The following chart represents my goal of putting 20,000 dollars, per year, into savings and retirement, over the next 10 years.
| Yearly Contributions | Retirement Accounts | Savings Accounts | |||
| NCN 403B | NCN Roth | Mrs NCN Roth | ING Direct | TradeKing | |
| 2006 | $0.00 | $0.00 | $0.00 | $18,200.00 | $1,800.00 |
| 2007 | $6,000.00 | $4,000.00 | $4,000.00 | $6,000.00 | $0.00 |
| 2008 | $6,000.00 | $5,000.00 | $5,000.00 | $4,000.00 | $0.00 |
| 2009 | $6,000.00 | $5,000.00 | $5,000.00 | $4,000.00 | $0.00 |
| 2010 | $6,000.00 | $5,000.00 | $5,000.00 | $4,000.00 | $0.00 |
| 2011 | $6,000.00 | $5,000.00 | $5,000.00 | $4,000.00 | $0.00 |
| 2012 | $6,000.00 | $5,000.00 | $5,000.00 | $4,000.00 | $0.00 |
| 2013 | $6,000.00 | $5,000.00 | $5,000.00 | $4,000.00 | $0.00 |
| 2014 | $6,000.00 | $5,000.00 | $5,000.00 | $4,000.00 | $0.00 |
| 2015 | $6,000.00 | $5,000.00 | $5,000.00 | $4,000.00 | $0.00 |
| Account Totals: | $54,000.00 | $44,000.00 | $44,000.00 | $56,200.00 | $1,800.00 |
| Retirement / Savings Totals: | $142,000.00 | $58,000.00 | |||
| Total Contributions: | $200,000.00 | ||||
As you can see, I will distribute the 20,000 dollars throughout various types of retirement accounts. If the maximum contribution for a Roth IRA is increased, I will shift more money into my Roths, and put less into my 403b. My wife has a pension plan at work, and 5 percent of her salary is automatically withdrawn each month. 20,000 dollars represents “roughly” 1/3 of my take-home pay.
Additional Notes:
I will maintain the 1800 dollars in my TradeKing account, using it to learn about trading, investing, etc.
I will refrain from using credit.
I will also, after completing my initial 20,000 dollar emergency fund, increase our amounts of Term Life Insurance.
As you can see, I like to keep things simple.
As for additional savings, I will have “budgeted” savings for car replacement, furniture replacement, etc. etc. These items will be saved for in our monthly budget, and will be above and beyond our regular “savings” account. I will keep these funds in either our ING Direct account or our checking account, depending on when/if I need to access them.