Comments on: Rebuilding My Non-Retirement Savings (Mid-February Update)

By: Jesse

Jesse — Thu, 21 Feb 2008 21:57:46 +0000

Kudos to the comment above me for the “most obvious comment with a reference to their site below” award.

Is that savings including an emergency fund? Or is that considered separate?

By: tracy ho

tracy ho — Tue, 19 Feb 2008 13:49:13 +0000

Planning in advance is a good thing,

Good luck,

Tracy Ho
wisdomgettingloaded

By: Future Millionaire

Future Millionaire — Tue, 19 Feb 2008 12:22:58 +0000

Ah I see. I was just curious why not funding your wife’s Roth IRA first, but since its going to be funded by the end of the year anyway it really doest matter.

By: Ryan S.@uncommon-cents.net

Ryan S.@uncommon-cents.net — Tue, 19 Feb 2008 04:41:38 +0000

Wow, that’s an ambitious goal! I’m pulling hard for you; I wish I could save that much (in non-retirement savings) in a year!

By: NCN

NCN — Tue, 19 Feb 2008 04:03:40 +0000

To further clarify -
My wife will be out of work for a few months, once the baby is born, so her paychecks will decrease. As a stop-gap measure, I am building up non-retirement savings, so that we will have funds on hand, to supplement her decreased income. After the baby is born, she’ll go back to work, and we’ll then be able to fund her roth.

By: NCN

NCN — Tue, 19 Feb 2008 04:01:41 +0000

@Future Millionaire -
I have already fully-funded my roth ira for 2008… and I will work on fully-funding my wife’s before the end of the year (hopefully before fall)…
This savings is in ADDITION to our retirement savings… not in-place of…

By: Future Millionaire

Future Millionaire — Tue, 19 Feb 2008 02:54:54 +0000

My curiosity is peaked, what is your reasoning for building the non-retirement savings before the Roth IRA? With a Roth IRA you can always withdraw the initial investment with no penalty and the interest grows tax differed.

Is there a better advantage to growing the non-retirement first?