We’re approaching the end of the year so I thought I would take a moment (or three posts) to look back at the savings goals we set earlier in the year. In short, they were to:
• Save enough in cash to have a 20% down payment on our town home.
• Maintain three months worth of expenses in a high-interest online savings account.
• Max out our contributions to our retirement plans in 2008: me 401(k), my wife 403(b).
On to the third and final goal…
Max out our contributions to our retirement plans in 2008: me 401(k), my wife 403(b). Since this is a goal for next year, this is really a question of “are we ready to make this change come January 2008?” We will come close to maxing out our contributions to my 401(k) this year, but we won’t with my wife’s 403(b) since it’s been rolling along at 2%. To get to her max next year we’ll need to push that number close to the 25% mark. That’s a huge change and will take some discipline, but I know it can be done. We will need to reevaluate this once the new year gets here. What’s the highest percentage you have ever heard of someone contributing?
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