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Net Paycheck; Future Plans

February 23rd, 2019 at 10:34 am

Now that the cruise is paid for and my house is sold, I needed to change my paycheck withholdings. I filled out a new W-4, choosing Single-0. I upped my 457 plan contribution from 3% to 10%. At the beginning of the year, I upped my HCRA deposit to $900 per year, which is $37.50 per paycheck (no withholding from the two "extra" paychecks per year).

Yesterday was the first payday with my new lower take home pay. Here is how my bi-weekly paycheck currently breaks down:

Gross: $2,063.28
Fed w/h: $160.78
CA w/h: $43.20
Fica-Med: $27.53
CA SDI: $18.99
Pension: $144.43
Hlth Ins: $121.07
Dent/Vis: $5.80
HCRA: $37.50
Life Ins: $0.93
Union Dues: $32.98
457 Plan: $206.33

Net Pay: $1,263.74

That's what I have to work with. Going forward, I want to save enough cash to cover items I will need/want. On that list are a full sized truck and 5th wheel for moseying around North America, as well as replacing my current vehicle when the time comes. I want to remain debt-free for the rest of my life, with the possible exception of a mortgage.

When I last mentioned it, I was leaning towards a Class C motorhome. Since then, SB and I have decided to go in half-sies on a full sized truck and later a 5th wheel. The mid sized truck SB has now pulls our small travel trailer, but it is towards the upper end of what is safe. For this reason, we don't often move it. (Mostly just up the road a mile to a campground for black water dumps). However, a full sized truck has a much higher weight limit, opening up some fun possibilities.

I have a nice cash cushion at the moment, but it is ear-marked for various things. Some will definitely be spent soon-ish (car insurance), some will be spent eventually, though when is uncertain (travel). I still have significant saving to do to have my vehicle goals funded.

3 Responses to “Net Paycheck; Future Plans”

  1. creditcardfree Says:

    We were at an RV show recently. This is something we think we will do after my husband retires...at least for a little while.

  2. Petunia 100 Says:

    I am looking forward to it so much; I have dreamed of a retirement full of travel my entire adult life. I hope that you and your husband will have lots of fun adventures in your future RV.

  3. rob62521 Says:

    Hope you can live debt free in retirement. It sure makes life a lot easier. Sadly, prices go up faster than raises do, not in working life, but retirement. Glad you are planning for this, though. Hope you can travel and enjoy yourself immensely.

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