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December 2019 retirement goal update

December 31st, 2019 at 03:54 pm

Goal: $784,772 by March 2024

Current retirement balance: $541,036

November 2019 balance: $517,266

Progress since last update: $23,770

Still needed: $243,736

The new interim goal is based on getting my and NT's retirement to 4x our salaries (currently $75,120 and $64,118) by the time we turn 50 and AS's retirement values to 3x her annual income ($75,940 in 2018) by the time she turns 45.
$75,120 x 4 = $300,480
$64,118 x 4 = $256,472
$75,940 x 3 = $227,820

It will shift anytime our salary/annual income changes. (The only exception is I won't lower AS's if she has a lower-income year, because her income fluctuates. So I'm keeping it at the 2018 level because her 2019 income was a little less.)

There are 51 months to go before March 2024, so that means we need to gain $4779 per month on average to meet our goal.

The ultimate goal we're working toward is 8x our annual income by the time we retire at 65.

2 Responses to “December 2019 retirement goal update”

  1. rob62521 Says:
    1577826871

    Do you feel that getting $4779 a month is reasonable and doable? It sounds like a fine idea and I sure hope you can do that. It's always good to see your retirement savings going up.

  2. ceejay74 Says:
    1578412729

    Hi rob! I think so...it'll really depend on how bad and how long the recession is when it finally comes, but we contribute about $3K per month on average, so we only have to gain about $1800 per month to make that amount. As we save more and more, that becomes more doable, so hopefully we'll see more momentum as we go.

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