Category | Monthly | Comments | Annual |
Salary/Wages for earner #1 | $3,524 | $42,293 | |
Salary/Wages for earner #2 | $3,600 | $43,202 | |
Pretax Vision/Dental Ins. | $5 | $65 | |
Employer-sponsored HSA | $430 | Room to increase? | $5,160 |
FICA base salary/wages | $6,689 | $80,270 | |
Traditional IRA | $458 | Room to increase? | $5,500 |
Employer Match | $124 | $1,494 | |
Income subject to IRS tax | $6,231 | $74,770 | |
ESPP/After-tax 401k | $160 | $1,917 | |
Paycheck income before tax | $6,071 | $72,854 | |
Federal Total Income | $6,231 | $74,770 | |
Federal tax | $550 | 2015 rates, MFJ, stand. ded., 3 exempt. | $6,603 |
State/City tax | $0 | Guess, using 0.00% * Fed. Taxable | $0 |
Soc. Sec. | $415 | Assumes 2 earners paying | $4,977 |
Medicare | $97 | $1,164 | |
Total income taxes | $1,062 | $12,744 | |
Income before other expenses | $5,009 | $60,110 | |
Monthly Average Expenses: | |||
Mortgage | $643 | $7,721 | |
Property Tax | $45 | $541 | |
Car Insurance | $89 | $1,066 | |
Car Maintenance, Registration, etc. | $32 | $384 | |
Charitable contributions | $35 | $420 | |
Child Misc (non childcare) | $28 | $337 | |
Childcare | $748 | $8,980 | |
Christmas/Holidays | $20 | $240 | |
Clothing/Shoes | $32 | $384 | |
Dining (Lunch/Dinner/Etc.) | $280 | $3,362 | |
Donations/Gifts | $32 | $384 | |
Electricity/water/natural gas | $150 | $1,800 | |
Entertainment | $39 | $468 | |
Fuel/Public Transport | $44 | $528 | |
Groceries | $591 | $7,092 | |
Groceries – Alcohol | $16 | $192 | |
Household; Maintenance | $85 | $1,025 | |
Internet | $73 | $876 | |
Landscaping/Yard work | $55 | $660 | |
Life Insurance | $46 | $552 | |
Medical (Doctor, Hospital, etc.) | $380 | $4,560 | |
Medical Insurance | $246 | $2,951 | |
Medicine (OTC + Prescription) | $135 | $1,620 | |
Miscellaneous | $9 | $108 | |
Pets | $47 | $560 | |
Phone (cell) | $121 | $1,450 | |
Shopping | $33 | $393 | |
Travel/Vacation | $180 | $2,160 | |
Non-mortgage total | $3,591 | $43,092 | |
Total Expense | $4,234 | $50,813 | |
Total to invest | $775 | $9,297 | |
Additional Mortgage Principal | $234 | $2,808 | |
Additional Loan payments | $212 | $2,543 | |
Available for taxable investment: | $329 | $3,946 | |
Summary: | |||
"Gross" income | $7,125 | $85,495 | |
Income taxes | $1,062 | $12,744 | |
After-tax income | $6,063 | $72,751 | |
IRA+401k/403b/TSP/457 (Savers' credit) | $458 | $5,500 | |
HSA | $430 | $5,160 | |
ESPP+529/other | $160 | $1,917 | |
Living expenses | $4,240 | $50,878 | |
After-tax investable | $775 | $9,297 | |
Time to FIRE?: | |||
Safe Withdrawal Rate | 4.00% | percent | |
Real return on tax-deferred investments | 5.00% | percent | |
Real, after tax, return on taxable investments | 4.25% | percent | |
Current Savings | |||
Tax-deferred (e.g. trad. IRA/401k) | $42,338 | ||
Roth + HSA | $101,000 | ||
Projected Savings at Retirement | |||
Tax-deferred (e.g. trad. IRA/401k) | $42,338 | ||
Roth + HSA | $101,000 | ||
Total projected stash | $143,338 | ||
Projected Expenses in Retirement | |||
Non-loan, non-work expenses | $43,092 | ||
Total | $43,092 | ||
Total loan principal due at FI | $97,428 | ||
Stash needed for retirement @4.0% SWR | $1,174,728 | ||
Need $1,031,390 more. |
Filing Status | 2 | 1=S, 2=MFJ, 3=HOH | |
# Exempt. | 3 | ||
Earner #1 | Earner #2 | ||
Ages | 30 | 40 | |
# of earners | 2 | ||
Total Income | $74,770 | ||
Std. Deduct. | $12,600 | ||
Act. Deduct. | $12,600 | ||
Exemption | $12,000 | ||
AGI | $74,770 | ||
MAGI | $80,270 | ||
Taxable | $50,170 | ||
1040 Tax | $6,603 | ||
Saver's credit | $0 | ||
Tax after n-r credit | $6,603 | ||
Child Tax Cred. | $0 | ||
EIC | $0 | ||
Net Tax | $6,603 | ||
Monthly | $550 | ||
Mtg. Int. (approx.) | $4,642 | ||
Prop tax | $541 | ||
Charity | $420 | ||
Medical | $3,523 | ||
Item. Deduct. | $9,126 | ||
Version | V7.09 |
Loans: | Orig. Prin. | Orig. Length | Curr. Prin. | Yrs left | Rate |
Mortgage | $120,000 | 30 | $93,971 | 12 | 4.990% |
Auto | $10,000 | 5 | $3,456 | 4.5 | 1.750% |
Medical insurance is post-tax but you get dental pre-tax?
Category Monthly CommentsAnnual Medical Insurance $246 $2,951
Double counting the extra car payments? $5,000 financed for 5 years at 1.75% is only $87/mo.
Loans: Auto $288 $3,457
Here is where this spreadsheet is probably not as good as time-dependent retirement calculators (e.g., see Best and/or Recommended Retirement Calculator - Bogleheads.org (https://www.bogleheads.org/forum/viewtopic.php?t=115839#p1686175)): in what year would the $34,956 start? Does the amount change depending on the start year?
Time to FIRE?: Extra income after RE (pension, SS, etc.) 34956 /year
Appears you are missing a spouse and a child. :)
Filing Status 2 1=S, 2=MFJ, 3=HOH # Exempt. 1
For my IRA I wasn't sure where to put it on the spreadsheet since I put the money in as one lump sum instead of a monthly contribution.The annual amounts are what matter for most of the spreadsheet calculations. Using =5500/12 (or whatever the annual amount should be instead of 5500) for the monthly amount is fine.
All that to say - I can't figure out how long till we're FIRE'd. I don't know exactly what our post-FIRE spending will be like, but for the sake of example I'm going to say our non-mortgage total expenses will stay the same. I don't know how to include Social Security, or if I even should. Husband, according to his most recent SS statement: $1,011/month if he claims it in 2038, $1,458 in 2043, or $1,809 in 2046. Me, according to most recent statement: $1,024 if I claim it in 2047, $1,455 in 2052, or $1,804 in 2055. Since we'd like to be FIRE'd long before 2038 I don't know how to factor this information in. All I know is if I leave it as zero in the spreadsheet it says our stash needs to grow by million dollars but if I add in $24,420 ($1,011+$1,024 times 12 months) then our stash only needs grow by $457k.This is where the cfiresims, i-iorps, etc. come in.
Appears you will be in good shape when SS kicks in, but you need to get there.
Because you have very little in traditional accounts now, your expected retirement tax rate is very low. Thus traditional contributions now are likely to work better for you than Roth. See Traditional versus Roth - Bogleheads (https://www.bogleheads.org/wiki/Traditional_versus_Roth).
I think I fixed the auto loan now? We're only required to pay $288 but we pay $500.$288/mo is way more than a $5K, 5 year, 1.75% loan requires. Do you have a larger loan amount, or shorter time to repay, or incredibly high interest rate?
...I did see the part that says "If your current marginal tax rate is 15% or less, prefer a Roth." Am I not in that marginal tax rate bracket? I thought I was.You are, but there is also this part: "The following guidelines are relevant for most investors, e.g., they assume a marginal withdrawal tax rate of 15% or more. See below for explanations, and remember to check your own situation."
Asking when you're FIRE at this point is kinda like asking dad to go the bathroom again half an hour after getting gas. Answer: it's gonna be a while, so distract yourselves by counting out-of-state license plates, er, saving as much money as possible.