunately even if we were perfect with our budget, we were going to come up short $134.43.... But then the glorious profit sharing check arrived giving us $1,094.50 that we could take to use for the Roth! After tithing that's basically 2 EXTRA paychecks.... 

*** Happy dance***

So, we were at $3,593.76 at the end of last month... with that $1,094.50 we come to a shiny $4,688.26, meaning we only need $811.74 to complete his Roth THIS month... and we have $1,275 budgeted in!

That means that not only can we finish his Roth, but the regular $275.00 that supposed to go to my Roth IRA can this month!!!!!!!! and we should have around $150.00 hanging out that we can use for some car maintenance and our little vacation out to Utah for our friends wedding!!!!! (and so the pinching pennies feeling South County Boy has been suffering from can be slightly alleviated.)


With one check from South County Boy in April, my Roth IRA will be caught up and we can look at the rest of our savings goals for the year.

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