Currents Savings and Investments
Our current savings picture show a good and bad picture. The good news is that our retirement accounts are staying on the target that I set at the beginning of the year, even with the recent downturn. Because of the high credit card payments, the monthly infow to those accounts is not as good as I hoped, but I see this as a small blip in the overall retirement radar. Currently we are putting in around $350 per month to the accounts.
The bad is news is the status of our saving account. We are not setup well at all for an emergency. If anything happens to m job wise, then we are in trouble. I would like to setup an emergency fund with at least $10,000. We do have a money market fund that is not listed here because the saving are down to around $100 there. The positive there is that we continue to stash $100 a month there. The negative is that once the fund get s to a decent level, some tax bill(sewer, fire, etc) hits us and we need to dip into the fund.
The non-IRA fund is the real sleeper here. I have vowed not to touch it. It is setup with an automatic asset builder and $50 a month goes there. The goal of this account is long term, 15-20 years. It would be nice to use as early retirement vehicle, letting the normal retirement account grow until there are no withdrawal penalties involved.
Filed under: Finance and Investing
