Author Topic: Goal: $600k invested assets by age 36 (Help me get there!)  (Read 909 times)


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Goal: $600k invested assets by age 36 (Help me get there!)
« on: June 18, 2018, 10:58:28 AM »
Topic Title: Would like to have $600k in invested assets by Age 36, 9 years from now.

Why? I'd like to semi-retire/start working part-time around that age if I can, to pursue creative interests, side businesses, hobbies, slow travel with a fam. I'm already pursuing these things to some extent now.

Life Situation: IRS filing status- Single
number & ages of dependents: none - would like to have a wife and a family of a couple kids one day.
SE USA, 27

Gross Salary/Wages: 80,000


Current Employer 401k Plan (invested in Passively Managed S&P 500-tracking fund, at Total Annual ER of 0.05%) = $56k
Former Employer 401k Plan (invested in Vanguard Target Retirement Trust 2055 at ER of 0.06%) = $32k
Roth IRA (VTSAX) = $25k
Traditional IRA (VMFXX) (Deciding what to do with this money - thinking of moving towards an asset allocation like the "Golden Butterfly" from, so would need to buy some Small Cap value, Bonds, and Gold) = $7.8k
Vanguard Brokerage: (VTSAX) = $25k
Payflex Direct HSA investment account: (not invested, just sitting there) = $0.2k (200 dollars)
Payflex HSA (regular, non investment account): $2.5k
Emergency Fund: $5k

Total Assets: $152.5k

Liabilities: none, other than my credit card amount for each month's current expenses, which I pay off every month

Specific Question(s):
At a high level, I'm looking at it like this:
Goal: $600k NW
Current: $150k NW
Gap: $450k
time to goal: Age 36 - Age 27 = 9 years
Amount I need to 'save'/increase my NW by each year: $50k
Amount I generally increase my NW by each year since I've started working:
2017 = $57k
2016 = $30k
2015= $23k

So if I can keep this $50k+ thing going, I'm pretty much on track, without too much "stretch" required. But honestly, I think my expenses could come down a lot when I see people posting "sub $200 month Grocery bill", and mine's higher than that, and I'm only feeding one
To some extent, you gotta get out there and eat at some restaurants with friends, take trips with friends, pursue things your interested in (hobbies).
I should probably come up with a stretch goal of $800k by 36, or $1m by 40, or  more in line with this forum's way of thinking (more money does not equal more happiness, but earlier money does)... $600k by 34. oooh

I'm obviously having some struggles/trouble with the spreadsheet too, so some help on those would be great. See my attachment.
1) My Federal withholding box (starts in F57 of Calculations tab) says my expected refund this year is going to be $3,906. (I don't think that's right, but can't figure out why)
2) My "After tax investable" shows as $118 each month, and yet I'm able to throw an extra $300 into my Brokerage account each month. That doesn't seem my expenses are off or something up in the boxes A1:D20 are off. Let me know what you think.
3) I don't understand how to use the "Total Tax Rate vs 401k Contribution Table" at all. Can someone interpret the current results it is showing? then maybe I can understand it and fiddle with it.
4) The Progress to FI table shows me as Financially Independent right now. I think because of the estimate I put in for SS income (which I pulled down from Personal Capital's website). That can't be right. Especially when this sheet doesn't even consider my current investments/NW. Do you see anything wrong with what I have as the inputs?

Paycheck frequency:2X/MonthAnnual
Paycheck ItemsEarner #1Earner #2Annual
Gross Salary/Wages
Pretax Health/Dental/Vision Ins.$15$0$351
Employer-sponsored HSA$144$0$3,450
FICA base salary/wages
401(k) / 403(b) / TSP / etc.$800$0$19,200
W-2 Box 1
ESPP/After-tax 401k$255$0$6,126
Employer Match$200$0$4,800
Net paycheck before tax$2,120$0$50,873
Non-paycheck incomeAnnualAnnualAnnual
Qualified dividends$238$238
1040 Total Income
Subtractions for AGI2X/MonthAnnualAnnual
Personal HSA$144$0$3,450
Traditional IRA$229$0$5,500
1040 AGI
Payroll Taxes2X/MonthAnnualAnnual
Social Security$197$0$4,724
Income Taxes
Federal tax$1722018, S, std.$4,135
State+local tax$100GA state calc'n$2,407
Total income taxes$515$12,372
Income before other expenses$2,482$29,789
Monthly Average ExpensesComments
Home/Rent Insurance$10$120
Bicycle Maintenance$4$52
Car Insurance$86$1,035
Car Maintenance, Registration, etc.$21$258
Charitable contributions$596Input to Item. Ded.$7,155
Credit card fees$0$3
Dining (Lunch/Dinner/Etc.)$113$1,350
Dry Cleaning$2$18
Financial Fees$3$30
Fuel/Public Transport$131$1,573
Gas/Oil for heating$15$180
Hair Care$15$174
Household; Maintenance$15$180
Life/LTD Insurance$5$63
Medical (Doctor, Hospital, etc.)$82Input to Item. Ded.$981
Phone (cell)$78$932
Work/Professional fees$8$100
Non-mortgage total
Total Expense
Total to invest$118$1,414
"Gross" income$6,686$80,238
Income taxes$1,031$12,372
After-tax income$5,656$67,866
Living expenses$2,394$28,726
After-tax investable$118$1,414
Time to FI?:
Extra income after RE (pension, SS, etc.)28000/year
Guess at time to FI9.9years
Safe Withdrawal Rate4.00%percent
Real return on tax-deferred investments5.00%percent
Real, after tax, return on taxable investments4.25%percent
Current Savings
Projected Savings at Retirement
Tax-deferred (e.g. trad. IRA/401k)$366,370
Roth + HSA$85,693
Total projected stash$542,527
Projected Expenses in Retirement
Non-loan, non-work expenses$28,275
Annual non-tax retirement expense$28,275
Stash needed for retirement @4.0% SWR$6,884
Have $535,643 extra.

Filing Status11=S, 2=MFJ, 3=HOH
Adult #1
Full-time student?00
Std. Deduct.$12,000
Act. Deduct.$12,000
1040 Tax$4,135
Tax after n-r credit$4,135
Net Tax$4,135
State tax$2,407GA
Item. Deduct.$9,562

« Last Edit: June 18, 2018, 11:07:36 AM by FrugalFisherman10 »
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(also, why are you not already signed up for PersonalCapital? It's free and amazing.)


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Re: Goal: $600k invested assets by age 36 (Help me get there!)
« Reply #1 on: June 18, 2018, 03:54:42 PM »
You’re doing fine. Keep doing what you’re doing. Not sure how relationship and potential family will impact, but so far, so good.