Retirement Progress - Jun 07
July 5, 2007
Checking and Savings
Last month I opened two accounts on ING Direct: a savings and a checking account.
I’ve been wanting to build up my emergency fund, but it’s been hard with the bull market that we’re experiencing. I’m going to try to control myself and not transfer the money I put in the savings and purchase more stocks.
The checking account is giving me 4.00 APY, which is quite good for a checking account. So I setup my paychecks to go to this account (direct deposit) and I’ll start paying most of my bills through it too. I’ll probably still keep my old account for regular paper checks and emergency cash withdrawals (ATM access), keeping the balance there somewhere around $1,000.
401k AND IRA
I was able to put some money away to my 401k, but June wasn’t a good month for my mutual funds.
Also finally opened an IRA. Been wanting to do this forever and was able to finally do it. I put $4k, but it was bad timing, so it’s a bit down.
INVESTMENTS
Some of my stocks did quite well, so I’m happy with the return in June.
OTHER
Like I mentioned before, I got an extra $4,081.68 this month because I surrendered my old life insurance. It was nice to see this money, but on the other hand, I had to pay $4,221.00 to get it. But I believe it was necessary to avoid paying those fees for the next 30 years.
Posted in Finances, Retirement Progress, Retirement Progress
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July 5th, 2007 at 11:18 pm
Curious, why would a person need an IRA and a 401K?
July 6th, 2007 at 12:38 am
There’s a limit to the amount you can contribute to your 401k and your IRA accounts. Some companies have good matching program, so if you’re able to max your 401k contribution, you can look at other alternatives, like IRA accounts.