Oh yeah!

[kv0925]

Finally got my W-2, so we did our taxes last night. Fairly good refund--not quite as much as I was expecting, to tell the truth, but still more than enough to pay off the furniture if we want to go ahead and do that. I still have a little left on my student loan from Texas, too, so we'll probably knock that out as well. Next month I get my annual bonus, which should be very good (before taxes, anyway), and then in March we get 3 paychecks. Sweet! Between all that, we should be able to pay off everything and still have some to put in savings.

While I'm on the financial tip, I should also make note that I finallyfinally enrolled in a 401(k) plan. I've known ever since I started working that it was a Good Idea, but just never got around to it. Can't pass it up here, though--since I'm past my 1-year anniversary, the company will chip in another $2 for every $3 I contribute. Free money! And since I just got a raise, what I'm contributing comes out of that, and it comes out pre-tax, which should lessen the impact as well. If it's really painless, I'll probably up the percentage I'm contributing. We just wanted to start out small to see what my paycheck will look like afterwards.

Okay, I guess that's all. Today's kinda dragging, though it's just because I'm being lazy. Blah. Mmm, somebody made popcorn and it smells yummy.

Comments

[fiberguyr1.livejournal.com]

I was in the same boat with the 401k. I could have been participating in one since about September of 98. I wasn't making much back then though, but it still would have been smart. At my last company I ended up with a little 23,000 in 3 and a half years. I ended up putting that into a Rollover IRA and it's now up to over 27,000 in less than a year with no more contributions on my part. Over the course of my 5 years of contributing to a company matched 401k, I have almost 50 grand to show for it. Compound the interest for another 25 years, and it will hopefully be a nice number.

[cp.livejournal.com]

Good to hear! I know 30 isn't really a late start, but I've also always heard things about how much of a difference there can be between starting at 20 or 25 and starting at 30. Still, I figure I'll get it up to a pretty good lump one of these days! If only I could retire comfortably by 50 or 55, and then spend a good decade or two travelling around.. How much do you contribute? The company will kick in the 66.7% match for up to 10% of my salary, but we just started out at 3% to see what that does to my check. If we don't really feel the 3%, we'll probably up it to at least 5%.

[fiberguyr1.livejournal.com]

My company will match 80% of what I put in. At this point, I am putting in 6% of my salary. I think the most I can contribute is 10%, and I am thinking of bumping up to that. At this time, we don't own a home (sold the one in Texas in November), no car payment, and are only paying $800 a month in rent. Hopefully within the next month or two, we will be back in Texas, and my salary will go even further with the difference in cost of living between MD and TX.

[mandil.livejournal.com]

Bah you guys, my company will start contributing a small percentage of what I contribute after I've worked there three years (this is my third year). 66-80%? Wow bob wow.

Of course I'm a teacher at a school that struggles to pay its bills.

I feel good about my 401k though. Matched contribs or not it's savings.

[sydelbow.livejournal.com]

God I love free money. And it's just SHOCKING that a corporation can still have ENORMOUS profits while giving those perks to their employees.




Im so jealous.
I dont have benefits. BUT IM YOUNG YET! I'll have to settle for my RothIRA for now.

[fiberguyr1.livejournal.com]

I checked into it last night, and they match up to my current 6% contribution. Anything after that is just me. I went ahead and bumped it to 10% for now since I've got the money coming in. I'll have to check that again once we move back to Texas.

I'm digging my Roth IRA too. My wife made me open one of those a few years ago, and it's just shy of 18 grand. I think I might actually be able to retire on schedule when I'm 55.

You're very smart for starting the Roth now while you're young. Compounded interest is a lovely thing.

[sydelbow.livejournal.com]

Had I know that I could only put in like 4k a year, I wouldve started even younger. I'm a ridiculous penny pincher and saver. My ING savings account makes me so happy I could cry.

[cp.livejournal.com]

Yeah, with the growing (and toddling) munchkin we needed to go from an apartment to a house last year, so our rent went from $650 to just under $1200. Quite a leap, but the real estate market is absolutely out of its mind down here! If not for that, I'd be chipping in the full 10%, no question.

[fiberguyr1.livejournal.com]

That was quite a leap in rent. But at least now you've got a place big enough for the family and all of your gadgets.

[cp.livejournal.com]

Yep! But now, naturally, I NEED MORE GADGETS. Funny how that works. :)

[sydelbow.livejournal.com]

My friends company MATCHES up to some ridiculous number per year in their 401ks. I've been jealous ever since.

[cp.livejournal.com]

Yeah, my company matches 2/3rds of whatever I put in, up to 10% of my salary. That's pretty darn good! I feel like a dumbass for not having started sooner, but I moved around a lot and never felt like I was making enough to have any extra taken out. But what the hey, I guess I'm not *too* much of an old fogey at 30.. :)

[sydelbow.livejournal.com]

YAY RETIREMENT FUND!