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May 2021 retirement goal update

May 29th, 2021 at 07:55 pm

Had to change the retirement goal due to a raise I got last month! Old goal was $814,292 by March 2024.

New goal: $820,892 by March 2024

Current retirement balance: $732,687

November 2020 balance: $632,504

Progress since last update: $100,183

Still needed: $88,205

This interim goal is based on getting my and NT's retirement to 4x my current and his last full-time salary (currently $84,150 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.
$84,150 x 4 = $336,600
$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 34 months to go before March 2024, so that means we need to gain $2594 per month on average to meet our goal. (Seeing as how we contribute a minimum of $2K per month and average out to more than $2700, that shouldn't be a problem!)

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

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