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Archive for July, 2024

July 2024 net worth update & Social Security considerations

July 31st, 2024 at 06:01 pm

We had a modest month of retirement fund growth and are still on track with CoastFIRE! I also had a mini-revelation a few weeks ago that we may be a lot more set than I realized. I haven't factored Social Security benefits at all into my calculations; I'm a bit of a pessimist when it comes to thinking about whether it'll still be a thing when I'm of age. But I checked our benefits out of curiosity and saw that the combined benefit of our three accounts could be $4,200 if we start drawing down at age 62 and $7,200 if we start at age 70. Our estimated required monthly funds in retirement are $5,500. I had been a bit worried that I was estimating our needs too low, but now I'm much less worried because chances are we'll receive at least partial Social Security, so I think we should be good!

Assets      
NT's UK pensions:      
AV1: 26,511 pounds $33,139    
SW: 31,522 pounds $39,403    
AV2: 7,971 pounds $9,964    
NT's trad. rollover IRA $125,665    
NT's Roth IRA $83,933    
NT's SEP IRA $7,161    
NT's AAC acct $4,843    
AS's trad. rollover IRA $31,455    
AS's Roth IRA $117,493    
AS's SEP IRA $84,523    
AS's Nevada acct (approx amt) $380    
CJ's trad. rollover IRA $271,231    
CJ's Roth IRA $90,641    
CJ/NT/AS house ($643,000 value -6%) $604,420    
CJ/NT/AS rental property ($599,000 value -6%) $563,060    
TOTAL ASSETS $2,067,311 retirement only: $899,831
       
Debt      
Main mortgage $335,890    
Rental property mortgage $380,063    
Loan from friends (main house) $9,000    
TOTAL DEBT $724,953    
       
Current Estimated Net Worth July 2024 $1,342,358    
       
June 2024 estimate: $1,331,320    
       
Change in net worth $11,038    
       
       
COAST FIRE: https://walletburst.com/tools/coast-fire-calc/    
retirement goal $1.59 million by 2039 (CJ age 65)    
       
Current age: 50      
Retirement age: 65      
Annual spending in retirement: $63,600      
Monthly contribution: $250      
Investment growth rate: 7%      
Inflation rate: 3%      
Withdrawal rate: 4%      
Current invested assets $899,831    
Coast FIRE number at current age $882,871    
Current status: at Coast FIRE