Max out donations to my Roth IRA

Is $416.67/month. That’s a lot of money. But, after minimum monthly payments on my student loans, this is my top savings/debt repayment goal. I’ll make it happen. This will be my fifth year maxing out my Roth IRA. Even though I always feel like I should be putting more money toward retirement, it feels good to meet this goal every year.

Just checking in – been doing this for the past 4 years. 2008 done.

I’m 37 and spent the first 10 years of my career working for the government agency that investigates investment fraud in my state. Now I’m self-employed, travelling around the US making presentations to teens and young adults about this very subject. While I didn’t start contributing to my ROTH and saving for retirement as early as I wish I did, I started in my 20s and it will guarantee that I’m a millionaire in my lifetime.

I want to encourage anyone reading this, with all of my heart, to go for it! We get one chance in this life to experience it, to fulfill our dreams. Saving for retirement isn’t about having money for material things, like cars and bling and fabulous martinis. Money is what allows you to live your dreams. Financial resources give you access to the opportunities in life that allow your spirit to soar, and for you to become your most distilled self. To see the world. To get the education you want. and yes, to have that fabulous car should you desire. Money means you have freedom, independence, and choices.

It’s insurance that you will have the chance in this life to be your very best ‘you’.

I wish you all the best and admire your determination to keep at it!

During 2006, I utilized found money to contribute to my Roth IRA: a bonus here, some overtime there, a small tax refund, a few hundred from savings, etc. Last month I took what was left over from my paycheck after the bills and put it all toward the IRA. I finally hit that magic max contribution number!

It just wasn’t very satisfying to try to piece it together like that. Making the contributions this year was more difficult than years past because I have been taking on more life responsibilities (especially the mortgage!). For 2007 I am enrolling in automatic contributions so that I don’t have to think and strategize about it (I used to do this but had fallen off the wagon).

I really, really want to retire someday. I like my job, but I don’t want to HAVE to work. There is no pension at my job and no one is going to take care of me but ME.

I have been contributing the annual max to Roth IRAs since 2002, when I was in my late 20s and only making about $17,000/year. It is already worth 40% more money than what I’ve contributed. If I never even contribute another penny, it will be worth $280,000 when I am 65. If I can keep up the annual contributions, it will be worth more than $1,000,000.

It has been very satisfying to watch this little nest egg grow and it gives me a lot of hope for the future.

Just before new year’s I was able to finally max out my 2006 Roth after a long hiatus. Whew.

but I am maxing out donations to my work retirement plan to get full matching credits. That’s something. I just don’t seem to have extra. Of course the cab ride and four dollar coffee this morning could have something to do with that… sigh.

Come on people… is no one else really working towards this goal? It says 8 of us are. I need group encouragement.

I made another contribution from this week’s paycheck—12.5% of this year’s max. The rough thing is I don’t know if it’s enough to justify paying the commissions on a transaction. I may wait another month and combine two contributions before making a purchase… but it’s hard to wait once I’ve gone to the trouble of saving it. :)

I really love ROTHs because you can ALWAYS take out what you put in, penalty free. So, if possible, it can be an emergency fund.
No commitment, I like that.

(You just can’t take out your earnings until later, but that’s okay.)

I finally contributed again… I also made up a schedule so I can complete this goal by the April cutoff!