Retirement savings part ii - the IRAs

February 5, 2008 · Posted in Personal Finance, Retirement

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After reviewing our pension and 401k yesterday, it is time to take a quick look at our IRAs. Both my husband and I hold Roth IRAs with Vanguard, and have been really satisfied with the low fees, investment options, and the ease of using the website. We have not maxed out our contributions for this year, and we probably will not be able to unless I find another job where I can work from home in the immediate future.

My Roth IRA - $19,677

My husband’s Roth IRA - $2,875

This brings our total retirement savings to $78,006 (401k + pension + IRAs). This may not be a lot to some people, but it’s not an insignificant amount of money either. Considering that I have been making less than a fast-food restaurant manager for the past 10 years, it’s not too bad (nothing against fast-food managers!). Also, my husband brings home a decent paycheck, but is not making anywhere near a six-figure income.

My goal for this year is to bring our retirement accounts up to $100,000. This is a lofty goal considering our current state of affairs (one income, with student loans, credit card debt, and a mortgage), but I like to think big! I do think it is realistic that we can easily hit the $90,000 mark given our current 401k contributions.

What are your retirement goals for the year? Whether you’re just starting out or are almost at retirement, I think it is really important to have a plan and a goal. I’d love to hear what yours are!