November 2014 Early Retirement Progress


We contributed $4,817.72 this month to our retirement accounts  We gained $6,479.76 in investment gains this month. 

We’ve now contributed over our annual goal of $40k into our accounts – one month early.  One big thing that helped us is that my company match changed from 4% to 8%.  The other thing that helped is that both Dad and I are now maxing out our 403(b) plans.

I learned something interesting during open enrollment for Dad – he has a “mandatory” 2% contribution to a 401(a) plan – and it doesn’t count “against” the IRS limit of 17,500 (for 2014).  The IRS limit is for “elected” contributions, and the 2% isn’t elective, so he’s really getting to put aside almost $20,000 through his company’s plan this year.  We just clicked the “take the maximum out” checkbox in February and left it at that.  And as of January 1, 2015, he’ll be fully vested in his 401(a)/403(b) plans.  I still have to wait three years to be vested in my 8% match.

Next year, we’re hoping to contribute up to $70k via company plans, Roths, an HSA and our taxable accounts.  We *might* squeak out $75k.  I’m inordinately excited about how much we can save towards our retirement next year! That makes me weird in a good way right?

2014 Totals

So far, for 2014, we’ve contributed $40,891.98 (102.23% of our goal of 40k), and we’ve made $32,079.22 in investment gains (158.33% of our planned total).

6 thoughts on “November 2014 Early Retirement Progress

  1. Mrs PoP

    So do you have the 403(b) instead of a 401K at your new gig? Or do you have access to both? (Unusual, but possible I’ve been told – and an excellent way to really knock your taxable income down.)

    1. Mom Post author

      I just have access to a 403(b) now. My 401(k) that I had access to earlier in the year was rolled over into my IRA. I have a choice between TIAA-CREF and Vanguard for my contributions and match. I have both going to Vanguard. I have two accounts technically, my contributions and my match. Dad has a 401(a) – his mandatory contributions – and a 403(b) – his voluntary contributions. Mine are just labeled differently at Vanguard. I don’t work for the state (CMU is a private institution), but I believe that state employees have a 457 and a 401k/403b and can double up on the tax-deferred contributions.

  2. Leigh

    $70k towards retirement next year would be pretty awesome! I only put about $24k towards retirement this year since I’ve been maxing out my retirement accounts and then paying down my mortgage instead of investing in a taxable account.

    In 2015, it looks like I’ll be able to put about $27k (or possibly $58k, not sure on the benefits of my new job yet) towards retirement and then once the mortgage is paid off, I should be up to $100k/year in retirement savings.

    1. Mom Post author

      Putting anything towards your retirement is an accomplishment! Remember, we have two of us working full time to put that aside, so we get “double” the tax-deferred savings. Good luck on your goals next year!


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