How We Saved over $85,000 in 12 Months on 2 Teaching Salaries…in a Down Economy…without Breaking the Law!

After a good year of savings in 2009, we saved even more in 2010.  All along we hoped to be able to fully fund our 403b and 457 accounts to their maximum contribution levels allowed in 2010.  Fortunately for us, we were able to hammer our 403b, 457 and IRA accounts to the amount of $76,000.  At the same time, we also accrued $6,418 in our 403b pension plans.  The grand total:  $82,418!

Here are our retirement contributions for 2010:

Retirement Accounts	Self	Wife	Total
457 at ECS	$16,500	$16,500	$33,000
403b at ECS	$16,500	$16,500	$33,000
Traditional IRA	$5,000	$5,000	$10,000
403b pension at ECS	$3,314	$3,104	$6,418
Total 2010 Retirement Savings	$41,314	$41,104	$82,418

In 2010 we also continued to fund various educational accounts for our son and our nephews and nieces.  Here are the totals for 2010: 

Educational Accounts	Son	Nieces & Nephews	Total
Coverdale ESA	$2,000	$0	$2,000
GA 529	$300	$300	$600
Total 2010 Educational Savings	$2,300	$300	$2,600

Here is the grand total of all our savings for 2010:

Accounts	2009 Totals
2009 Retirement Savings	$82,418
2009 Educational Savings	$2,600
Total 2010 Savings	$85,018