Wednesday, March 15, 2017

Timing is everything

Image: http://www.thelistinc.com/wp-content/uploads/2014/06/Prospecting-triggers_timing-is-everything.jpg

I'm a planner, always have been. Timing really is everything.

Knowing that I was to continue to receive full wages thru Feb, I submitted all of my paperwork at the end of January, for my retirement to be effective March 1. While the paperwork confirming receipt of my application for retirement states that it may* take up to 3 months to start actually receiving retirement income, according to the retirement clerk in charge of my account, with whom I spoke via phone today, all of my paperwork is complete, in order and since this is a quiet time before the usual mad rush at the end of the school year, my retirement is slated to commence this month, on the 31st. (it will always be once a month, at the end of the month)

With an impending home purchase (still ironing out some condition issues that are documented via inspections), having my extra 6 months of income stashed away, will automatically become my home remodeling fund, to which I anticipate still being able to add to , saving 45% and living on 55% of my income. My new (at the home to be purchased) budget has all anticipated ongoing expenses factored in, some are estimated at this point. Some should go down as improvements (energy wise) are made to the home. Once the financial dust settles, I will be asking my CPA to run the numbers as far as my tax obligation for 2017 will be, to ensure that I won't have to pay or be reimbursed more than $500-my personal threshhold.

 Factor in a needed job come Sept 1 (really for benefits), and all additional income will be slated for remodel/investment, even further increasing my savings rate.

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