1 Million Dollars
Tuesday, October 9, 2012
Millionaire Update-September 2012
I have been a bit lax in posting my month updates for our retirement saving, but I had to post this month. As of October 8th, we have $13,482 in our retirement savings. This is over half of our annual wage ($26,000)!! Granted, if we retired now, we would need to pay for health insurance ($550/month) so it is not half of our annual retirement spending, but is a lovely start. Sadly, other than credit card rewards from FIA Card Services, we will not be putting any money in until at earliest June of 2013 because I am back in school. However, at least .2% of our income being saved ($50 credit we normally get annually from FIA card services), is better than nothing, so we will take it. Hopefully the market helps us as well. Is anyone else doing creative things so get more money saved for retirement?
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You made a great point on FMF about health expenses in retirement. As health care expenses rise faster than inflation and the future of Medicare on the balance (whether we get voucher program or low reimbursement rates under Obamacare) it is just about impossible to figure out how much to save for medical care! No Medicare and no employer group program in retiremnt equals shark infested waters!!
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