Money Monday- Cash Targets

   

     It was over due time for the quarterly meeting, though we did look deep back in June as well. According to my one investment plan tool, with all my retirement income options, I've dipped out of green into yellow. That was a slap considering what a work nightmare the last few years have been. This is based on retiring at age 62, but the day after my work anniversary. 

     This particular tool is supposed to help calculate if you are ahead of target( green), walking a fine line ( yellow) or need to make significant increases in your retirement savings. I adjusted the tool formula, based on the current debacle happening to retirement accounts, and how growth is not expected. It lets us pick at an individual level and a household level where we are.  As a household, where both DH and my retirement dates and earnings are plugged in, we've been in yellow for a bit. So where does that leave us? Do we both add years in the workforce to our plan? Hopefully not, but additional strategies are in order.

     The biggest strategy is to be laser focused on our cash savings goals, maybe bump up before DH retires. This would both give us more flexibility to delay tapping into our retirement accounts if in 5 years time they're still sluggish. It helps ensure we can pay out of pocket health insurance costs, for at least three years at full cost, then we'd both be 65 so costs would drop.  This is in addition to savings going towards commitments we've made, at least in our heads, to our kids education and weddings, plus needed home improvements, and maybe a bit of travel. Realistically, we need to bump up the budget for the home improvements as everything is going up. 

     As I do when I feel the anxiety of not being able to retire comfortably on my terms I think and list actions, stuff we can do that helps me feel more  in control. I number crunch and then I feel my confidence come back. I'll share little efforts as the summer winds down.