We contributed $5,290.70 this month to our retirement accounts, and we lost $1778.27, in investment value this month.
I expect to get an “out of band” raise this month based on market analysis that I’m not being paid enough for my job description (the University generally aims to be at the 25th percentile of market pay, except since our department is “hot” and difficult to hire in, we’re getting the 50th percentile of pay). Nice to know I’m worth more – especially after the last 4 months (more details to come)! It also means that the University’s contribution to my retirement accounts will increase by a similar amount since it’s percentage based.
Dad is considering finding a new position, so we’re going to have to hold off on contributing to our HSA until August (We’ve already contributed through June), and if he works somewhere without an HSA (my job doesn’t offer an HSA plan), we’d have to go through the rigamarole of taking out excess contributions. So, I’m just stopping contributions until we know for sure, and then I’ll put them in at the end of every full month we’ve still got an HSA. I’m still setting aside the same amount every month, but it’ll just be contributed differently.
In 2016 we contributed $12,817.53 (18.31% of our goal of 70k), and we lost $23,356.86 in investment value.
Is there a way to make HSA contributions monthly with his paycheck? That’s what I do to avoid the problem of leaving to a job with no HSA. If I leave this job, then my payroll contributions will stop and I’ll only have contributed the amount I could.
Nope – his company doesn’t offer that. And the bulk contribution from the company up front is what is going to “hurt” us. I just stopped contributing our portion until he decides what to do. The money is gathering in our checking account, I just won’t contribute any more until August, and then I’ll contribute a higher amount (6750/12 = 562.50) per month rather than the $375/mth we had been.
Oh well, I suppose that means they’re giving you a good bulk contribution. One of my previous employers only contributed their portion monthly, which was annoying at the time (smaller balance at the beginning of the year to pay bills), but it certainly helps out in this case!