I keep statments forever... but just now took the time to actually compile them into a useful summary tool. We currently contribute our max of 6% to our employer's retirement system (which is matched at 7.14% of our pay) and just started our Roth IRAs with monthly additions of $100 each.
As of Dec 2006...
DH:
Employer retirement balance = $24,691
Rollover IRA = $8,528
Roth IRA = $423
Total DH retirement funds = $33,642
Me:
Employer retirement balance = $18,071
Rollover IRA = $22,952
Roth IRA = $423
Total ME retirement funds = $41,446
We each also have about $200 in a traditional IRA at our local bank but I usually don't count those as they are trivial amounts and we don't contribute to those any longer...
So, for a grand total of over $75k, I'm pretty happy with this at our ages being in our early 30's. This can be compared to 3 years ago as of Dec. 2003, our total for retirement only amounted to around $41k. That's basically saying that with contributions and earnings, we're putting in over $11k per year into our retirement... that's good, right?
I would really like to save more than this but right now, I'm putting any extra cash into paying off our last car loan, building our emergency fund, and paying for my grad school.
For those experts out there... let me know if you don't think this is actually a good amount that we have so far... what should our target be?
Our retirement funds summary
January 10th, 2007 at 05:11 pm
January 10th, 2007 at 07:04 pm 1168455860
Also, why don't you roll those traditional IRAs into your Roth? Since the amount is small, so would be the tax hit. That would also make things a bit easier to track?
Anyway, great job!
January 10th, 2007 at 08:05 pm 1168459554
They say if you want to be in the millionnaire range, you need to consistently contribute 15% or more, preferably more.