Wednesday, June 18, 2014

Father’s Day Weekend

Jays dad is retiring next month and we got into talking about pensions, 401k, Roth IRA etc. Which honestly, I don't have a clue on even though I work in the banking industry. I have always contributed the minimum percentage to get the employer match, but I feel like I am not saving enough

 I currently have the following savings/retirement accounts

  • Emergency Fund 
    • Current Rate .01% ---- ugh!
    • Current Contribution $100/bi-weekly. 
    • This is currently sitting on my regular savings account and is not really accruing any interest 
  • Roth IRA 
    • Current Rate .75% 
    • Current Contribution $50/bi-weekly. 
    • I just started contributing to this one and haven't really maxed out my contributions
  • Online Savings 
    • Current Rate .75% 
    • Current Contribution $50/bi-weekly. 
    • I am planning to transfer my Efund to the Capital One 360 Savings account, but I am still trying to research if this is the best thing. My regular savings account where the Emergency Fund is in isn't really accruing any interest. 
  • Current Employer 401k
    • I am currently putting 5% to my 401k to take advantage of our employer match
    • This is also set up where it will automatically add 1% every year - which hopefully I will not notice 
  • Previous Employer 401k 
    • I left two years ago and left this as is. However, I am still regularly checking this and it seems like its been compounding. 

I think I will be keeping them as is and not change anything for now since I want to pay off my debt completely - but I need to start reading and learning about the best options for savings/retirement.

 Do you think this is a good idea?

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