We are starting to think about our savings goals for 2012.
First on the list, max out our 401k accounts. The amount we can save is going up from $16,500 to $17,000. If you are over 50, the catch up contribution max is $5,500 in 2012.
So, goal #1 - Max out our 401ks - $34,000.
Second on the list, max out our IRAs.
So, goal #2 - Max out our IRAs - $10,000.
After the retirement accounts, we probably should be focusing on much of the same from 2011. We should probably add more to our emergency fund. And, I would like to keep chipping away at our mortgage principal. Since we own a historic home, adding to our house project account (this is more of a short or mid term savings goal) would probably be a good idea. Finally, we probably need to start a car replacement savings account for Mr. Sam.
Goal number one and two are set. After that, everything else is up in the year and dependent on the 2012 Annual Spending Plan and deciding how much we can and how much we want to save this upcoming year.