Would anyone like to share their financial goals for 2021?

[OldShooter]

Recounted by John Bogle:

At a party given by a billionaire on Shelter Island, the late Kurt Vonnegut informs his pal, the author Joseph Heller, that their host, a hedge fund manager, had made more money in a single day than Heller had earned from his wildly popular novel "Catch 22" over its whole history. Heller responds, “Yes, but I have something he will never have . . . Enough.”
​

IMO, "enough" is not a number. It is an attitude. Our goal, as always, is to continue to have enough.

 

[HI Bill]

1. W$rk through my 55th birthday in January (yeah, Rule of 55).
2. Max out 401(k) contributions for the first 4-8 weeks of 2021.
3. RE before the end of February.
4. Have investments make more than my budgeted spend in 2021 (>4.9% return). This is more of a hope than a goal.

 

[KrisQuit]

1. Front-load my 403b in first six months.
2. 7K to Roth IRA early in year.
3. Finalize financial planning for . . .
4. RE in the fall.
5. Enjoy years of planning and FI.

 

[Fermion]

Make money in the market

 

[Nick12]

Healthy, wealthy and wise. And keep living below the radar.

 

[SpinDoctorTX]

Travel safely around the state (Big Bend then South Padre planned during January).

Keep DH as healthy as possible- the oncologist as reduced his maintenance meds (yay) to just every quarter and he has more energy. I'm the head cook and personal trainer, so... he works for food- literally! lol

Continue Roth conversions, and I really appreciated Rick Moberg's Conversion guide- so timely. I'm trying to scoot over every dime to reduce future taxes (once there is only one of us left). I was late starting that- I did it this year for the first time. Right now, our taxes are nothing b/c we are essentially living off of DH early SS & accumulated bridge cash. Once I start SS (prob at 67- 2027- or 2030 if it's not needed), taxes will increase a lot for us.

Increase charity giving. I don't have the time (and it's not safe unless virtual) to volunteer much now.

Be happy.

Just some funny things... We had to do PDPs (personal development plans) where I retired from, and we ALL hated them. They were so stupid- esp. for people late in their career who like me did NOT want to move up anymore, but continued to be a cash cow.

I just had to make stuff up sometimes and so did my manager who also had one foot out the door. I told him years before I retired that I just wanted to continue as a worker bee and glide on out of town when the time was right. When I expressed no interest in taking a job in the UK 2 years after that, I knew my days were numbered (good manager long gone by then). Not too long after, the person I turned down was my new boss. Exit stage left!

My older brother- still working- does a PowerPoint presentation every year that he makes his family sit through. While I admire it, I don't do it. All of that goal setting?! pish posh!!!

 

[kcowan]

Ending 2021 portfolio total $ = Beginning 2021 portfolio total $ * 1.04

Same here. Down from 1.06 this year and 1.07 previously. Somewhat dependent on what happens in the next 6 weeks.

Also trying to increase WR from 2% to 3% (made harder by Covid lockdown).

 

[NW-Bound]

I like to write down my goals and find I'm more likely to attain them when I do. Has anyone set theirs for next year? If so, care to share?

I have never had a financial goal. A goal would mean something that is mostly under your control, such as being able to save so much money, or to spend less. Even when I was working, I saved what I could, and my savings were what they were. No goal there even.

Now, I do have a plan, but where that leads, who knows? My ultimate investment return depends on the finicky market, and who knows what it will do.

 

[GravitySucks]

Goal is to spend some money.

 

[53anddone]

Stay within my spending budget.
Increase my income slightly (I live entirely off of dividends/interest).

If I do the above I keep my withdrawal rate below 2% which I am very happy with.

My net worth goes up and down with the stock market and I cant control that. I can control my spending and my income though so I put my focus there.

 

[Doingitwrong]

$72K in SCorp revenue.
$36K to my solo 401k (employer and employee contributions)
Navigate wife’s change from ACA to Medicare in May and reduction in subsidy of $1000/month. I always manage ACA MAGI to hit within a couple of thousand dollars of estimate.
Enjoy life.

 

[bada bing]

I retired 1.5 months ago. My intermediate term financial goal is to have at least
$1M liquid savings on Jan 1, 2029. I'll start SS and my pension then.

 

[Closet_Gamer]

1) Get DD2 successfully off to university in a crazy, covid world

2) Successfully launch the business that my company sent me abroad to build...which Covid has made extra "exciting" as its a b2b business and we're trying to be expats with the travel chaos

3) Finish lining up the plane for the final "approach" into RE. 30 months out.

Stash appears in good order and needs to stay that way. College funding & core charitable goals are in good shape, would like a bit more on charity. Doubling down on expense planning & withdrawal plan. Getting more aggresssive on cashing out company options. And...cranking on cash savings to fund the downpayment on that beach house we want to buy for retirement.

Tray tables up, belts buckled. If you need to hit the bathroom...now is the time.

 

[Stormy Kromer]

1. To move all investments from FA to Vanguard
2. Have equity investments match (not beat) the S&P 500


#2 requires #1.


3. Not worry so much. I just want to get everything to VG in a 3 fund portolio with 3 years living expense in cash and relax a bit.

 

[Fleur58]

1. I committed to spending $200 per month total on 2 grandchildren 529 Plans
2. Save $26 K in Roth 403B plan
3. Invest $600 month in taxable ETFs and MFs
4. Add $7K to my Roth IRA in January
5. Reduce holdings by 1 fund each in my Fidelity Rollover IRA and Taxable Account
6. Maybe buy a new car. I have the cash. Driving 2005 Honda, 94K miles with nothing wrong with it but getting dated My sons are pressing me to spoil myself a little.

 

[Rustic23]

Buy what ever we want! Right now it socks

 

[MarieIG]

Rollover the taxable 401k from my job.

Make a Roth conversion (amount unknown but) at least 20k as NYS has a 20k retirement income exclusion.

Sell marital premises - although that should have been done this year.

 

[Dog]

Continue Roth conversions
Change mindset from expecting nest egg to grow and start spending some of it
Educate myself on Medicare (two years away)
Update our will and consider a trust
Take the trips we had to cancel this year
Replace my 11yo Subaru Outback (unless country shuts down again)
Spend some $ refreshing inside of home (paint, new furniture and rug)

 

[ownyourfuture]

Keep my MAGI below $51,040

 

[_MEOW_]

Contribute $6000 to my Roth IRA and $6000 to my brokerage account. Hopefully by this time next year have 100k save for a down-payment on my first home.

 

[Finance Dave]

1) Move (some) money out of S&P index fund into something less aligned with tech/NASDAQ
2) manage AGI to stay under the ACA income limit for subsidy
3) Make enough in my handyman business to pay for health insurance and LTC premiums so I can write them off as business expenses
4) Spend more...COVID has cut our spending...we don't go out to eat and did not take a vacation...we're going to take MORE trips once we feel safe getting out more
5) Buy a new tablesaw for my workshop in 2022...so I need to put a placeholder in the budget for it ($4,000)

 

[rk911]

protect the nest egg. .

 

[ArmchairMillionaire23]

2 x Roth @ 7,000
Fill Family HSA
My pre-tax 401k to 26,000 (turn 50 in 2021, yippee)
401k match (50% of 19,500) (not my savings, but helps)
Some post-tax to 401k (not sure as I'm going from 19,500 to 26,000)
Some ESPP
Some additional college savings

I can always stop the last 3. Just kind of see how it goes.

The only thing I've been mulling is perhaps doing more Roth 401k. Even in 22%, I am still thinking pre-tax is best.

Ours is very similar.

2021 IRS Contribution limits:

401(k): $19,500.00 + Catch-up: $6,500.00 = $26,000.00
My IRA: $6,000.00 + Catch-up: $1,000.00 = $7,000.00
Wife's IRA: $6,000.00
HSA: $3,600.00

$26,000.00/52 weeks = $500.00/week
$7,000.00/12 months = $583.33 /month (My IRA)
$6,000.00/12 months = $500.00 /month (Wife's IRA)
$3,600.00 - $300.00 (employer) = $3,300.00 limit for HSA
$3,300.00/52 weeks = $63.50/week ($62.50 first two weeks)

Transfer $250/week from checking into savings for IRA contributions

Weekly Contributions:
401(k): $500.00
+IRAs: (combined) $250.00
+HSA: $63.50
=$813.50 Total Weekly Contributions

Total 2021 Contributions:
$26,000.00 401(k)
+$7,000.00 Roth IRA
+$6,000.00 Wife's IRA
+$3,300.00 HSA
=$42,300.00 Total Contributions ($35,300.00 tax deferred)

With these contributions we are firmly in the 12% tax bracket for 2021.

 

[ckelly78z]

-Increase from 12% to 15% Roth 401K deduction
-Increase from 12% to 15% taxable 401K deduction
-Pay off $20,000 401K loan
-Pay off $10,000 Home equity loan
-Allow my wife to retire early (at 56) by the end of the year.
-Get $8000 payoff from my son's truck.
-Get $6000 payoff for my daughter's camper.

 

[Montclairbobbyb]

Financial Goals 2021

I'm 62 and retired; wife (57) is retiring early at end of the year. I draw a pension, which covers approx 40% of our projected budget. To make up the other 60% we will be pulling from IRA/Investments. We have a good investment advisor who is guiding us through the process, particularly the next few years (before my wife can draw from her pension & 401k/IRA). I am planning to defer taking SS until 70, since the increased benefit will be substantial.

Our big goal is to maintain our lifestyle at reduced spending and remain within our modest budget. We have zero debt, we own our home and we live modestly but comfortably. We have $ set aside for big ticket items/emergencies, but don't anticipate the need to spend beyond our budget this coming year. Our portfolio (by national standards) is adequate, but it will still require vigilance, and we take nothing for granted.

This is a big goal for us, and will determine whether we can reasonably sustain our retirement, or if we will need to supplement our income with (dare I say... employment!)... Let's hope not. Regardless, we both have marketable skills, and finding work (if necessary) won't be difficult.

Just maintaining our property & home while taking time to enjoy our family and our many (inexpensive) hobbies will more than fill our days... The key will be to STAY WITHIN OUR SPENDING BUDGET. Confidence is high, and the challenge of enjoying a modest lifestyle within our means is exciting (at least to me)... the wife on the other hand is a tad nervous