Well, our goal just went way up because of a rise in income! Which means we're way behind, but for a good reason. (I also decided to round off salaries while I was at it so our goal could be a nice round number too!)
New goal: $922,000 by March 2024
Current retirement balance: $779,114
May 2021 balance: $732,687
Progress since last update: $46,427
Still needed: $142,886
This interim goal is based on getting my and NT's retirement to 4x my current and his last full-time salary (approximately $84,000 and $64,000) by the time we turn 50, and AS's retirement values to 3x her current salary ($110,000) by the time she turns 45.
$84,000 x 4 = $336,000
$64,000 x 4 = $256,000
$110,000 x 3 = $330,000
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 31 months to go before March 2024, so that means we need to gain $4609 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.
Coast FIRE Goal
I've also started using this Coast FIRE calculator (https://walletburst.com/tools/coast-fire-calc/) and according to it, our retirement goal is $2.1 million by the time I'm 65 (18 years). It says we're currently 10 years from our Coast FIRE number of $1.5 million!
Here are the Coast FIRE parameters I use:
I'm in between my spouses' age, so I used my age but our combined retirement investments.
Current age: 47
Retirement age: 65
Annual spending in retirement: $84,000
Monthly contribution: $2,700
Investment growth rate: 7%
Inflation rate: 3%
Withdrawal rate: 4%