As of December 31, 2013, I’ve only put $993 in my Roth IRA
for the year. Guess what though? You can continue to contribute and have it
count for 2013 until April 15th, 2014! I know that yesterday I said my plan of
attack in regards to my financial priorities was to stick all my money into my
smallish loan, then hit the Roth, but I’m actually going to do minimum payments
on my loans and stick all of my money into the Roth!
I really would like to max it out at $5,500. To do that, I would need to contribute about
$1,127 every month (including April).
What a bummer that all of that money, about 43% of my take home pay and
29% of my gross income, is going to be untouchable for years and years to come,
but I don’t think I really need to reiterate AGAIN how much can be gained in
the long term by giving up this money in the short term.
I’m wondering if this is a completely crazy feat with
everything else I have on my plate. Oh
well; whether I manage to hit all of my targets or not, I know that I’ll have
worked hard to keep my eye on the ball and make it happen!
Do you try to max out
your IRA? Why or why not?
No comments:
Post a Comment