Skip to content

2019 Goals and Plans

June 10, 2019

We’re approaching the mid-point of 2019… But a baby is the ultimate excuse for being late, right?

Our priorities are mostly unchanged from my thoughts on the bottom of this post, except we’re going to skip the mega-backdoor ROTH IRA and go directly to maxing out 403bs.  This is primarily because I cannot stand to give up any tax breaks, and secondarily because I feel relatively unconcerned about paying for baby’s college. It is also because I don’t want to deal with figuring out paperwork.  This means our money savings will go like this in 2019:

  • Max 457bs and mandatory pre-tax savings.
  • Max out two Roth IRAs, via backdoor.  We did finally move  the <$2k that T had in a rollover IRA.  That makes this straightforward without worrying about the pro-rata rules.
  • Max out 403bs.
  • Consider a small pre-payment to the mortgage (or mega backdoor Roth IRA)

More on that last bullet. Much like Revanche, killing the mortgage can’t be a priority for us right now.  Once I get that far down the list, there is less than $10k to work with – perhaps less than $5k.  While $5k is something, I’m not thrilled about the paperwork of executing a mega backdoor Roth IRA for it. Pre-paying the mortgage isn’t the optimal choice, but it is still a very good choice. And it is the choice of least resistance. And it feels so good emotionally. That is the plan, unless someone can convince me otherwise.

Other money related goals/tasks:

  • Get our crap together on estate planning, etc.  We are actively working this, but I’m feeling guilty it isn’t done yet…
  • Review life insurance and disability coverage. I’m quite sure we need to sign T up for additional disability insurance through work.
  • Open a 529 for baby, although this is just for gifts to her rather than our primary place where we will save for her education. I expect very modest gifts, on the order of a couple hundred (or less) total per year, if anything at all. Still, I we should have a designated place for it.
  • Review asset allocation across all accounts.
  • Give to charity and political campaigns. As in 2017, my target is a measly $100 each month (and lump sums to catch up for missed months). Considering our blessings, this is a very small amount, but a step in the right direction.  This number might increase, as I expect I’ll want to give more politically, but don’t want to shortchange charity.

Non-money tasks

  • Re-evaluate emergency kit and “go bag”.  I put some effort into this a couple of years ago, so we wouldn’t be totally screwed in the case of a big earthquake.  We are a bit less prepared for a wildfire, especially an evacuation via foot, which is likely the quickest way to safety.  This is applicable to work and home.
  • Prep for 24-48 hour power outages this summer. The utility company notified us it is likely they will preemptively shut off power during times of high fire risk.  I’m glad they are being proactive, but it will be annoying to live with. Among other annoyances, this puts my stash of frozen milk for my baby at risk.  We are setting up the inexpensive chest freezer my dad left in our garage for storage in hopes this will help.
  • Work with manager on a promotion/raise. I’m pretty happy with my position and salary, honestly.  But we talked about this last year (he brought it up) and I brought it up again more recently. We agreed to wait on the outcome of a few things, but I don’t want to let it drop.
  • I’d like to have other work-related goals, but I just don’t know what is going to happen in terms of projects. My near term goal is to make it in this job until at least February of next year in order to vest in some benefits.  But that’s a pretty lame goal, and I hope I can do much much better than “survive”.
  • Consider installing a safe at home, bolted to the closet floor. After our house was burglarized, we installed a simple alarm system. The police said it would really only serve to limit the duration of time a burglar would spend in our home, and allow for them to potentially be caught due to the camera. We don’t really have valuables, aside from our computers, which are often not left home alone. We don’t keep cash at home. So, a safe is… maybe unnecessary? But I want to make a final decision on this item.
  • Get quotes for a roof replacement, and (maybe) execute a new roof. I have cash set aside for this project, but we are waiting on the tenure decision.  Also, we need to consider a whole house attic fan and solar as part of this decision.

That’s roughly the 2019 plan for money and other adulting tasks.

5 Comments leave one →
  1. P2P permalink
    June 18, 2019 11:23 am

    In connection with mortgage prepayments, have you ever recast your mortgage? It’s something I’m thinking about as a prepare for emergency step (i.e., not planning on reducing the payments I make now, but in the event of emergency it would be helpful if the minimum payment was less than it is now).

    • June 19, 2019 9:31 am

      Yes, for sure. We live in a high cost area, so our mortgage is big. We made significant pre-payments in the first ~4 years of ownership, and now have a payment that is about $500/month lower. it definitely takes pressure off and allows us to live on one income if needed. But it takes chunks a lot bigger than $5k to make a good dent in our monthly payment.

  2. June 26, 2019 8:37 am

    I dream about paying down / paying off our mortgage, but am also almost constantly talking myself out of it. At this point, we can get a 5-year CD that pays almost the same rate, and if our goal is Early Retirement (I’m not sure it is?) then it makes sense to max out tax-advantaged accounts like a Mega Backdoor Roth. I guess it will be more of a question when we have enough money for all of our goals again…


  1. June Wrap up | Stacking Pennies
  2. July Wrap Up | Stacking Pennies

Leave a Reply

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

%d bloggers like this: