Wednesday, February 29, 2012
2012 Savings Goals - February Report
(1) Max out 401k(s) - $6123 (18%)(goal is $34,000)
(2) Max out IRA(s) - $0 (0%)(goal is $10,000)
(3) Add to e/r fund - $ 1600 (16%)(goal is $10,000)
(4) Pay down mortgage - $830 (17%)(goal is $5,000)
(5) House projects - $0 (0%) (goal is $5,000)
(6) Trading account fund - $0 (0%(goal is $5,000)
Total - $8,553 (12%)
And, since we just finalized our 2012 savings plan, it should be no surprise that we are approximately $3,800 behind. We are really going to have to work hard to meet, or come close, this year's ambitious goals.
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Like you we always plan and do max our our 401k to the IRS limits. A thought, since I find I can't keep much savings sitting idle, and you have a sizable emergency fund, depending on your comfortable level, is to put this year's emergency fund contribution into some conservative investments in your brokerage account instead. You take more risk than a MM or bank CD but you can liquid in an emergency, just potentially with some loss. I keep just $10k in a money market. I have credit I never use as a short term gap about the $10k if needed. But I do have a number of mutual funds etc that could be drawn down if I need the money. At the moment when I have a few extra hundred in the checking account I transfer it to a mid-cap index fund offered by my brokerage with no transaction fee and let it build. When it reaches a certain level I will add to something else. I also have some funds in some safer balance funds that mix large cap stocks and bonds to mitigate some of the market volatility. I do have some riskier stuff that I would look to last. My only point is maybe you can sleep well with $25k in an emergency fund (or pick a number)with a backup brokerage account with a bit more risk but higher potential then 1% return instead of just $50k cash. But your situation may require a high cash balance in reserves. Something to consider.
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