Annual fiscal checkup

Our auto insurance policy is due very soon, so I thought I’d check and see what other options there were out there to save a little money.
I contacted a few different traditional vendors. I mentioned that I would be amenable to switching our current policies holder (who is Allstate) with someone else if it would make sense.
What I was to find out was simply that the money that we were saving already because we are long time policy holders (life, auto, & home), we are already below the 4 different carriers that I spoke with on the phone. Sometimes I found that we were actually lower than some places that were only providing us limited tort as opposed to full tort with the policy coverage being the same.

Along with this, you should also consider allocating your investments differently by shifting them around through selling some funds and purchasing others. Or if you’d rather you could adjust your future mutual fund (or stock) purchases so that 6 months to 1 year later they should be fairly close to in-line with what you would like.

And finally, if you choose the option of not receiving as much income tax back when you have to file your taxes … normally April 15th or so of the year, then fill out the necessary W-4 (employee tax withholding) form. That can be found here:

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5 Responses to Annual fiscal checkup

  1. Poyly says:

    1) Do you think you’ll have enough money for a corofmtable retirement?I have no idea.None of us are guaranteed a tomorrow.There is no certainty that I will even be around at that time in order to retire!The money that I save today is put there for a rainy day, and is put there to eventually give away or pass on to heirs… but to say when that rainy day arrives and how I would expect to dispense of that money could be anybody’s guess right now. It seems to me that the important thing to do is to save money for unexpected contingencies. I see my savings as a way of being self-insured.2) Do you plan on receiving the social security benefits that have been promised to you?I would hope so, but by that time, the amount would probably be insignificant due to inflation and the system collapsing on itself. By that time, I would expect to hear the government say “We’re broke. Yeah, it’s not much that you’re getting, but it’s better than nothing”.3) What % of your income do you save today for retirement?I save as much as the tax laws allow me to do so.I max out IRA’s, SEP IRA’s, 401K’s, etc. And after that, if there is little left over, I try to save that too… (after paying for living expenses).4) Where would you like to retire?Wherever the good Lord puts me.5) How old are you, and what age do you plan on retiring?44.I plan to retire when I can no longer work… In other words, if it is God’s will, then I would prefer to be working in some capacity to the very end (with adequate time for some vacation from time to time).

  2. Jose says:

    to me being a young person, “You think about reireemtnt too much for someone your age. You’ll live just fine if you save some money and don’t think about it.”1) Yes, but only because I don’t require alot. Waste alot on restaurants today…2) They had better. Maybe it won’t keep up with inflation, but there are just too many old people stimulating the economy with their government checks today. What would happen to our economy if that stopped? How much does social security stimulate currently. I bet the retirees spend just about everything the get. :)3) Have three kids so we are saving for their education and can’t put as much away for reireemtnt. Total is 6% for reireemtnt, but the wife goes back to work next fall so it should get way better. Of course, we’ll get phased out of the wonderful world of government give me’s. No plan to change lifestyle so we’re good. 4) Here in MN. Plan to go to 81 baseball games a year and spend spring training down with the team. Hopefully the children will stay in Minnesota so we don’t have to fly around to see them.5) We’re in our mid thirties. The wife plans to retire at 52. I hope I always having something going for other income. I’m just a tech right now, and don’t do side work. As I get older I hope to spend more time figuring out ways to give big gifts to friends and family without impacting our reireemtnt accounts.

    • Jose, glad that you have a plan and are following through with it. They are the 2 most important things for anybody who is currently working!
      And personally, I keep telling our children that the more they save earlier, the better their future will be. I tell our children to start saving 50% of their take home pay, and only spend the rest (and 50% of whatever the invested money earns). I keep telling my nephew, and often doubt that he is doing as I suggest, but that is why they call “personal finance” I suppose. :-)

  3. Svetlana says:

    1) Do you think you’ll have enough money for a cobomrtafle retirement?Yes, in today’s dollars, but inflation could make cobomrtafle into miserable. Current retirees will be pinched by inflation which will greatly reduce the buying power of Social inSecurity and other pensions that will get a dismal cost of living adjustment.2) Do you plan on receiving the social security benefits that have been promised to you?Although I am 44, I am not yet vested in Social inSecurity. I plan to work a J.O.B., just over broke, to earn 9 more quarters so I qualify, even if SS is only enough to visit Starbucks monthly.3) What % of your income do you save today for retirement? I save about 8% over my State of California pension, which will be 90% of my last salary when I turn 50. Yes it is a good pension, but I have worked in state prisons amidst filth, stress, tb, aids, hepatitis, and toxic attitudes for 20 years. The CDCR is accepting applications, if you want to join me. Not everyone wants to run a tier, or fight HIV+ prisoners, in a cloud of pepper spray.4) Where would you like to retire?Any place that does not have harsh winters, criminals, gang problems, etc. I hope to live in a good place to raise kids.5) How old are you, and what age do you plan on retiring?I am 44, and want to retire from the state at 50, but continue to work coaching, and making a difference to our youth. I will likely continue to work another job, for fun money, and travel cash, as well as for a hedge against inflation.

    • 1) Not yet. I’m targeting at least $500,000 to have a rather comfortable retirement, and a large chunk of the earnings when I retire would go to the state of NJ for property taxes. That’s why I’m shooting for at least that much.
      2) Yes I plan on receiving them if they are there. I’ve been working for over 30 years almost all the time, so yes I am vested in SS. I hope that you get there soon! FYI, I wouldn’t be visiting Starbucks since I don’t drink coffee. :-)
      3) I have bumped my savings up to almost 16% due to an HSA and my 401k and my wife’s Roth. My hat is off to you for the work that you are doing, I am sure it is a very stressful job.
      4) I am shooting for being able to retire where I live now. However, if I am forced to move because of the things you mentioned, I would probably choose a lower tax state to keep my retirement funds going well.
      5) I am 49 years old. and plan to retire just about age 62. I am targeting drawing on SS after I am 65 or older if I am able to. Another way to hedge inflation I guess.

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