Retirement And Education Savings Goals

Here are my after-tax retirement and education savings goals for 2008/2009/2010. Contributions to Roth IRAs and ESAs can be made from December of one year until April of the next year. I have three children, and I have five months to fully-fund 2008 ESAs for each of them. I’m not sure if I’ll be able to afford to do this, but I’m going to try. Also, my wife needs to fully-fund her Roth IRA for 2008. Once those accounts have been funded, we’ll get to work funding 2009 accounts. The chart should clarify. (Chart corrected.)

Month ESA 1 ESA 2 ESA 3 Roth 1 Roth 2 Totals
Dec 2008 $400.00 $400.00 $400.00 Funded $1,000.00 $2,200.00
Jan 2009 $400.00 $400.00 $400.00 Funded $1,000.00 $2,200.00
Feb 2009 $400.00 $400.00 $400.00 Funded $1,000.00 $2,200.00
Mar 2009 $400.00 $400.00 $400.00 Funded $1,000.00 $2,200.00
Apr 2009 $400.00 $400.00 $400.00 Funded $1,000.00 $2,200.00
Totals $2,000.00 $2,000.00 $2,000.00 Funded $5,000.00 $11,000.00
May 2009 $166.67 $166.67 $166.67 $416.67 $416.67 $1,333.33
Jun 2009 $166.67 $166.67 $166.67 $416.67 $416.67 $1,333.33
Jul 2009 $166.67 $166.67 $166.67 $416.67 $416.67 $1,333.33
Aug 2009 $166.67 $166.67 $166.67 $416.67 $416.67 $1,333.33
Sept 2009 $166.67 $166.67 $166.67 $416.67 $416.67 $1,333.33
Oct 2009 $166.67 $166.67 $166.67 $416.67 $416.67 $1,333.33
Nov 2009 $166.67 $166.67 $166.67 $416.67 $416.67 $1,333.33
Dec 2009 $166.67 $166.67 $166.67 $416.67 $416.67 $1,333.33
Jan 2010 $166.67 $166.67 $166.67 $416.67 $416.67 $1,333.33
Feb 2010 $166.67 $166.67 $166.67 $416.67 $416.67 $1,333.33
Mar 2010 $166.67 $166.67 $166.67 $416.67 $416.67 $1,333.33
Apr 2010 $166.67 $166.67 $166.67 $416.67 $416.67 $1,333.33
Totals $2,000.00 $2,000.00 $2,000.00 $5,000.00 $5,000.00 $16,000.00
Grand Totals $4,000.00 $4,000.00 $4,000.00 $5,000.00 $10,000.00 $27,000.00

To be frank, I would love to fully-fund all 2009 accounts during the 2009 calendar year, but that might not be a realistic goal. Remember, while I’m working to fund these after-tax accounts, I’m also trying to fund my before-tax 403(b) and save for a future home purchase.


NCN

http://www.ncnblog.com

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3 thoughts on “Retirement And Education Savings Goals
  1. Mac

    Did you mean to skip October of 2009? Including that may make things less painful; or get you fully funded faster.