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.
Did you mean to skip October of 2009? Including that may make things less painful; or get you fully funded faster.
Mac, I corrected the chart! Thanks!
That’s great that you’re planning it out. We’re using our extras to pay down our mortgage.