Retirement Planning Month 5 of 78

 

      Did you have a good Halloween yesterday? We had a good  group about 5:5, then a big trickle just a few here and there. We live towards the end of a cul de sac and looking down the street, the first  two houses on both sides were dark, so I'm guessing a lot of kids skipped walking down our block to our end of the circle, so half what we've had in more recent years, not counting last year where I just set candy out and kept refilling, with a total of 23. I remember back when my older kids were young, we easily had 75-100, There were a lot of community events this year as well, so maybe Trick or Treating has lost the appeal.  Back to my retirement progress and to recap, my target date is November 26, 2027, give or take a month. If timing is as planned, I'll be exactly 62 at retirement following my husband who should retire four years earlier. My intent is be to post this on the last Monday of each month to November 29th, 2027.Back in June, I figured out if life goes to plan, I am 78 months from retiring. Now, 74. I missed an update in September-well technically missed October, but am fitting this in even though it is the first Monday of November, not last one of October.

     Without going into details as we are all different in terms of income now, income needed, and priorities, I'll note where  we are for at this point for the month as 

• On Track
• Increased Investment Target
• Below Target
• Maintenance
• No Effort

401K: On Track, and both DH and I have met the maximum we can contribute. This should help us maximize cash savings. 

Roth:  No Effort-But is on track with what has been put away. We tend to put into this in a lump sum inthe spring. I need to not to count twice with Savings when we make this shift. .

Pension: On Track

Social Security: Maintenance-as a reminder, we are not counting on social security as part of our plan, so anything we do get will be a bonus to a comfortable retirement. 

Medical Account:  (added category) I contribute automatically 1% of my salary to a Health Savings Account. I also put $1,200 in a medical flex account for pre-tax payment of out of pocket expenses. I'll point out, the Roth account is earmarked for medical expenses between my retirement date, and the date when I have reached my full pension eligibility. I'm researching what other  HSA options might be out there, but so far, what I've uncovered is that the max allowable in a Roth seems to apply inclusively to a personal HSA savings accounts. 

Cash:  Increased Investment close to what we were aiming for, though September and October was a combined deposit. On  a positive note, DH is on board with resetting our 2022 budget to see if we can live 100% on my income alone. He had some ideas of where to plug holes as well.

     These are all still goals for the next few years, but with trying to plan to live on just my income, I've highlighted the areas that are secure/banked. While my goal is that we have 12 months of living expenses banked in liquid funds, technically that is accounted for elsewhere. We'll still try and  do better with liquid cash savings. I tweaked this a bit since originally created in June. 

• Four semesters of college for DD2 (including a study abroad semester though she has earned those added costs herself)
• Bathroom remodel-upstairs
• Bathroom retouch-downstairs
• Bedroom redecorate
• new flooring-upstairs (carpet likely, but I'd love to do hardwood)
• Office redecorate-we did this for no money so far. I still want to paint and pull the old gross carpet. 
• Pull old deck, patio pour, furniture, backyard landscaping
• Supporting wedding costs for three kids
• Two cross country road trips and or 1 plus a cruise
• At least one European vacation
• Mini vacations on years not doing the road trips or Europe 
• Replace my car (though we pay ourselves each month and that would come out of a different account like the boat)

     The mini-vacations will be part of the annual budget, but two cross country and a Europe trip, unlikely unless we determine we will use DH's income. That would be OK though since not a necessity, it would still fit my challenge to see if we can live off just my salary. (Yeah-I know, stretching the challenge a bit as usual.) However, there is a possibility I will be getting a raise-accumulated over the next six years, would be about enough to cover those three major vacations. That's not money in the bank yet, if we want to feed the Roth both this and next April, so won't go on a spreadsheet. That's my wrap up as I move into November, and close to reaching the official 6 year mark.  

     

Apartment Hunting and Life Speed

DD1 starts her new job today. She may also have found a place to live in our town. It's been a challenge though. On Friday, less than 30 minutes before she was supposed to see a place, she got a call that the land lord couldn't make it. He didn't offer an alternative time, only said he'll have to reschedule between 2 and 5 some other time. Flaky. She didn't reschedule because just starting a new job, she didn't know if she could find a time between 2 and 5, week days only. Saturday we showed up to look at what she thinks will be her place, but there was a hitch here as well. It is the lower level of a big house that also has an apartment in the basement and one on the second floor. It is about 300 square feet bigger than what she currently has and the others she has and was still going to look at, located in a safe residential neighborhood near parks and convenient to the highway. Unfortunately, she has to schedule another tour because the guy from Renters Warehouse did not have the right keys. She only got to see the  basement laundry units (she'll have her own washer and dryer), the front porch, which she is already picturing as hers for reading books and relaxing, and then had to peer through windows! Unbelievable. She won't finalize until she actually sees the inside but pictures and window peeking's plus what she knows from the details puts it on top. She put in her application as she was worried it would show so well and someone might get to it before he rescheduled an inside showing.  

Two others we viewed Saturday were in the opposite direction of her job from our town, but equal distance to her job. One was incredibly overpriced, and we got the impression people move there for a short time when relocating until they buy a house. They had the most expensive application fee, extra administrative fees, and pretty poor amenities for the rent.The second in the same community was a contender, $275 less than the over priced, but still $200 more than the one she really wants. I know my daughter would be happier in something like the house apartment as well. Plus not to throw shade on other communities, our little town has a better community culture, less store front and big box feel, closer to parks and nature, and just more to her lifestyle. With the rent being lower and her salary increase, she conceivably could be putting away enough in just  a year that a sizable down payment on a home purchase of her own is a reality. I'll keep you posted.

DD2 met with her friends mom, one of the "mom's" I get together with, who will be doing the bulk of her senior pictures. Her session is next Saturday. I'm not sure what they decided but I trust that J will have some creative ideas and they will be fantastic. Today is also the mega photo, mass senior photo day. Life is just moving so fast for my kids right now. Speaking of moving fast, I better get myself pulled together and head to work. Nothing new for me, but I hope it is a good week. I've started on some recap posts from vacation. Maybe tomorrow will be part one. Have a great Monday. 

Return of the Human Pin Cushion

I guess I had a reprieve for a while from doctors visits, but now will be back at them for a while. I spent my morning poked, prodded, and drained yesterday and have new meds to try, and follow-up appointments on the calendar into the foreseeable future. My series of "unfortunate but unrelated" ailments have all decided to make an appearance. While stress decreases my ability to weather them, other than perhaps the arthritis flair up, my latest work stress doesn't seem to be the culprit. This time, something new showed up in a routine test, so part of the follow-up includes figuring out what can be ruled out, and what to monitor.

Yet life moves on, and I will need to do more work from home to stay on top of things for the short future. I'm not too pleased because the working from home every night was one if not the deciding factor to change jobs two years ago to begin with. It is a good thing that other than some car pooling for DD and a few items on the calendar, I can take home life in stride and not let my calendar be master over me. It was a little comical yesterday trying to manage my work phone calls and my cell phone calls of schedulers calling me back for dates and times of next appointment and tests. Each new referral source had the same series of questions to ask. I could have put myself on tape and hit play, Likewise for the work calls-same questions, same information, all trying to complete reports by the end of the week and missed details in the training webinars.

I'm looking forward to Saturday and the blogger conference. It is at the college campus I attended when I went back to school when my older kids were both in school full time, but still young, and before DD2 was born. I didn't have the traditional college experience there like the first round of college, but still it will be kind of interesting to see the changes made in recent years on campus. DH has some juggling of his own to figure out as it is homecoming weekend and DD2 has lots of plans, and I don't think I'll be back early enough Saturday to drive her. Last I heard Friday involves Halloween shopping, the football game, then sleeping at someones house, and Saturday is a pre-dance party, or just the party if they decide not to go to the Homecoming dance. Regardless, I plan to rest Saturday night and most of Sunday before a partial work day Monday and then two medical appointments. The rest of the week will be wait and see for what's next.

Icing on my yesterday-I wore pretty, but dumb shoes, and now have a blister on my right heel. It has been a week that serves as a reminder. I can try and architect my life on paper and the calendar all I want, but so much is left to the universe. What did John Lennon say? "Life is what happens to you when you're busy making other plans.." Until next time, think good thoughts, have fun, eat treats, and have a good rest of week. 

Auto pilot

I'm taking some time tonight to just pause, and go on auto pilot. The day was packed with managing the ups and downs at work of communicating the new structure of my company to the front line staff.  For some, it was a minor blip on their radar, while others felt like the changes were closer to an earth quake. I had some really sweet  responses by staff in departments that will no longer be under my direction, thanking me for my leadership, and sad to no longer be reporting to me. Others were both excited about the growth opportunities the structure creates, while some were apprehensive of pending change in their specific department.  I heard a couple staff express that the changes must certainly be good for me, as so many things will move off my plate.  I'm trying to see it that way, as a good thing, even though part of me feels like a significant amount of my net worth was chiseled away.  I've got months to work through the changes, and the hiring of a new counterpart, then training that new director as well before I can really tell if this will be an improvement on my stress load, or just different stress. My eyes will be open to see if there are better fits for me elsewhere, including a lateral, or even scaled back position.  For the short term, I'll take each day as they come, remembering my job may be where I make a living, but my home is where I make a life.

I cheated in keeping the budget in check.  October has not been a very good Stoptover at New Frame headquarters.  Middle school conferences  were tonight, plus DD#2 had a conference cross country meet, which followed her learning she was selected to an honors choir she had auditioned for.  School report was terrific, she had her highest finish yet in a meet, and I wanted to celebrate her choir selection.  Her absolute favorite is Chinese food, so splurged on dinner for the four of us, with $24 spent on take out. I'm sure I could have concocted some sort of mock take out for less than half the cost, though we wouldn't have been eating until 8:00.  For the variety we had, and the down time it allowed me tonight to just decompress, I am ok with the splurge, and will happily eat from the freezer and pantry the rest of the week. 

So  how was your day? Here's to all of you that are looking for ways to keep your head above water while looking for dry land.   I'll even raise a toast to the end of my Tuesday, the lowly of all the weekdays.  For now, I'm going to open a bottle of red wine, put on some comfy pajamas, and just chill.