Would anyone like to share their financial goals for 2021?

[daylatedollarshort]

Same main goal as other years - keep our MAGI under the ACA limits.

I also try to lower some recurring expenses off the budget every year, often with urban homesteading type projects. Some of this year's projects were learning to cut my own hair, growing my own herbs, making solar lamps with wine bottles and mason jar projects (lamps, solar lamps and soap dispensers). I bought a dehydrator and yogurt maker so learning to use those is up next. I have a long list of potential projects for 2021.

Other than that our budget doesn't change too much now year to year and the investments are pretty much on auto-pilot, except for investing new cash as fixed income investments mature.

 

[grasshopper]

2021 marks 15 years of retirement, I would have started RMD's at this point. Ms G is FRA, so we are on the glide path where is doesn't matter that we have spent some of the nestegg.

 

[Sniggle]

- Keep putting money away in the 401K
- Restart funding Roth IRA
- Fund a Roth IRA for my son (joined army in July)
- Achieve a 5%+ return on my investments
-Figure out how to, financially, buy land and build a house while still living in my current house (this will be the retirement 'dream' home)
- Maybe consult with a financial advisor to get my head straight on my path to retirement (or maybe in 2022)

 

[street]

No new goals to set for me. Will continue to spend just like we have in the past 4 years. We get what we need and don't worry about what we have, and carry on thru good and bad market times.

 

[MichaelB]

Yearly goals sounds like a work thing. They’re followed by annual performance reviews. I’d rather not go down that road again, once is enough.

 

[Foghorn Leghorn]

survival, after 2020 its an admirable goal

 

[523HRR]

1. Maximize wealth building, within an appropriate risk tolerance, so that we will not be poor in retirement.
 Target = household net worth of $[xx] million and full retirement before age 55.
2. Maintain financial independence by always living well below our means, while maintaining sufficient liquidity to meet unexpected expenses.
 Target = pre-tax net worth equal to 40x annual household expenses and taxes, while limiting portfolio withdrawal rate to < 3.0% annually in retirement.
3. Provide for the remainder of our son's secondary education plus a quality 4-year college education commencing in the fall of 2016. Optimize assets as appropriate to maximize financial aid eligibility.
 Target = funding sufficient to allow completion of bachelors degree with no student loans.
4. Minimize taxes by avoiding cash flow from realizable / taxable income whenever possible.
 Target = total annual tax expense < 5% of average household net worth (less than 1% in retirement).

Savings Discipline: Save early and often by maxing-out annual contributions to 401K, IRA, Coverdell ESA, HSA and voluntary pension plans, deferring 100% of all incentive compensation, and banking all stock options, restricted stock awards and retention bonuses. Target annual savings = at least 50% of annual pre-tax employment income. Savings comprise net cash additions to savings & retirement accounts and principal payments on mortgage.

Wealth Accumulation: Target = Build and maintain pre-tax personal net worth at least 2 x the level of expected wealth as measured by: Age x Annual Income / 10

 

[CyclingInvestor]

1) increase dividend flow 7% while maintaining quality, just like every other year (no cheating buying high-dividend garbage)

2) get travel spending back up to par

 

[HenryD]

1) Fully fund HSA, $7k
2) Max DW's 401k, $26k
3) Max my solo 401k employee, $26k
4) Max my solo 401k employer, $16k? (stretch)
5) Pay off boat, $23k
6) $1M invested
7) $1.25M NW, 15% increase to stay on track for 2025

 

[targatom2019]

Spend more $$$ in 2021 because we gained 8x our yearly expenses so far in 2020.

 

[DrRoy]

"Generate income in retirement and maintain the portfolio's real value against inflation." (f

+1

Raise WR to 3%.
Remodel the study "Tudor Style"
New siding for the house
Get back to travelling more again
Leave about 6 mo worth of cash at year end

 

[Time2]

Spend more $$$ in 2021 because we gained 8x our yearly expenses so far in 2020.

We gained 4.7 times our yearly expenses.
It would have been 6.9 times except I took big losses in some REITs. I'll probably get some of that back if the Covid thing becomes non important.

 

[racy]

Yearly goals sounds like a work thing. They’re followed by annual performance reviews. I’d rather not go down that road again, once is enough.

+1 perfect!

 

[Toocold]

No goals but to have fun and keep the family safe.

 

[Ole Red 29]

Want to continue to learn more / refine my understanding of retirement finances.

Want to get my wife more interested / involved in the finances (so she could carry on in my absence).

 

[teetee]

By the end of 2021, my non real estate asset should be 863k.

 

[H2ODude]

Want to continue to learn more / refine my understanding of retirement finances.

Want to get my wife more interested / involved in the finances (so she could carry on in my absence).

Good luck with that. I gave up on getting DW interested in anything financial. Fortunately, if I check out first DS or DD can easily guide her, pretty good wiggle room.

 

[Out-to-Lunch]

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?

You first.

Yes, anyone notice that the OP has not participated in this thread? And this isn't the only thread like that?

 

[audreyh1]

I pretty much stick to the same simple plan, year in and year out.

 

[Bigdawg]

Yes, anyone notice that the OP has not participated in this thread? And this isn't the only thread like that?

Blue531 is the OP and NEVER participates after that OP on anything they start.
Pretty strange. Troll? Baiting the hook for some other purpose? Using responses in their blog?

 

[corn18]

1. Max 401k contributions before 31 Mar (planned retirement date). This requires some serious withholding to get the 19,500 + 6,500 all out before 31 Mar. I debated whether to put anything into my 401k just to pull it back out via Roth conversions later, but it will go in @ 33% and come out @ 12%, so that is worth it.

2. Retire on 31 Mar

3. Stay within planned spend.

4. Enjoy the ride.

 

[targatom2019]

Want to get my wife more interested / involved in the finances (so she could carry on in my absence).

LOL, I brought this up last night then it did not go very well

 

[bolt]

Sequence of returns risks manifested itself via C-19virus & its now waning unknowns.

Funny couple posts above mine attempting to be pragmatic financially with spouses.
Good luck & Best wishes.....

 

[Dash man]

2. Retire on 31 Mar.

That will be my eight year retirement anniversary!

 

[flyingaway]

Hopefully my portfolio can get to $4M, so that I can no longer have an excuse to no retire.