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I got my 401k match too

March 14th, 2016 at 05:15 pm

This is an annual thing. I got $2,960 as the company match; part of that is fully vested while a smaller portion doesn't vest til I've been with the company 3 years, not counting my 1st 8 months as a contractor. So I think I have 1 more year to go for full vesting.

Nicely, it bumped my 401k savings to over $42,000 which I've accumulated, in just 1.5 years. Being a Roth 401k, I will have tax-free withdrawals. Smile Smile Smile

When I start withdrawing from IRAs in retirement, I plan to draw first from traditional IRA money and then "topping off" with extra money from the tax-free Roth to avoid bumping myself into the next higher tax bracket with too much taxable income.

For example, based on this year's tax brackets, I'd like to stay wholly in the 15% tax bracket, which maxes out at $37,450. Knowing that my total annual expenses usually come out at around the $40,000 level, I'll withdrawal $37,450 from traditional IRAs and then withdraw another $2,550 from Roth IRA accounts. So having savings in both traditional and Roth IRA/401ks gives me the flexibility to minimize my income taxes without "minimizing" my lifestyle.

I hope Dido is right when she says the time left at this job (I need to stay another 3.5 years) will go by quickly.

If you look at the top of my sidebar at left, you see 3 resolutions for 2016. They remain unchanged from 2015.

In 2015, I accomplished exactly ZERO of my #2 goal. I want to broaden my social horizons and pursue my personal interests more than in the past.

I'm happy to say that already in 2016, I've done much better. I've done 3 Saturday morning yoga classes, 2 bereavement support group meetings, walked once with an all-woman hiking group and attended 3 other library programs on songbirds, rabbits and Charlotte Bronte. I was hoping to go to an historical society meeting tonight, but didn't. It's so much easier to go to events when they happen on a day I'm already working from home, so I'm well rested and can leisurely plan my dinner, feed the cats, etc before heading out the door.

My mason is ready to start work on my driveway but the forecast calls for a lot of rain right through March 23, and it sounds like he wants to wait til they can do it in 4 straight days. I'll have to be patient.

I am close to wrapping up season 1 of The Good Wife; i enjoy being able to watch as many episodes as I want at a time.

I continue to make progress on my yarn sales, which I've been doing now for about 8 months! It's almost become like a little hobby which I do whenever I have free time. I'm down now to the unlabeled "mystery" yarn cones, but I've had to really make them dirt cheap to get people to buy since most people prefer to know what they're buying and they also prefer natural fibers like wool and cotton to the synthetics like rayon or poly.

But anyway, the important thing is to get SOMETHING for them. I think I have just 75 cones left and maybe 5o skeins of assorted yarns. Psychologically, I just feel I need to sell most of these before really getting serious about selling the art.

Although I did drop off some more small works at the gift shop Sunday. She liked the 2 mini tapestries I sent her jpgs of but since i was making the trip, i brought another 10 items I thought would do well in her shop, and out of those, she kept about 7.

I had a very nice dinner with my dad on Saturday night. The tab came to um, $96, as we both had wine and my dad had a $29 tuna. Dad always pays, although I often offer to help. He has a nice pension from his many years as a teacher and from all accounts if pretty comfortable, so I must admit he has treated me to many a nice meal.

He came back Sunday morning to take a load of bricks that were just taking up space in my garage. NOt sure he has any plans for them, but I've noticed he's a bit of a hoarder and will rarely turn down anything! So unlike me. He was asking me about magnifying glasses, do they come in different strengths. I see Staples has a pretty good selection of illuminated desk magnifying lamps which sound great, altho i have to find out how he wants to use it.

3 Responses to “I got my 401k match too”

  1. Rachael777 Says:

    I am very impressed w the $42k in 401k savings in 1.5 years. Good saving and investing! Exciting to see your progress. I need to getg out there and do more social things too.. and get motivated reading your note. thank you.. It is also neat seeing your count down to end of year 2019.. you go girl. Rachael

  2. PatientSaver Says:

    Heartfelt thank you, Rachael. (Interestingly, my "yoga buddy" at the class is named Rachael as well.)

    Yes, I'm kind of bowled away by how much I saved, and it's all due to putting it on auto pilot. Also, I'm able to throw a lot in there becus I paid off my mortgage years ago so there's more discretionary income.

  3. FrugalTexan75 Says:

    My dad always liked to treat me out to meals too. I think he felt like it was still a way he could "take care of" his little girl. Smile

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