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Goals for 2009

November 18th, 2008 at 02:14 pm

Starting to think about my goals for 2009:
[ ] Update will and trust.
[ ] Save 20% of our income -- 15% to retirement, 5% to investing
[ ] Fully fund 401(k): $16,500
[ ] Traditional IRA contribution: TBD
[ ] SEP-IRA contribution: TBD.
[ ] 10% of DH's income to ESPP, to be added to his investment account
[ ] Invest $5-$10k in a REIT fund.
[ ] Move TBD into 529 plan.
[ ] Review current portfolio and write down why we own each fund.
[ ] Meet TSG (target savings goal) of TBD
[ ] Investment return >= TSG
[ ] Have annual review with stockbroker. Follow up on recommendations.

I like the way Merch was very specific and quarterly about his goals, and would like to convert my list to his format.

Notes:
Will and trust: DH doesn't have a will, my will still names the wrong person as guardian, my trust (which I set up instead of doing a pre-nup) needs to be converted into a joint or AB trust, and our house needs to be moved into the trust.

SEP-IRA: To take advantage of the tax break, I currently sell shares in my taxable account and contribute to the SEP-IRA. It's really just moving existing money around rather than investing new money.

ESPP: Buying stock through the employee stock purchase plan is a guaranteed 15% return on the money -- you get the stock for 15% less than the market price on the purchase date. In some ways the ESPP is an extra emergency fund for us because if DH were to get laid off we get the current balance back immediately. DH usually sells the stock immediately. In 2008 we used the money for some big one-time purchases. My goal for 2009 is that this year the cash will go into the stock-trading account that he is free to invest as he pleases. (This account is our solution to our big disagreements about investing philosophy and strategy.)

529 plan: My father set up a 529 for my son when he was born. The intial investment was $20,000, and he has added $1,000 every year on his birthday. (Thanks, Dad!!!) I just need to figure out how much I should add so that it will fully fund my son's education.

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