Yes, even in the midst of all this house building party, I am watching our 401(k) like a hawk.
We are still contributing up to the match - which is 100% of 6%. We never stopped, even when we were gung ho about the Dave Ramsey plan. We could just not turn down a 100% match.
What I am excited about though is how much it has grown this year! We are WAY behind the mark on retirement, but we are not giving up.
As of closing yesterday, we have $71,000 in our 401(k).
OK, I am sure many of you did a double gasp and that is fine. We are working on it. We are going to have to play catch up, but we do have goals in mind.
We have been considering with my business, to not use any of that money personally, but roll it into retirement accounts. I still need to do research, but there are small business owner retirement accounts that are not limited like the Roths.
That is something we are considering though - Roths, but we would have to do the backdoor as we make too much money to qualify for them. However, my business could fund both of ours easily.
It is a battle though - pay off debt - including the mortgage or save. Given our time span left, I am leaning toward saving in the 401(k), using the business to fund more retirement accounts, then use Hubs paycheck to pay down debts.
It is not Dave Ramsey worthy, but there is a security bone in me that just wants to save, save, save.
I got to thinking about this more today, because I was approached by a woman wanting 3 tshirt quilts. She is willing to wait. I have a waiting list of 6 quilts right now and no one seems to care how far out in the country I am moving. I am dying to sew again and would if I could, but that storage room is not an option. It will come with time - patience has never been virtue of mine, but I tell you - I am learning it now - kicking and screaming, but I am learning it.
So, our rough plan:
1. Home - the one we are building is the one we are staying in. Texas is cheap to live in, the county we are moving to is even cheaper. Hubs job is here and there is a possibility of free lance, part-time work in this field once he retires. I have a business here that can go on as long as I want it to.
2. Debts - we want to be consumer debt free as quickly as possible. We will know that number a little better when the house is finished. I want to do a 10 year mortgage, but Darrell is not on board with it, he thinks a 13 year is better with 2 kids in college. We will see. I still think we can do it. So that would be 10 years to be out of debt.
3. Retirement - Continue funding 401(k) to matching. Look into my business funding an additional retirement account and/or building up cash reserve.
That is it right now. Darrell needs to delve more into what he will do after retirement, but he is not ready. The road is still too rough ahead for him and I think he will be better suited to do this when the kids are out of the house and the mortgage is paid off.
There you have it - our very rough and not well thought out Retirement plan as of today.
Hanging in there! How is your Thursday shaping up?