treeofpain
Recycles dryer sheets
I am 52 and in a non-profit career that is very fulfilling but not high income. Wife does not work outside the home currently. Kids (2) are in college.
Our ability to save has been somewhat limited due to income and having to pay most of our own health insurance. A real challenge when you only gross $50-60K/year.
That said, we have no debt at all, a reasonable emergency fund, kids' college is paid for through saving and academic scholarships. Retirement accounts (all tax-deferred) currently total $325K.
Within the last few months, I moved jobs where I make an extra $20K/yr and the employer pays for 100% of medical insurance. This has given us some breathing room financially.
I am now contributing $18K a year to the 403b, so basically investing my raise. I would like to max out my contribution at $22k within the next year as I get more acclimated to our new budget. The employer is adding another $7K per year.
I have also recently started Roth IRAs for myself and my wife, and we'll be tossing a bit of cash at them as we are able.
We live pretty frugally on about 50% of our income, so we probably can't do much more than we are doing. Since we haven't had a ton of "flex" income in the past, I just wanted to get everyone's comments and recommendations on what we have done so far. Would you do something differently?
Thanks in advance for your input.
Our ability to save has been somewhat limited due to income and having to pay most of our own health insurance. A real challenge when you only gross $50-60K/year.
That said, we have no debt at all, a reasonable emergency fund, kids' college is paid for through saving and academic scholarships. Retirement accounts (all tax-deferred) currently total $325K.
Within the last few months, I moved jobs where I make an extra $20K/yr and the employer pays for 100% of medical insurance. This has given us some breathing room financially.
I am now contributing $18K a year to the 403b, so basically investing my raise. I would like to max out my contribution at $22k within the next year as I get more acclimated to our new budget. The employer is adding another $7K per year.
I have also recently started Roth IRAs for myself and my wife, and we'll be tossing a bit of cash at them as we are able.
We live pretty frugally on about 50% of our income, so we probably can't do much more than we are doing. Since we haven't had a ton of "flex" income in the past, I just wanted to get everyone's comments and recommendations on what we have done so far. Would you do something differently?
Thanks in advance for your input.
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