HisHersMoney

In order to fund our retirement dreams we, like most people put money away each month towards our retirement. So, the question is how much? After reading Grace’s post When it Rains, It Pours, and No One Believes Us where she says “We have retirement funds that demand a whole lot more than $100 a paycheck if we’re going to have any kind of life after work.” I thought I might post exactly what we put away each month towards our retirement.

His Roth IRA: this is a new investment for Him. This year it looks like His Roth will not be fully funded as we are just starting it, but we are setting it up to take $400 a month out. Next year we will be starting in Jan and plan on continuing with $417/month

Her Roth IRA: $417/month in order to fully fund it this year.

Both His and Hers are putting $1200/month in our 401k’s for a total of $2,400/month. That gives us a grand total of $3,034 a month in retirement savings.

$500 more per month goes into our retirement home fund.

All of these amounts are automatically taken out of our paychecks and/or checking accounts so we never even have the opportunity to spend even a cent of it. Our grand total each month is $3,734 for a yearly total of $44,808. We have a financial planner who tells us how much we need and keeps us on track.

We also have monthly savings that go towards other things which I will get into in my next post, but this wraps up our automatic retirement savings.