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Archive for January, 2015

Nest Egg Projections

January 24th, 2015 at 09:39 pm

Here's another overdue entry, nest egg projections based on my end-of-the-year balances.

I take my tax-deferred balance, then compound it at different interest rates until I am age 65, and see how it turns out. If I assume 6k per year of new money, it's OK. If I work until age 67, my Social Security full retirement age, it gets even better.

I'm really hoping to hit 600k, as that will replace about half of my current income. If I do better than 600k, well, I'll just have to find a way to live with that. If I have less than 600k, I will really have to think hard about whether or not I can afford to retire.

And here's the Roth. I intend to use my Roth solely for funding large, irregular expenses. Think new roof or new (to me) car. The idea is to pay for what I need without taking on debt or raiding tax-deferred (thus permanently reducing my monthly income). I had been shooting for 150k. Now that I am nearly 100% certain I want to buy a small condo as my final home, I think 100k will be more than sufficient.

I have been saving 3k annually in my Roth, but for this projection I used 2k for my "current savings rate". Beginning in 2015, that is my contribution plan.

So all in all, I feel that I am in OK shape. Not fantabulous, but OK.

Belated Net Worth 12-31-14

January 24th, 2015 at 08:34 pm

Just for you, Foscavista. Smile

Cash is down. Frown
Investments are down. Frown
Debt is down. Smile
Home value estimate is up. Smile

Car Payment #2

January 21st, 2015 at 04:44 pm

My second scheduled car payment has posted. I have updated the spreadsheet on my "My Car Note" page, if you care to take a peek.

This month extra principal payments included $320 from my part-time job, $36.82 from credit card rewards, $15 from a wallet sweep, and $3.25 from Hausernet.

Five payments have now been eliminated from the end, leaving 65 payments to go.

Mortgage Chips To Date

January 13th, 2015 at 10:00 pm

I have made my scheduled mortgage payment, along with an extra $13.59. I enjoyed a $25 principal payment from Wells Fargo Home Rewards Visa. My new balance is $170,750.00.

Chips to date: $1,588.76

Interest savings this month: $5.60

Interest savings to date: $57.77

Eventually, the interest savings on the chips I have already made will compound to $3,478.65, provided I own this house until the mortgage is paid in full.