Tag Archives: retirement

Life Update

11 Nov

I haven’t been around too much lately. Things have been crazy with Hurricane Sandy, attempting to get a second job, working on another blog that will be read more than this one, etc.

HOUSING

We were approved by the co-op board and our closing date has come and gone. Hurricane Sandy really knocked us out for a punch and put a major delay in many of our plans. Of course, more fees must be paid and we have been paying quite a bit into this property already but once it’s over, we will have our own place, we will be making payments that are less than our current rent and we will hopefully enjoy our new surroundings. I’ll have to write about all of the unexpected expenses in terms of purchasing a co-op, which no one will care about because most people do not live in areas with them! I really hope that we can close before the end of the month but that is looking less and less promising.

GETTING A SECOND JOB

Unfortunately, I have really gotten no where with this. After my initial excitement and interviews, I haven’t heard anything. One place I interviewed at said that my schedule didn’t really work for them. Another place, after calling me, never called me back once I returned their call. I did have another interview last week but they seemed to, in actuality, want someone part-time. My husband was also having a difficult time with finding a second job so we started another blog about something he is very familiar with and it seems to be doing okay. We have only existed since October and we are getting over 100 views everyday already so hopefully we can continue on an upward trend.

My husband and I also talked about his goals. Although he really loves where he works, he has been there for over four years and there is no room for growth. Absolutely none. Over the years, he has received tiny raises and then small bonuses but after doing some research, he could be making quite a bit more money at the senior level. Once all of the housing stuff settles down, I think he is really going to think long and hard about what he wants to do and possibly look for another job.

SAVING MONEY & RETIREMENT

This area has been problematic for us and I think the fact that this housing stuff is never-ending is part of the problem.

We were in the position of saving nearly all of my paychecks every month until the co-op stuff started. Now, instead of putting them into the savings account, I have been putting them into our checking account because I have been writing checks non-stop. I haven’t even been able to keep track of anything anymore since they seem to have cashed some checks and not others. I also have not been able to do anything in terms of retirement because I feel stuck with this house stuff over my head.

 

Long-Term & Short-Term Goals – Where Am I?

8 Jun

As of June 7, 2012:

FINANCIALS – WHERE I AM AT AND MY GOALS

High-Yield Savings Account: $72,546.45

  • Nearly all of my paychecks are put into this account
  • Rate has fallen from 0.65% to 0.55% so now we currently earn about $31.00-$32.00 in interest monthly
  • Must maintain a daily balance of $10,000.00 in order to avoid fees
  • Money is kept here instead of another entity because I need fast access to it

Checking Account: $3,920.75

  • Husband’s paychecks are directly deposited into the account
  • Account is for paying bills and in order to secure the use of a particular feature, a $2500.00 minimum daily balance is needed; once the checking account exceeds $4,000, money is moved into the savings account

Total: $76,467.20

Short-Term Goal: Save an additional $2,000-$2,500 this month.

Long-Term Goal: The purpose of this money is to…

  • Purchase a home for no more than $340,000-$345,000  including closing costs
  • Put down approximately 20% as required by a co-operative unit and to avoid PMI; $66,000-$68,000 will be the approximate down payment
  • Have at least $10,000 remaining in savings before moving into our first place in order to rebuild savings, have money as an emergency fund and begin any desired work on our home
Student Loan:
  • Very mild student loan in which $50/month is deducted from my bank account
  • Current balance is listed at $2,480.42
  • Our household income is below the cut-off so I can deduct the minor interest on my taxes; no additional interest is added onto my loan so pay-off is not a concern

RETIREMENT  – WHERE I AM AT AND MY GOALS

My Situation:

  • Currently part of a union that offers a pension plan
  • Was previously part of a union that offers a pension plan
  • I am not vested in either of these plans as of yet and I’m not sure that I will ever be at this rate

Husband’s Situation:

  • His company began offering a 401K and as of last month he finally set it up
  • Has it so that 5% is deducted from every check; the company matches 4%; his contribution will increase by 1% each year until it hits 10%
  • Believes he has a 401K with a previous job; must find out information in order to roll it into his current account

Short-Term Goal: Goal is reluctantly put on hold until purchase of a home is complete; now my long-term goal

Long-Term Goal:

  • Once we are settled in the house and feel okay with our money, I will open up a Vanguard STAR account
  • It only requires $1,000 to start; from there on I will make contributions of $50-$100 every month

PERSONAL LIFE – WHERE I AM AT AND MY GOALS

This part is not as structured for me because I am insane and live inside my own head. I have a lot of things I want to do and possible options so here they are:

  • Husband & I continue to look for part-time or per diem work
  • Enroll in courses at the local CC; union will reimburse me for six credits per semester
  • Continue working on and improving upon my crossword puzzle skills
  • Resume my interest in plant identification
  • Start reading books again
  • Continue volunteering in some capacity
  • Continue flossing my teeth which I am usually bad about

How are your goals looking?