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November 2020 retirement goal update

December 2nd, 2020 at 06:49 am

Finally, some progress on the retirement goal!

Goal: $814,292 by March 2024

Current retirement balance: $632,504

July 2020 balance: $565,234

Progress since last update: $67,270

Still needed: $181,788

This interim goal is based on getting my and NT's retirement to 4x my current and his last full-time salary (currently $82,500 and $64,118) by the time we turn 50 and AS's retirement values to 3x her highest annual income ($75,940 in 2018) by the time she turns 45.
$82,500 x 4 = $330,000
$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 if there's a lower-income year.)

There are 40 months to go before March 2024, so that means we need to gain $4545 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.

4 Responses to “November 2020 retirement goal update”

  1. rob62521 Says:

    Way to go! That's an incredible progress since your last update!

  2. LivingAlmostLarge Says:

    What is the retirement number by 40 and 45 to hit 8x by 65?

  3. ceejay74 Says:

    We're shooting for about $800K by March 2024. I guess we'll keep shooting for that though I think our combined income is going to be way less depending on what NT ends up doing for his work.

  4. ceejay74 Says:

    Oh I'm sorry, you were asking about ages 40 and 45! Then, we were going for 2x AS's salary by the time she turned 40 and 3x my and NT's salaries by the time I turned 45. It fluctuated (got bigger every time one of us got a raise) but the ultimate goal was 563,540 by March 2019. Our final balance: $452,766. So we fell short by $110,774.

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