Can any math savvy mustachians help me?

[IrishFI]

In Ireland we have an exit tax of 41% charged on ETFs capital gains every 8 years whether you sell or not. How will this tax affect my potential ROI and my FIRE date? I cant figure out an easy way to calculate this. I am currently saving 450 month into a pension and 348/month into these taxable ETFs. My gross income is 2036/month. Thank you

[midwestmoney]

Without knowing your current balance, being familiar with Irish tax/tax law, and using a few assumptions I found the future value of your monthly investments using the following in Excel:

=FV (7%/12, 96, -(348), 0)

This shows you the FV of your investments at a 7% annual rate (7%/12 = monthly rate), after 8 years (96 months), accounting for your taxable contribution of 348, and assuming a 0 present value (nothing invested).  It comes out to a Future Value of 44,613.  Of this, 33,408 would be contributions leaving 11,205 in gains.  Assuming those are all considered capital gains - aka not accounting for tax on periodic dividends, your 8 year tax bill would be 4,594 at that 41% rate.  This cuts your gains to 6,611 and reduces your period return from 33.54% to 19.79%.  These are found by dividing the earnings before tax by your contributions (11,205/33,408) and your earnings after tax by your contributions (6,611/33,408). 

These same methods could be applied to your pension if there are tax considerations there but I left it out assuming (hopefully!) that pensions are not subject to that hefty tax.   

[IrishFI]

Without knowing your current balance, being familiar with Irish tax/tax law, and using a few assumptions I found the future value of your monthly investments using the following in Excel:

=FV (7%/12, 96, -(348), 0)

This shows you the FV of your investments at a 7% annual rate (7%/12 = monthly rate), after 8 years (96 months), accounting for your taxable contribution of 348, and assuming a 0 present value (nothing invested).  It comes out to a Future Value of 44,613.  Of this, 33,408 would be contributions leaving 11,205 in gains.  Assuming those are all considered capital gains - aka not accounting for tax on periodic dividends, your 8 year tax bill would be 4,594 at that 41% rate.  This cuts your gains to 6,611 and reduces your period return from 33.54% to 19.79%.  These are found by dividing the earnings before tax by your contributions (11,205/33,408) and your earnings after tax by your contributions (6,611/33,408). 

These same methods could be applied to your pension if there are tax considerations there but I left it out assuming (hopefully!) that pensions are not subject to that hefty tax.   

Yeah pensions, thankfully, are allowed to grow tax free. 41% is a sickening amount to pay but it's still better than keeping the money in a bank account and I would like to be financially independent sooner than 60.

I have my money in a fund that automatically reinvests dividends so would I be right in thinking you would assume a 9% return before tax with dividends reinvested?

I was hoping there would be a simple way to adjust the percentage return to factor tax e.g. before tax its 9%, after tax 6% or something like that.

[midwestmoney]

It reduces your earnings by approximately 2.5% a year, so that would be the rate I would go with (IE: 9% - 2.5% = 6.5%).  Basically, take whatever your estimate for rate of return is and reduce that by 2.5%.  These are by nature estimates so they should be treated as such but it at least gives you something to work this!

[IrishFI]

It reduces your earnings by approximately 2.5% a year, so that would be the rate I would go with (IE: 9% - 2.5% = 6.5%).  Basically, take whatever your estimate for rate of return is and reduce that by 2.5%.  These are by nature estimates so they should be treated as such but it at least gives you something to work this!

Thats great, thank you.

[ctuser1]

OP, I don't have anything really substantive to add. midwestmoney obviously knows more about the Irish tax system than I ever would, and has covered the real informaton.

I wanted to, however, cheer you up (because I remember feeling pretty gloomy with my own financial prospects when I was your age). So here are some spreadsheet tables I cobbled together.

I couldn't figure out how to get euro sign in my spreadsheet, so put $$ like I am used to. But the numbers are still the same, irrespective of the sign.

Bottom-line: If you keep up this savings rate, and markets/inflation/taxes continue to satisfy assumptions below, then you will be a euro-millionaire, inflation-adjusted by 2053. You will be a millionaire in nominal terms much before that .

Assumptions:
Annual Return   9%
Monthly Return   0.75%
Inflation   2%
Tax Rate   2.50%
Inflation Adjusted Monthly Return   0.5833%
Inflation&Tax Adjusted Monthly Return   0.3750%
   
Monthly Contribution (Pension)   450
Monthly Contribution (Taxable)   348

Calculations:
   Pension         Taxable         Total
Date   +   Earnings   Balance   +   Earnings   Balance   Balance
6/2020   $450    $0    $450    $348    $0    $348    $798
7/2020   $450    $3    $903    $348    $1    $697    $1,600
8/2020   $450    $5    $1,358    $348    $3    $1,048    $2,406
9/2020   $450    $8    $1,816    $348    $4    $1,400    $3,216
10/2020   $450    $11    $2,276    $348    $5    $1,753    $4,030
11/2020   $450    $13    $2,740    $348    $7    $2,108    $4,847
12/2020   $450    $16    $3,206    $348    $8    $2,464    $5,669
1/2021   $450    $19    $3,674    $348    $9    $2,821    $6,495
2/2021   $450    $21    $4,146    $348    $11    $3,179    $7,325
3/2021   $450    $24    $4,620    $348    $12    $3,539    $8,159
4/2021   $450    $27    $5,097    $348    $13    $3,901    $8,998
5/2021   $450    $30    $5,577    $348    $15    $4,263    $9,840
6/2021   $450    $33    $6,059    $348    $16    $4,627    $10,686
7/2021   $450    $35    $6,545    $348    $17    $4,993    $11,537
8/2021   $450    $38    $7,033    $348    $19    $5,359    $12,392
9/2021   $450    $41    $7,524    $348    $20    $5,727    $13,251
10/2021   $450    $44    $8,018    $348    $21    $6,097    $14,114
11/2021   $450    $47    $8,514    $348    $23    $6,468    $14,982
12/2021   $450    $50    $9,014    $348    $24    $6,840    $15,854
1/2022   $450    $53    $9,517    $348    $26    $7,214    $16,730
2/2022   $450    $56    $10,022    $348    $27    $7,589    $17,611
3/2022   $450    $58    $10,531    $348    $28    $7,965    $18,496
4/2022   $450    $61    $11,042    $348    $30    $8,343    $19,385
5/2022   $450    $64    $11,556    $348    $31    $8,722    $20,279
6/2022   $450    $67    $12,074    $348    $33    $9,103    $21,177
7/2022   $450    $70    $12,594    $348    $34    $9,485    $22,079
8/2022   $450    $73    $13,118    $348    $36    $9,869    $22,986
9/2022   $450    $77    $13,644    $348    $37    $10,254    $23,898
10/2022   $450    $80    $14,174    $348    $38    $10,640    $24,814
11/2022   $450    $83    $14,707    $348    $40    $11,028    $25,735
12/2022   $450    $86    $15,242    $348    $41    $11,417    $26,660
1/2023   $450    $89    $15,781    $348    $43    $11,808    $27,589
2/2023   $450    $92    $16,323    $348    $44    $12,201    $28,524
3/2023   $450    $95    $16,869    $348    $46    $12,594    $29,463
4/2023   $450    $98    $17,417    $348    $47    $12,989    $30,406
5/2023   $450    $102    $17,969    $348    $49    $13,386    $31,355
6/2023   $450    $105    $18,523    $348    $50    $13,784    $32,308
7/2023   $450    $108    $19,081    $348    $52    $14,184    $33,266
8/2023   $450    $111    $19,643    $348    $53    $14,585    $34,228
9/2023   $450    $115    $20,207    $348    $55    $14,988    $35,195
10/2023   $450    $118    $20,775    $348    $56    $15,392    $36,167
11/2023   $450    $121    $21,346    $348    $58    $15,798    $37,144
12/2023   $450    $125    $21,921    $348    $59    $16,205    $38,126
1/2024   $450    $128    $22,499    $348    $61    $16,614    $39,113
2/2024   $450    $131    $23,080    $348    $62    $17,024    $40,104
3/2024   $450    $135    $23,665    $348    $64    $17,436    $41,101
4/2024   $450    $138    $24,253    $348    $65    $17,849    $42,102
5/2024   $450    $141    $24,844    $348    $67    $18,264    $43,109
6/2024   $450    $145    $25,439    $348    $68    $18,681    $44,120
7/2024   $450    $148    $26,037    $348    $70    $19,099    $45,136
8/2024   $450    $152    $26,639    $348    $72    $19,519    $46,158
9/2024   $450    $155    $27,245    $348    $73    $19,940    $47,184
10/2024   $450    $159    $27,854    $348    $75    $20,363    $48,216
11/2024   $450    $162    $28,466    $348    $76    $20,787    $49,253
12/2024   $450    $166    $29,082    $348    $78    $21,213    $50,295
1/2025   $450    $170    $29,702    $348    $80    $21,640    $51,342
2/2025   $450    $173    $30,325    $348    $81    $22,070    $52,395
3/2025   $450    $177    $30,952    $348    $83    $22,500    $53,452
4/2025   $450    $181    $31,583    $348    $84    $22,933    $54,515
5/2025   $450    $184    $32,217    $348    $86    $23,367    $55,583
6/2025   $450    $188    $32,855    $348    $88    $23,802    $56,657
7/2025   $450    $192    $33,496    $348    $89    $24,240    $57,736
8/2025   $450    $195    $34,142    $348    $91    $24,678    $58,820
9/2025   $450    $199    $34,791    $348    $93    $25,119    $59,910
10/2025   $450    $203    $35,444    $348    $94    $25,561    $61,005
11/2025   $450    $207    $36,101    $348    $96    $26,005    $62,106
12/2025   $450    $211    $36,761    $348    $98    $26,451    $63,212
1/2026   $450    $214    $37,426    $348    $99    $26,898    $64,323
2/2026   $450    $218    $38,094    $348    $101    $27,347    $65,441
3/2026   $450    $222    $38,766    $348    $103    $27,797    $66,563
4/2026   $450    $226    $39,442    $348    $104    $28,249    $67,692
5/2026   $450    $230    $40,122    $348    $106    $28,703    $68,826
6/2026   $450    $234    $40,806    $348    $108    $29,159    $69,965
7/2026   $450    $238    $41,495    $348    $109    $29,616    $71,111
8/2026   $450    $242    $42,187    $348    $111    $30,075    $72,262
9/2026   $450    $246    $42,883    $348    $113    $30,536    $73,419
10/2026   $450    $250    $43,583    $348    $115    $30,999    $74,581
11/2026   $450    $254    $44,287    $348    $116    $31,463    $75,750
12/2026   $450    $258    $44,995    $348    $118    $31,929    $76,924
1/2027   $450    $262    $45,708    $348    $120    $32,397    $78,104
2/2027   $450    $267    $46,424    $348    $121    $32,866    $79,291
3/2027   $450    $271    $47,145    $348    $123    $33,337    $80,483
4/2027   $450    $275    $47,870    $348    $125    $33,810    $81,681
5/2027   $450    $279    $48,600    $348    $127    $34,285    $82,885
6/2027   $450    $283    $49,333    $348    $129    $34,762    $84,095
7/2027   $450    $288    $50,071    $348    $130    $35,240    $85,311
8/2027   $450    $292    $50,813    $348    $132    $35,720    $86,533
9/2027   $450    $296    $51,559    $348    $134    $36,202    $87,761
10/2027   $450    $301    $52,310    $348    $136    $36,686    $88,996
11/2027   $450    $305    $53,065    $348    $138    $37,172    $90,237
12/2027   $450    $310    $53,825    $348    $139    $37,659    $91,484
1/2028   $450    $314    $54,589    $348    $141    $38,148    $92,737
2/2028   $450    $318    $55,357    $348    $143    $38,639    $93,996
3/2028   $450    $323    $56,130    $348    $145    $39,132    $95,262
4/2028   $450    $327    $56,908    $348    $147    $39,627    $96,534
5/2028   $450    $332    $57,689    $348    $149    $40,123    $97,813
6/2028   $450    $337    $58,476    $348    $150    $40,622    $99,098
7/2028   $450    $341    $59,267    $348    $152    $41,122    $100,389
8/2028   $450    $346    $60,063    $348    $154    $41,624    $101,687
9/2028   $450    $350    $60,863    $348    $156    $42,129    $102,992
10/2028   $450    $355    $61,668    $348    $158    $42,635    $104,303
11/2028   $450    $360    $62,478    $348    $160    $43,142    $105,620
12/2028   $450    $364    $63,292    $348    $162    $43,652    $106,945
1/2029   $450    $369    $64,112    $348    $164    $44,164    $108,275
2/2029   $450    $374    $64,936    $348    $166    $44,677    $109,613
3/2029   $450    $379    $65,764    $348    $168    $45,193    $110,957
4/2029   $450    $384    $66,598    $348    $169    $45,711    $112,309
5/2029   $450    $388    $67,437    $348    $171    $46,230    $113,666
6/2029   $450    $393    $68,280    $348    $173    $46,751    $115,031
7/2029   $450    $398    $69,128    $348    $175    $47,275    $116,403
8/2029   $450    $403    $69,981    $348    $177    $47,800    $117,781
9/2029   $450    $408    $70,840    $348    $179    $48,327    $119,167
10/2029   $450    $413    $71,703    $348    $181    $48,856    $120,559
11/2029   $450    $418    $72,571    $348    $183    $49,388    $121,959
12/2029   $450    $423    $73,444    $348    $185    $49,921    $123,365
1/2030   $450    $428    $74,323    $348    $187    $50,456    $124,779
2/2030   $450    $434    $75,206    $348    $189    $50,993    $126,200
3/2030   $450    $439    $76,095    $348    $191    $51,532    $127,628
4/2030   $450    $444    $76,989    $348    $193    $52,074    $129,063
5/2030   $450    $449    $77,888    $348    $195    $52,617    $130,505
6/2030   $450    $454    $78,793    $348    $197    $53,162    $131,955
7/2030   $450    $460    $79,702    $348    $199    $53,710    $133,412
8/2030   $450    $465    $80,617    $348    $201    $54,259    $134,876
9/2030   $450    $470    $81,537    $348    $203    $54,810    $136,348
10/2030   $450    $476    $82,463    $348    $206    $55,364    $137,827
11/2030   $450    $481    $83,394    $348    $208    $55,920    $139,314
12/2030   $450    $486    $84,330    $348    $210    $56,477    $140,808
1/2031   $450    $492    $85,272    $348    $212    $57,037    $142,310
2/2031   $450    $497    $86,220    $348    $214    $57,599    $143,819
3/2031   $450    $503    $87,173    $348    $216    $58,163    $145,336
4/2031   $450    $509    $88,131    $348    $218    $58,729    $146,860
5/2031   $450    $514    $89,095    $348    $220    $59,297    $148,393
6/2031   $450    $520    $90,065    $348    $222    $59,868    $149,933
7/2031   $450    $525    $91,040    $348    $225    $60,440    $151,481
8/2031   $450    $531    $92,022    $348    $227    $61,015    $153,036
9/2031   $450    $537    $93,008    $348    $229    $61,592    $154,600
10/2031   $450    $543    $94,001    $348    $231    $62,171    $156,172
11/2031   $450    $548    $94,999    $348    $233    $62,752    $157,751
12/2031   $450    $554    $96,003    $348    $235    $63,335    $159,338
1/2032   $450    $560    $97,013    $348    $238    $63,921    $160,934
2/2032   $450    $566    $98,029    $348    $240    $64,508    $162,538
3/2032   $450    $572    $99,051    $348    $242    $65,098    $164,149
4/2032   $450    $578    $100,079    $348    $244    $65,690    $165,769
5/2032   $450    $584    $101,113    $348    $246    $66,285    $167,397
6/2032   $450    $590    $102,153    $348    $249    $66,881    $169,034
7/2032   $450    $596    $103,198    $348    $251    $67,480    $170,679
8/2032   $450    $602    $104,250    $348    $253    $68,081    $172,332
9/2032   $450    $608    $105,309    $348    $255    $68,684    $173,993
10/2032   $450    $614    $106,373    $348    $258    $69,290    $175,663
11/2032   $450    $621    $107,443    $348    $260    $69,898    $177,341
12/2032   $450    $627    $108,520    $348    $262    $70,508    $179,028
1/2033   $450    $633    $109,603    $348    $264    $71,120    $180,724
2/2033   $450    $639    $110,693    $348    $267    $71,735    $182,428
3/2033   $450    $646    $111,788    $348    $269    $72,352    $184,140
4/2033   $450    $652    $112,890    $348    $271    $72,971    $185,862
5/2033   $450    $659    $113,999    $348    $274    $73,593    $187,592
6/2033   $450    $665    $115,114    $348    $276    $74,217    $189,331
7/2033   $450    $671    $116,235    $348    $278    $74,843    $191,079
8/2033   $450    $678    $117,363    $348    $281    $75,472    $192,835
9/2033   $450    $685    $118,498    $348    $283    $76,103    $194,601
10/2033   $450    $691    $119,639    $348    $285    $76,736    $196,376
11/2033   $450    $698    $120,787    $348    $288    $77,372    $198,159
12/2033   $450    $705    $121,942    $348    $290    $78,010    $199,952
1/2034   $450    $711    $123,103    $348    $293    $78,651    $201,754
2/2034   $450    $718    $124,271    $348    $295    $79,294    $203,565
3/2034   $450    $725    $125,446    $348    $297    $79,939    $205,385
4/2034   $450    $732    $126,628    $348    $300    $80,587    $207,215
5/2034   $450    $739    $127,817    $348    $302    $81,237    $209,054
6/2034   $450    $746    $129,012    $348    $305    $81,890    $210,902
7/2034   $450    $753    $130,215    $348    $307    $82,545    $212,759
8/2034   $450    $760    $131,424    $348    $310    $83,202    $214,627
9/2034   $450    $767    $132,641    $348    $312    $83,862    $216,503
10/2034   $450    $774    $133,865    $348    $314    $84,525    $218,389
11/2034   $450    $781    $135,096    $348    $317    $85,190    $220,285
12/2034   $450    $788    $136,334    $348    $319    $85,857    $222,191
1/2035   $450    $795    $137,579    $348    $322    $86,527    $224,106
2/2035   $450    $803    $138,831    $348    $324    $87,200    $226,031
3/2035   $450    $810    $140,091    $348    $327    $87,875    $227,966
4/2035   $450    $817    $141,358    $348    $330    $88,552    $229,911
5/2035   $450    $825    $142,633    $348    $332    $89,232    $231,865
6/2035   $450    $832    $143,915    $348    $335    $89,915    $233,830
7/2035   $450    $840    $145,205    $348    $337    $90,600    $235,805
8/2035   $450    $847    $146,502    $348    $340    $91,288    $237,789
9/2035   $450    $855    $147,806    $348    $342    $91,978    $239,784
10/2035   $450    $862    $149,118    $348    $345    $92,671    $241,789
11/2035   $450    $870    $150,438    $348    $348    $93,367    $243,805
12/2035   $450    $878    $151,766    $348    $350    $94,065    $245,831
1/2036   $450    $885    $153,101    $348    $353    $94,765    $247,867
2/2036   $450    $893    $154,444    $348    $355    $95,469    $249,913
3/2036   $450    $901    $155,795    $348    $358    $96,175    $251,970
4/2036   $450    $909    $157,154    $348    $361    $96,884    $254,037
5/2036   $450    $917    $158,521    $348    $363    $97,595    $256,115
6/2036   $450    $925    $159,895    $348    $366    $98,309    $258,204
7/2036   $450    $933    $161,278    $348    $369    $99,025    $260,304
8/2036   $450    $941    $162,669    $348    $371    $99,745    $262,414
9/2036   $450    $949    $164,068    $348    $374    $100,467    $264,535
10/2036   $450    $957    $165,475    $348    $377    $101,192    $266,666
11/2036   $450    $965    $166,890    $348    $379    $101,919    $268,809
12/2036   $450    $974    $168,314    $348    $382    $102,649    $270,963
1/2037   $450    $982    $169,745    $348    $385    $103,382    $273,128
2/2037   $450    $990    $171,186    $348    $388    $104,118    $275,304
3/2037   $450    $999    $172,634    $348    $390    $104,856    $277,491
4/2037   $450    $1,007    $174,091    $348    $393    $105,598    $279,689
5/2037   $450    $1,016    $175,557    $348    $396    $106,342    $281,898
6/2037   $450    $1,024    $177,031    $348    $399    $107,088    $284,119
7/2037   $450    $1,033    $178,514    $348    $402    $107,838    $286,351
8/2037   $450    $1,041    $180,005    $348    $404    $108,590    $288,595
9/2037   $450    $1,050    $181,505    $348    $407    $109,346    $290,850
10/2037   $450    $1,059    $183,014    $348    $410    $110,104    $293,117
11/2037   $450    $1,068    $184,531    $348    $413    $110,864    $295,396
12/2037   $450    $1,076    $186,058    $348    $416    $111,628    $297,686
1/2038   $450    $1,085    $187,593    $348    $419    $112,395    $299,988
2/2038   $450    $1,094    $189,137    $348    $421    $113,164    $302,302
3/2038   $450    $1,103    $190,691    $348    $424    $113,937    $304,627
4/2038   $450    $1,112    $192,253    $348    $427    $114,712    $306,965
5/2038   $450    $1,121    $193,824    $348    $430    $115,490    $309,315
6/2038   $450    $1,131    $195,405    $348    $433    $116,271    $311,676
7/2038   $450    $1,140    $196,995    $348    $436    $117,055    $314,050
8/2038   $450    $1,149    $198,594    $348    $439    $117,842    $316,436
9/2038   $450    $1,158    $200,203    $348    $442    $118,632    $318,835
10/2038   $450    $1,168    $201,820    $348    $445    $119,425    $321,245
11/2038   $450    $1,177    $203,448    $348    $448    $120,221    $323,668
12/2038   $450    $1,187    $205,084    $348    $451    $121,020    $326,104
1/2039   $450    $1,196    $206,731    $348    $454    $121,821    $328,552
2/2039   $450    $1,206    $208,387    $348    $457    $122,626    $331,013
3/2039   $450    $1,216    $210,052    $348    $460    $123,434    $333,486
4/2039   $450    $1,225    $211,728    $348    $463    $124,245    $335,973
5/2039   $450    $1,235    $213,413    $348    $466    $125,059    $338,472
6/2039   $450    $1,245    $215,108    $348    $469    $125,876    $340,983
7/2039   $450    $1,255    $216,812    $348    $472    $126,696    $343,508
8/2039   $450    $1,265    $218,527    $348    $475    $127,519    $346,046
9/2039   $450    $1,275    $220,252    $348    $478    $128,345    $348,597
10/2039   $450    $1,285    $221,987    $348    $481    $129,174    $351,161
11/2039   $450    $1,295    $223,732    $348    $484    $130,007    $353,739
12/2039   $450    $1,305    $225,487    $348    $488    $130,842    $356,329
1/2040   $450    $1,315    $227,252    $348    $491    $131,681    $358,933
2/2040   $450    $1,326    $229,028    $348    $494    $132,523    $361,551
3/2040   $450    $1,336    $230,814    $348    $497    $133,368    $364,182
4/2040   $450    $1,346    $232,610    $348    $500    $134,216    $366,826
5/2040   $450    $1,357    $234,417    $348    $503    $135,067    $369,484
6/2040   $450    $1,367    $236,234    $348    $507    $135,922    $372,156
7/2040   $450    $1,378    $238,062    $348    $510    $136,779    $374,842
8/2040   $450    $1,389    $239,901    $348    $513    $137,640    $377,542
9/2040   $450    $1,399    $241,751    $348    $516    $138,505    $380,255
10/2040   $450    $1,410    $243,611    $348    $519    $139,372    $382,983
11/2040   $450    $1,421    $245,482    $348    $523    $140,243    $385,724
12/2040   $450    $1,432    $247,364    $348    $526    $141,117    $388,480
1/2041   $450    $1,443    $249,257    $348    $529    $141,994    $391,250
2/2041   $450    $1,454    $251,161    $348    $532    $142,874    $394,035
3/2041   $450    $1,465    $253,076    $348    $536    $143,758    $396,834
4/2041   $450    $1,476    $255,002    $348    $539    $144,645    $399,647
5/2041   $450    $1,488    $256,940    $348    $542    $145,535    $402,475
6/2041   $450    $1,499    $258,888    $348    $546    $146,429    $405,318
7/2041   $450    $1,510    $260,849    $348    $549    $147,326    $408,175
8/2041   $450    $1,522    $262,820    $348    $552    $148,227    $411,047
9/2041   $450    $1,533    $264,803    $348    $556    $149,131    $413,934
10/2041   $450    $1,545    $266,798    $348    $559    $150,038    $416,836
11/2041   $450    $1,556    $268,804    $348    $563    $150,949    $419,753
12/2041   $450    $1,568    $270,822    $348    $566    $151,863    $422,685
1/2042   $450    $1,580    $272,852    $348    $569    $152,780    $425,632
2/2042   $450    $1,592    $274,894    $348    $573    $153,701    $428,595
3/2042   $450    $1,604    $276,947    $348    $576    $154,625    $431,573
4/2042   $450    $1,616    $279,013    $348    $580    $155,553    $434,566
5/2042   $450    $1,628    $281,091    $348    $583    $156,485    $437,575
6/2042   $450    $1,640    $283,180    $348    $587    $157,419    $440,600
7/2042   $450    $1,652    $285,282    $348    $590    $158,358    $443,640
8/2042   $450    $1,664    $287,396    $348    $594    $159,300    $446,696
9/2042   $450    $1,676    $289,523    $348    $597    $160,245    $449,768
10/2042   $450    $1,689    $291,662    $348    $601    $161,194    $452,855
11/2042   $450    $1,701    $293,813    $348    $604    $162,146    $455,959
12/2042   $450    $1,714    $295,977    $348    $608    $163,102    $459,079
1/2043   $450    $1,727    $298,153    $348    $612    $164,062    $462,215
2/2043   $450    $1,739    $300,343    $348    $615    $165,025    $465,368
3/2043   $450    $1,752    $302,545    $348    $619    $165,992    $468,537
4/2043   $450    $1,765    $304,759    $348    $622    $166,963    $471,722
5/2043   $450    $1,778    $306,987    $348    $626    $167,937    $474,924
6/2043   $450    $1,791    $309,228    $348    $630    $168,914    $478,142
7/2043   $450    $1,804    $311,482    $348    $633    $169,896    $481,378
8/2043   $450    $1,817    $313,749    $348    $637    $170,881    $484,630
9/2043   $450    $1,830    $316,029    $348    $641    $171,870    $487,899
10/2043   $450    $1,844    $318,323    $348    $645    $172,862    $491,185
11/2043   $450    $1,857    $320,629    $348    $648    $173,858    $494,488
12/2043   $450    $1,870    $322,950    $348    $652    $174,858    $497,808
1/2044   $450    $1,884    $325,284    $348    $656    $175,862    $501,146
2/2044   $450    $1,897    $327,631    $348    $659    $176,870    $504,501
3/2044   $450    $1,911    $329,992    $348    $663    $177,881    $507,873
4/2044   $450    $1,925    $332,367    $348    $667    $178,896    $511,263
5/2044   $450    $1,939    $334,756    $348    $671    $179,915    $514,671
6/2044   $450    $1,953    $337,159    $348    $675    $180,938    $518,096
7/2044   $450    $1,967    $339,576    $348    $679    $181,964    $521,540
8/2044   $450    $1,981    $342,006    $348    $682    $182,994    $525,001
9/2044   $450    $1,995    $344,451    $348    $686    $184,029    $528,480
10/2044   $450    $2,009    $346,911    $348    $690    $185,067    $531,977
11/2044   $450    $2,024    $349,384    $348    $694    $186,109    $535,493
12/2044   $450    $2,038    $351,872    $348    $698    $187,155    $539,027
1/2045   $450    $2,053    $354,375    $348    $702    $188,204    $542,580
2/2045   $450    $2,067    $356,892    $348    $706    $189,258    $546,150
3/2045   $450    $2,082    $359,424    $348    $710    $190,316    $549,740
4/2045   $450    $2,097    $361,971    $348    $714    $191,378    $553,348
5/2045   $450    $2,111    $364,532    $348    $718    $192,443    $556,976
6/2045   $450    $2,126    $367,109    $348    $722    $193,513    $560,622
7/2045   $450    $2,141    $369,700    $348    $726    $194,587    $564,287
8/2045   $450    $2,157    $372,307    $348    $730    $195,664    $567,971
9/2045   $450    $2,172    $374,929    $348    $734    $196,746    $571,675
10/2045   $450    $2,187    $377,566    $348    $738    $197,832    $575,398
11/2045   $450    $2,202    $380,218    $348    $742    $198,922    $579,140
12/2045   $450    $2,218    $382,886    $348    $746    $200,016    $582,902
1/2046   $450    $2,234    $385,570    $348    $750    $201,114    $586,683
2/2046   $450    $2,249    $388,269    $348    $754    $202,216    $590,485
3/2046   $450    $2,265    $390,984    $348    $758    $203,322    $594,306
4/2046   $450    $2,281    $393,714    $348    $762    $204,433    $598,147
5/2046   $450    $2,297    $396,461    $348    $767    $205,547    $602,008
6/2046   $450    $2,313    $399,224    $348    $771    $206,666    $605,890
7/2046   $450    $2,329    $402,002    $348    $775    $207,789    $609,792
8/2046   $450    $2,345    $404,798    $348    $779    $208,916    $613,714
9/2046   $450    $2,361    $407,609    $348    $783    $210,048    $617,657
10/2046   $450    $2,378    $410,437    $348    $788    $211,183    $621,620
11/2046   $450    $2,394    $413,281    $348    $792    $212,323    $625,604
12/2046   $450    $2,411    $416,142    $348    $796    $213,468    $629,609
1/2047   $450    $2,427    $419,019    $348    $801    $214,616    $633,635
2/2047   $450    $2,444    $421,913    $348    $805    $215,769    $637,682
3/2047   $450    $2,461    $424,824    $348    $809    $216,926    $641,751
4/2047   $450    $2,478    $427,753    $348    $813    $218,088    $645,840
5/2047   $450    $2,495    $430,698    $348    $818    $219,253    $649,951
6/2047   $450    $2,512    $433,660    $348    $822    $220,424    $654,084
7/2047   $450    $2,530    $436,640    $348    $827    $221,598    $658,238
8/2047   $450    $2,547    $439,637    $348    $831    $222,777    $662,414
9/2047   $450    $2,565    $442,652    $348    $835    $223,961    $666,612
10/2047   $450    $2,582    $445,684    $348    $840    $225,148    $670,832
11/2047   $450    $2,600    $448,734    $348    $844    $226,341    $675,074
12/2047   $450    $2,618    $451,801    $348    $849    $227,537    $679,339
1/2048   $450    $2,636    $454,887    $348    $853    $228,739    $683,625
2/2048   $450    $2,654    $457,990    $348    $858    $229,945    $687,935
3/2048   $450    $2,672    $461,112    $348    $862    $231,155    $692,267
4/2048   $450    $2,690    $464,252    $348    $867    $232,370    $696,621
5/2048   $450    $2,708    $467,410    $348    $871    $233,589    $700,999
6/2048   $450    $2,727    $470,586    $348    $876    $234,813    $705,399
7/2048   $450    $2,745    $473,781    $348    $881    $236,042    $709,823
8/2048   $450    $2,764    $476,995    $348    $885    $237,275    $714,270
9/2048   $450    $2,782    $480,228    $348    $890    $238,512    $718,740
10/2048   $450    $2,801    $483,479    $348    $894    $239,755    $723,234
11/2048   $450    $2,820    $486,749    $348    $899    $241,002    $727,751
12/2048   $450    $2,839    $490,039    $348    $904    $242,254    $732,292
1/2049   $450    $2,859    $493,347    $348    $908    $243,510    $736,857
2/2049   $450    $2,878    $496,675    $348    $913    $244,771    $741,446
3/2049   $450    $2,897    $500,022    $348    $918    $246,037    $746,059
4/2049   $450    $2,917    $503,389    $348    $923    $247,308    $750,697
5/2049   $450    $2,936    $506,775    $348    $927    $248,583    $755,359
6/2049   $450    $2,956    $510,182    $348    $932    $249,863    $760,045
7/2049   $450    $2,976    $513,608    $348    $937    $251,148    $764,756
8/2049   $450    $2,996    $517,054    $348    $942    $252,438    $769,492
9/2049   $450    $3,016    $520,520    $348    $947    $253,733    $774,253
10/2049   $450    $3,036    $524,006    $348    $951    $255,032    $779,039
11/2049   $450    $3,057    $527,513    $348    $956    $256,337    $783,850
12/2049   $450    $3,077    $531,040    $348    $961    $257,646    $788,686
1/2050   $450    $3,098    $534,588    $348    $966    $258,960    $793,548
2/2050   $450    $3,118    $538,156    $348    $971    $260,279    $798,436
3/2050   $450    $3,139    $541,746    $348    $976    $261,603    $803,349
4/2050   $450    $3,160    $545,356    $348    $981    $262,932    $808,288
5/2050   $450    $3,181    $548,987    $348    $986    $264,266    $813,253
6/2050   $450    $3,202    $552,639    $348    $991    $265,605    $818,245
7/2050   $450    $3,224    $556,313    $348    $996    $266,949    $823,262
8/2050   $450    $3,245    $560,008    $348    $1,001    $268,298    $828,307
9/2050   $450    $3,267    $563,725    $348    $1,006    $269,653    $833,378
10/2050   $450    $3,288    $567,463    $348    $1,011    $271,012    $838,475
11/2050   $450    $3,310    $571,224    $348    $1,016    $272,376    $843,600
12/2050   $450    $3,332    $575,006    $348    $1,021    $273,745    $848,751
1/2051   $450    $3,354    $578,810    $348    $1,027    $275,120    $853,930
2/2051   $450    $3,376    $582,636    $348    $1,032    $276,500    $859,136
3/2051   $450    $3,399    $586,485    $348    $1,037    $277,885    $864,370
4/2051   $450    $3,421    $590,356    $348    $1,042    $279,275    $869,631
5/2051   $450    $3,444    $594,250    $348    $1,047    $280,670    $874,920
6/2051   $450    $3,466    $598,166    $348    $1,053    $282,070    $880,237
7/2051   $450    $3,489    $602,106    $348    $1,058    $283,476    $885,582
8/2051   $450    $3,512    $606,068    $348    $1,063    $284,887    $890,955
9/2051   $450    $3,535    $610,053    $348    $1,068    $286,304    $896,357
10/2051   $450    $3,559    $614,062    $348    $1,074    $287,725    $901,787
11/2051   $450    $3,582    $618,094    $348    $1,079    $289,152    $907,246
12/2051   $450    $3,606    $622,150    $348    $1,084    $290,585    $912,734
1/2052   $450    $3,629    $626,229    $348    $1,090    $292,022    $918,251
2/2052   $450    $3,653    $630,332    $348    $1,095    $293,465    $923,797
3/2052   $450    $3,677    $634,459    $348    $1,100    $294,914    $929,373
4/2052   $450    $3,701    $638,610    $348    $1,106    $296,368    $934,977
5/2052   $450    $3,725    $642,785    $348    $1,111    $297,827    $940,612
6/2052   $450    $3,750    $646,985    $348    $1,117    $299,292    $946,276
7/2052   $450    $3,774    $651,209    $348    $1,122    $300,762    $951,971
8/2052   $450    $3,799    $655,457    $348    $1,128    $302,238    $957,695
9/2052   $450    $3,824    $659,731    $348    $1,133    $303,720    $963,450
10/2052   $450    $3,848    $664,029    $348    $1,139    $305,206    $969,236
11/2052   $450    $3,874    $668,353    $348    $1,145    $306,699    $975,052
12/2052   $450    $3,899    $672,701    $348    $1,150    $308,197    $980,899
1/2053   $450    $3,924    $677,076    $348    $1,156    $309,701    $986,776
2/2053   $450    $3,950    $681,475    $348    $1,161    $311,210    $992,685
3/2053   $450    $3,975    $685,900    $348    $1,167    $312,725    $998,626
4/2053   $450    $4,001    $690,352    $348    $1,173    $314,246    $1,004,598
 

[IrishFI]

OP, I don't have anything really substantive to add. midwestmoney obviously knows more about the Irish tax system than I ever would, and has covered the real informaton.

I wanted to, however, cheer you up (because I remember feeling pretty gloomy with my own financial prospects when I was your age). So here are some spreadsheet tables I cobbled together.

I couldn't figure out how to get euro sign in my spreadsheet, so put $$ like I am used to. But the numbers are still the same, irrespective of the sign.

Bottom-line: If you keep up this savings rate, and markets/inflation/taxes continue to satisfy assumptions below, then you will be a euro-millionaire, inflation-adjusted by 2053. You will be a millionaire in nominal terms much before that .

Assumptions:
Annual Return   9%
Monthly Return   0.75%
Inflation   2%
Tax Rate   2.50%
Inflation Adjusted Monthly Return   0.5833%
Inflation&Tax Adjusted Monthly Return   0.3750%
   
Monthly Contribution (Pension)   450
Monthly Contribution (Taxable)   348

Calculations:
   Pension         Taxable         Total
Date   +   Earnings   Balance   +   Earnings   Balance   Balance
6/2020   $450    $0    $450    $348    $0    $348    $798
7/2020   $450    $3    $903    $348    $1    $697    $1,600
8/2020   $450    $5    $1,358    $348    $3    $1,048    $2,406
9/2020   $450    $8    $1,816    $348    $4    $1,400    $3,216
10/2020   $450    $11    $2,276    $348    $5    $1,753    $4,030
11/2020   $450    $13    $2,740    $348    $7    $2,108    $4,847
12/2020   $450    $16    $3,206    $348    $8    $2,464    $5,669
1/2021   $450    $19    $3,674    $348    $9    $2,821    $6,495
2/2021   $450    $21    $4,146    $348    $11    $3,179    $7,325
3/2021   $450    $24    $4,620    $348    $12    $3,539    $8,159
4/2021   $450    $27    $5,097    $348    $13    $3,901    $8,998
5/2021   $450    $30    $5,577    $348    $15    $4,263    $9,840
6/2021   $450    $33    $6,059    $348    $16    $4,627    $10,686
7/2021   $450    $35    $6,545    $348    $17    $4,993    $11,537
8/2021   $450    $38    $7,033    $348    $19    $5,359    $12,392
9/2021   $450    $41    $7,524    $348    $20    $5,727    $13,251
10/2021   $450    $44    $8,018    $348    $21    $6,097    $14,114
11/2021   $450    $47    $8,514    $348    $23    $6,468    $14,982
12/2021   $450    $50    $9,014    $348    $24    $6,840    $15,854
1/2022   $450    $53    $9,517    $348    $26    $7,214    $16,730
2/2022   $450    $56    $10,022    $348    $27    $7,589    $17,611
3/2022   $450    $58    $10,531    $348    $28    $7,965    $18,496
4/2022   $450    $61    $11,042    $348    $30    $8,343    $19,385
5/2022   $450    $64    $11,556    $348    $31    $8,722    $20,279
6/2022   $450    $67    $12,074    $348    $33    $9,103    $21,177
7/2022   $450    $70    $12,594    $348    $34    $9,485    $22,079
8/2022   $450    $73    $13,118    $348    $36    $9,869    $22,986
9/2022   $450    $77    $13,644    $348    $37    $10,254    $23,898
10/2022   $450    $80    $14,174    $348    $38    $10,640    $24,814
11/2022   $450    $83    $14,707    $348    $40    $11,028    $25,735
12/2022   $450    $86    $15,242    $348    $41    $11,417    $26,660
1/2023   $450    $89    $15,781    $348    $43    $11,808    $27,589
2/2023   $450    $92    $16,323    $348    $44    $12,201    $28,524
3/2023   $450    $95    $16,869    $348    $46    $12,594    $29,463
4/2023   $450    $98    $17,417    $348    $47    $12,989    $30,406
5/2023   $450    $102    $17,969    $348    $49    $13,386    $31,355
6/2023   $450    $105    $18,523    $348    $50    $13,784    $32,308
7/2023   $450    $108    $19,081    $348    $52    $14,184    $33,266
8/2023   $450    $111    $19,643    $348    $53    $14,585    $34,228
9/2023   $450    $115    $20,207    $348    $55    $14,988    $35,195
10/2023   $450    $118    $20,775    $348    $56    $15,392    $36,167
11/2023   $450    $121    $21,346    $348    $58    $15,798    $37,144
12/2023   $450    $125    $21,921    $348    $59    $16,205    $38,126
1/2024   $450    $128    $22,499    $348    $61    $16,614    $39,113
2/2024   $450    $131    $23,080    $348    $62    $17,024    $40,104
3/2024   $450    $135    $23,665    $348    $64    $17,436    $41,101
4/2024   $450    $138    $24,253    $348    $65    $17,849    $42,102
5/2024   $450    $141    $24,844    $348    $67    $18,264    $43,109
6/2024   $450    $145    $25,439    $348    $68    $18,681    $44,120
7/2024   $450    $148    $26,037    $348    $70    $19,099    $45,136
8/2024   $450    $152    $26,639    $348    $72    $19,519    $46,158
9/2024   $450    $155    $27,245    $348    $73    $19,940    $47,184
10/2024   $450    $159    $27,854    $348    $75    $20,363    $48,216
11/2024   $450    $162    $28,466    $348    $76    $20,787    $49,253
12/2024   $450    $166    $29,082    $348    $78    $21,213    $50,295
1/2025   $450    $170    $29,702    $348    $80    $21,640    $51,342
2/2025   $450    $173    $30,325    $348    $81    $22,070    $52,395
3/2025   $450    $177    $30,952    $348    $83    $22,500    $53,452
4/2025   $450    $181    $31,583    $348    $84    $22,933    $54,515
5/2025   $450    $184    $32,217    $348    $86    $23,367    $55,583
6/2025   $450    $188    $32,855    $348    $88    $23,802    $56,657
7/2025   $450    $192    $33,496    $348    $89    $24,240    $57,736
8/2025   $450    $195    $34,142    $348    $91    $24,678    $58,820
9/2025   $450    $199    $34,791    $348    $93    $25,119    $59,910
10/2025   $450    $203    $35,444    $348    $94    $25,561    $61,005
11/2025   $450    $207    $36,101    $348    $96    $26,005    $62,106
12/2025   $450    $211    $36,761    $348    $98    $26,451    $63,212
1/2026   $450    $214    $37,426    $348    $99    $26,898    $64,323
2/2026   $450    $218    $38,094    $348    $101    $27,347    $65,441
3/2026   $450    $222    $38,766    $348    $103    $27,797    $66,563
4/2026   $450    $226    $39,442    $348    $104    $28,249    $67,692
5/2026   $450    $230    $40,122    $348    $106    $28,703    $68,826
6/2026   $450    $234    $40,806    $348    $108    $29,159    $69,965
7/2026   $450    $238    $41,495    $348    $109    $29,616    $71,111
8/2026   $450    $242    $42,187    $348    $111    $30,075    $72,262
9/2026   $450    $246    $42,883    $348    $113    $30,536    $73,419
10/2026   $450    $250    $43,583    $348    $115    $30,999    $74,581
11/2026   $450    $254    $44,287    $348    $116    $31,463    $75,750
12/2026   $450    $258    $44,995    $348    $118    $31,929    $76,924
1/2027   $450    $262    $45,708    $348    $120    $32,397    $78,104
2/2027   $450    $267    $46,424    $348    $121    $32,866    $79,291
3/2027   $450    $271    $47,145    $348    $123    $33,337    $80,483
4/2027   $450    $275    $47,870    $348    $125    $33,810    $81,681
5/2027   $450    $279    $48,600    $348    $127    $34,285    $82,885
6/2027   $450    $283    $49,333    $348    $129    $34,762    $84,095
7/2027   $450    $288    $50,071    $348    $130    $35,240    $85,311
8/2027   $450    $292    $50,813    $348    $132    $35,720    $86,533
9/2027   $450    $296    $51,559    $348    $134    $36,202    $87,761
10/2027   $450    $301    $52,310    $348    $136    $36,686    $88,996
11/2027   $450    $305    $53,065    $348    $138    $37,172    $90,237
12/2027   $450    $310    $53,825    $348    $139    $37,659    $91,484
1/2028   $450    $314    $54,589    $348    $141    $38,148    $92,737
2/2028   $450    $318    $55,357    $348    $143    $38,639    $93,996
3/2028   $450    $323    $56,130    $348    $145    $39,132    $95,262
4/2028   $450    $327    $56,908    $348    $147    $39,627    $96,534
5/2028   $450    $332    $57,689    $348    $149    $40,123    $97,813
6/2028   $450    $337    $58,476    $348    $150    $40,622    $99,098
7/2028   $450    $341    $59,267    $348    $152    $41,122    $100,389
8/2028   $450    $346    $60,063    $348    $154    $41,624    $101,687
9/2028   $450    $350    $60,863    $348    $156    $42,129    $102,992
10/2028   $450    $355    $61,668    $348    $158    $42,635    $104,303
11/2028   $450    $360    $62,478    $348    $160    $43,142    $105,620
12/2028   $450    $364    $63,292    $348    $162    $43,652    $106,945
1/2029   $450    $369    $64,112    $348    $164    $44,164    $108,275
2/2029   $450    $374    $64,936    $348    $166    $44,677    $109,613
3/2029   $450    $379    $65,764    $348    $168    $45,193    $110,957
4/2029   $450    $384    $66,598    $348    $169    $45,711    $112,309
5/2029   $450    $388    $67,437    $348    $171    $46,230    $113,666
6/2029   $450    $393    $68,280    $348    $173    $46,751    $115,031
7/2029   $450    $398    $69,128    $348    $175    $47,275    $116,403
8/2029   $450    $403    $69,981    $348    $177    $47,800    $117,781
9/2029   $450    $408    $70,840    $348    $179    $48,327    $119,167
10/2029   $450    $413    $71,703    $348    $181    $48,856    $120,559
11/2029   $450    $418    $72,571    $348    $183    $49,388    $121,959
12/2029   $450    $423    $73,444    $348    $185    $49,921    $123,365
1/2030   $450    $428    $74,323    $348    $187    $50,456    $124,779
2/2030   $450    $434    $75,206    $348    $189    $50,993    $126,200
3/2030   $450    $439    $76,095    $348    $191    $51,532    $127,628
4/2030   $450    $444    $76,989    $348    $193    $52,074    $129,063
5/2030   $450    $449    $77,888    $348    $195    $52,617    $130,505
6/2030   $450    $454    $78,793    $348    $197    $53,162    $131,955
7/2030   $450    $460    $79,702    $348    $199    $53,710    $133,412
8/2030   $450    $465    $80,617    $348    $201    $54,259    $134,876
9/2030   $450    $470    $81,537    $348    $203    $54,810    $136,348
10/2030   $450    $476    $82,463    $348    $206    $55,364    $137,827
11/2030   $450    $481    $83,394    $348    $208    $55,920    $139,314
12/2030   $450    $486    $84,330    $348    $210    $56,477    $140,808
1/2031   $450    $492    $85,272    $348    $212    $57,037    $142,310
2/2031   $450    $497    $86,220    $348    $214    $57,599    $143,819
3/2031   $450    $503    $87,173    $348    $216    $58,163    $145,336
4/2031   $450    $509    $88,131    $348    $218    $58,729    $146,860
5/2031   $450    $514    $89,095    $348    $220    $59,297    $148,393
6/2031   $450    $520    $90,065    $348    $222    $59,868    $149,933
7/2031   $450    $525    $91,040    $348    $225    $60,440    $151,481
8/2031   $450    $531    $92,022    $348    $227    $61,015    $153,036
9/2031   $450    $537    $93,008    $348    $229    $61,592    $154,600
10/2031   $450    $543    $94,001    $348    $231    $62,171    $156,172
11/2031   $450    $548    $94,999    $348    $233    $62,752    $157,751
12/2031   $450    $554    $96,003    $348    $235    $63,335    $159,338
1/2032   $450    $560    $97,013    $348    $238    $63,921    $160,934
2/2032   $450    $566    $98,029    $348    $240    $64,508    $162,538
3/2032   $450    $572    $99,051    $348    $242    $65,098    $164,149
4/2032   $450    $578    $100,079    $348    $244    $65,690    $165,769
5/2032   $450    $584    $101,113    $348    $246    $66,285    $167,397
6/2032   $450    $590    $102,153    $348    $249    $66,881    $169,034
7/2032   $450    $596    $103,198    $348    $251    $67,480    $170,679
8/2032   $450    $602    $104,250    $348    $253    $68,081    $172,332
9/2032   $450    $608    $105,309    $348    $255    $68,684    $173,993
10/2032   $450    $614    $106,373    $348    $258    $69,290    $175,663
11/2032   $450    $621    $107,443    $348    $260    $69,898    $177,341
12/2032   $450    $627    $108,520    $348    $262    $70,508    $179,028
1/2033   $450    $633    $109,603    $348    $264    $71,120    $180,724
2/2033   $450    $639    $110,693    $348    $267    $71,735    $182,428
3/2033   $450    $646    $111,788    $348    $269    $72,352    $184,140
4/2033   $450    $652    $112,890    $348    $271    $72,971    $185,862
5/2033   $450    $659    $113,999    $348    $274    $73,593    $187,592
6/2033   $450    $665    $115,114    $348    $276    $74,217    $189,331
7/2033   $450    $671    $116,235    $348    $278    $74,843    $191,079
8/2033   $450    $678    $117,363    $348    $281    $75,472    $192,835
9/2033   $450    $685    $118,498    $348    $283    $76,103    $194,601
10/2033   $450    $691    $119,639    $348    $285    $76,736    $196,376
11/2033   $450    $698    $120,787    $348    $288    $77,372    $198,159
12/2033   $450    $705    $121,942    $348    $290    $78,010    $199,952
1/2034   $450    $711    $123,103    $348    $293    $78,651    $201,754
2/2034   $450    $718    $124,271    $348    $295    $79,294    $203,565
3/2034   $450    $725    $125,446    $348    $297    $79,939    $205,385
4/2034   $450    $732    $126,628    $348    $300    $80,587    $207,215
5/2034   $450    $739    $127,817    $348    $302    $81,237    $209,054
6/2034   $450    $746    $129,012    $348    $305    $81,890    $210,902
7/2034   $450    $753    $130,215    $348    $307    $82,545    $212,759
8/2034   $450    $760    $131,424    $348    $310    $83,202    $214,627
9/2034   $450    $767    $132,641    $348    $312    $83,862    $216,503
10/2034   $450    $774    $133,865    $348    $314    $84,525    $218,389
11/2034   $450    $781    $135,096    $348    $317    $85,190    $220,285
12/2034   $450    $788    $136,334    $348    $319    $85,857    $222,191
1/2035   $450    $795    $137,579    $348    $322    $86,527    $224,106
2/2035   $450    $803    $138,831    $348    $324    $87,200    $226,031
3/2035   $450    $810    $140,091    $348    $327    $87,875    $227,966
4/2035   $450    $817    $141,358    $348    $330    $88,552    $229,911
5/2035   $450    $825    $142,633    $348    $332    $89,232    $231,865
6/2035   $450    $832    $143,915    $348    $335    $89,915    $233,830
7/2035   $450    $840    $145,205    $348    $337    $90,600    $235,805
8/2035   $450    $847    $146,502    $348    $340    $91,288    $237,789
9/2035   $450    $855    $147,806    $348    $342    $91,978    $239,784
10/2035   $450    $862    $149,118    $348    $345    $92,671    $241,789
11/2035   $450    $870    $150,438    $348    $348    $93,367    $243,805
12/2035   $450    $878    $151,766    $348    $350    $94,065    $245,831
1/2036   $450    $885    $153,101    $348    $353    $94,765    $247,867
2/2036   $450    $893    $154,444    $348    $355    $95,469    $249,913
3/2036   $450    $901    $155,795    $348    $358    $96,175    $251,970
4/2036   $450    $909    $157,154    $348    $361    $96,884    $254,037
5/2036   $450    $917    $158,521    $348    $363    $97,595    $256,115
6/2036   $450    $925    $159,895    $348    $366    $98,309    $258,204
7/2036   $450    $933    $161,278    $348    $369    $99,025    $260,304
8/2036   $450    $941    $162,669    $348    $371    $99,745    $262,414
9/2036   $450    $949    $164,068    $348    $374    $100,467    $264,535
10/2036   $450    $957    $165,475    $348    $377    $101,192    $266,666
11/2036   $450    $965    $166,890    $348    $379    $101,919    $268,809
12/2036   $450    $974    $168,314    $348    $382    $102,649    $270,963
1/2037   $450    $982    $169,745    $348    $385    $103,382    $273,128
2/2037   $450    $990    $171,186    $348    $388    $104,118    $275,304
3/2037   $450    $999    $172,634    $348    $390    $104,856    $277,491
4/2037   $450    $1,007    $174,091    $348    $393    $105,598    $279,689
5/2037   $450    $1,016    $175,557    $348    $396    $106,342    $281,898
6/2037   $450    $1,024    $177,031    $348    $399    $107,088    $284,119
7/2037   $450    $1,033    $178,514    $348    $402    $107,838    $286,351
8/2037   $450    $1,041    $180,005    $348    $404    $108,590    $288,595
9/2037   $450    $1,050    $181,505    $348    $407    $109,346    $290,850
10/2037   $450    $1,059    $183,014    $348    $410    $110,104    $293,117
11/2037   $450    $1,068    $184,531    $348    $413    $110,864    $295,396
12/2037   $450    $1,076    $186,058    $348    $416    $111,628    $297,686
1/2038   $450    $1,085    $187,593    $348    $419    $112,395    $299,988
2/2038   $450    $1,094    $189,137    $348    $421    $113,164    $302,302
3/2038   $450    $1,103    $190,691    $348    $424    $113,937    $304,627
4/2038   $450    $1,112    $192,253    $348    $427    $114,712    $306,965
5/2038   $450    $1,121    $193,824    $348    $430    $115,490    $309,315
6/2038   $450    $1,131    $195,405    $348    $433    $116,271    $311,676
7/2038   $450    $1,140    $196,995    $348    $436    $117,055    $314,050
8/2038   $450    $1,149    $198,594    $348    $439    $117,842    $316,436
9/2038   $450    $1,158    $200,203    $348    $442    $118,632    $318,835
10/2038   $450    $1,168    $201,820    $348    $445    $119,425    $321,245
11/2038   $450    $1,177    $203,448    $348    $448    $120,221    $323,668
12/2038   $450    $1,187    $205,084    $348    $451    $121,020    $326,104
1/2039   $450    $1,196    $206,731    $348    $454    $121,821    $328,552
2/2039   $450    $1,206    $208,387    $348    $457    $122,626    $331,013
3/2039   $450    $1,216    $210,052    $348    $460    $123,434    $333,486
4/2039   $450    $1,225    $211,728    $348    $463    $124,245    $335,973
5/2039   $450    $1,235    $213,413    $348    $466    $125,059    $338,472
6/2039   $450    $1,245    $215,108    $348    $469    $125,876    $340,983
7/2039   $450    $1,255    $216,812    $348    $472    $126,696    $343,508
8/2039   $450    $1,265    $218,527    $348    $475    $127,519    $346,046
9/2039   $450    $1,275    $220,252    $348    $478    $128,345    $348,597
10/2039   $450    $1,285    $221,987    $348    $481    $129,174    $351,161
11/2039   $450    $1,295    $223,732    $348    $484    $130,007    $353,739
12/2039   $450    $1,305    $225,487    $348    $488    $130,842    $356,329
1/2040   $450    $1,315    $227,252    $348    $491    $131,681    $358,933
2/2040   $450    $1,326    $229,028    $348    $494    $132,523    $361,551
3/2040   $450    $1,336    $230,814    $348    $497    $133,368    $364,182
4/2040   $450    $1,346    $232,610    $348    $500    $134,216    $366,826
5/2040   $450    $1,357    $234,417    $348    $503    $135,067    $369,484
6/2040   $450    $1,367    $236,234    $348    $507    $135,922    $372,156
7/2040   $450    $1,378    $238,062    $348    $510    $136,779    $374,842
8/2040   $450    $1,389    $239,901    $348    $513    $137,640    $377,542
9/2040   $450    $1,399    $241,751    $348    $516    $138,505    $380,255
10/2040   $450    $1,410    $243,611    $348    $519    $139,372    $382,983
11/2040   $450    $1,421    $245,482    $348    $523    $140,243    $385,724
12/2040   $450    $1,432    $247,364    $348    $526    $141,117    $388,480
1/2041   $450    $1,443    $249,257    $348    $529    $141,994    $391,250
2/2041   $450    $1,454    $251,161    $348    $532    $142,874    $394,035
3/2041   $450    $1,465    $253,076    $348    $536    $143,758    $396,834
4/2041   $450    $1,476    $255,002    $348    $539    $144,645    $399,647
5/2041   $450    $1,488    $256,940    $348    $542    $145,535    $402,475
6/2041   $450    $1,499    $258,888    $348    $546    $146,429    $405,318
7/2041   $450    $1,510    $260,849    $348    $549    $147,326    $408,175
8/2041   $450    $1,522    $262,820    $348    $552    $148,227    $411,047
9/2041   $450    $1,533    $264,803    $348    $556    $149,131    $413,934
10/2041   $450    $1,545    $266,798    $348    $559    $150,038    $416,836
11/2041   $450    $1,556    $268,804    $348    $563    $150,949    $419,753
12/2041   $450    $1,568    $270,822    $348    $566    $151,863    $422,685
1/2042   $450    $1,580    $272,852    $348    $569    $152,780    $425,632
2/2042   $450    $1,592    $274,894    $348    $573    $153,701    $428,595
3/2042   $450    $1,604    $276,947    $348    $576    $154,625    $431,573
4/2042   $450    $1,616    $279,013    $348    $580    $155,553    $434,566
5/2042   $450    $1,628    $281,091    $348    $583    $156,485    $437,575
6/2042   $450    $1,640    $283,180    $348    $587    $157,419    $440,600
7/2042   $450    $1,652    $285,282    $348    $590    $158,358    $443,640
8/2042   $450    $1,664    $287,396    $348    $594    $159,300    $446,696
9/2042   $450    $1,676    $289,523    $348    $597    $160,245    $449,768
10/2042   $450    $1,689    $291,662    $348    $601    $161,194    $452,855
11/2042   $450    $1,701    $293,813    $348    $604    $162,146    $455,959
12/2042   $450    $1,714    $295,977    $348    $608    $163,102    $459,079
1/2043   $450    $1,727    $298,153    $348    $612    $164,062    $462,215
2/2043   $450    $1,739    $300,343    $348    $615    $165,025    $465,368
3/2043   $450    $1,752    $302,545    $348    $619    $165,992    $468,537
4/2043   $450    $1,765    $304,759    $348    $622    $166,963    $471,722
5/2043   $450    $1,778    $306,987    $348    $626    $167,937    $474,924
6/2043   $450    $1,791    $309,228    $348    $630    $168,914    $478,142
7/2043   $450    $1,804    $311,482    $348    $633    $169,896    $481,378
8/2043   $450    $1,817    $313,749    $348    $637    $170,881    $484,630
9/2043   $450    $1,830    $316,029    $348    $641    $171,870    $487,899
10/2043   $450    $1,844    $318,323    $348    $645    $172,862    $491,185
11/2043   $450    $1,857    $320,629    $348    $648    $173,858    $494,488
12/2043   $450    $1,870    $322,950    $348    $652    $174,858    $497,808
1/2044   $450    $1,884    $325,284    $348    $656    $175,862    $501,146
2/2044   $450    $1,897    $327,631    $348    $659    $176,870    $504,501
3/2044   $450    $1,911    $329,992    $348    $663    $177,881    $507,873
4/2044   $450    $1,925    $332,367    $348    $667    $178,896    $511,263
5/2044   $450    $1,939    $334,756    $348    $671    $179,915    $514,671
6/2044   $450    $1,953    $337,159    $348    $675    $180,938    $518,096
7/2044   $450    $1,967    $339,576    $348    $679    $181,964    $521,540
8/2044   $450    $1,981    $342,006    $348    $682    $182,994    $525,001
9/2044   $450    $1,995    $344,451    $348    $686    $184,029    $528,480
10/2044   $450    $2,009    $346,911    $348    $690    $185,067    $531,977
11/2044   $450    $2,024    $349,384    $348    $694    $186,109    $535,493
12/2044   $450    $2,038    $351,872    $348    $698    $187,155    $539,027
1/2045   $450    $2,053    $354,375    $348    $702    $188,204    $542,580
2/2045   $450    $2,067    $356,892    $348    $706    $189,258    $546,150
3/2045   $450    $2,082    $359,424    $348    $710    $190,316    $549,740
4/2045   $450    $2,097    $361,971    $348    $714    $191,378    $553,348
5/2045   $450    $2,111    $364,532    $348    $718    $192,443    $556,976
6/2045   $450    $2,126    $367,109    $348    $722    $193,513    $560,622
7/2045   $450    $2,141    $369,700    $348    $726    $194,587    $564,287
8/2045   $450    $2,157    $372,307    $348    $730    $195,664    $567,971
9/2045   $450    $2,172    $374,929    $348    $734    $196,746    $571,675
10/2045   $450    $2,187    $377,566    $348    $738    $197,832    $575,398
11/2045   $450    $2,202    $380,218    $348    $742    $198,922    $579,140
12/2045   $450    $2,218    $382,886    $348    $746    $200,016    $582,902
1/2046   $450    $2,234    $385,570    $348    $750    $201,114    $586,683
2/2046   $450    $2,249    $388,269    $348    $754    $202,216    $590,485
3/2046   $450    $2,265    $390,984    $348    $758    $203,322    $594,306
4/2046   $450    $2,281    $393,714    $348    $762    $204,433    $598,147
5/2046   $450    $2,297    $396,461    $348    $767    $205,547    $602,008
6/2046   $450    $2,313    $399,224    $348    $771    $206,666    $605,890
7/2046   $450    $2,329    $402,002    $348    $775    $207,789    $609,792
8/2046   $450    $2,345    $404,798    $348    $779    $208,916    $613,714
9/2046   $450    $2,361    $407,609    $348    $783    $210,048    $617,657
10/2046   $450    $2,378    $410,437    $348    $788    $211,183    $621,620
11/2046   $450    $2,394    $413,281    $348    $792    $212,323    $625,604
12/2046   $450    $2,411    $416,142    $348    $796    $213,468    $629,609
1/2047   $450    $2,427    $419,019    $348    $801    $214,616    $633,635
2/2047   $450    $2,444    $421,913    $348    $805    $215,769    $637,682
3/2047   $450    $2,461    $424,824    $348    $809    $216,926    $641,751
4/2047   $450    $2,478    $427,753    $348    $813    $218,088    $645,840
5/2047   $450    $2,495    $430,698    $348    $818    $219,253    $649,951
6/2047   $450    $2,512    $433,660    $348    $822    $220,424    $654,084
7/2047   $450    $2,530    $436,640    $348    $827    $221,598    $658,238
8/2047   $450    $2,547    $439,637    $348    $831    $222,777    $662,414
9/2047   $450    $2,565    $442,652    $348    $835    $223,961    $666,612
10/2047   $450    $2,582    $445,684    $348    $840    $225,148    $670,832
11/2047   $450    $2,600    $448,734    $348    $844    $226,341    $675,074
12/2047   $450    $2,618    $451,801    $348    $849    $227,537    $679,339
1/2048   $450    $2,636    $454,887    $348    $853    $228,739    $683,625
2/2048   $450    $2,654    $457,990    $348    $858    $229,945    $687,935
3/2048   $450    $2,672    $461,112    $348    $862    $231,155    $692,267
4/2048   $450    $2,690    $464,252    $348    $867    $232,370    $696,621
5/2048   $450    $2,708    $467,410    $348    $871    $233,589    $700,999
6/2048   $450    $2,727    $470,586    $348    $876    $234,813    $705,399
7/2048   $450    $2,745    $473,781    $348    $881    $236,042    $709,823
8/2048   $450    $2,764    $476,995    $348    $885    $237,275    $714,270
9/2048   $450    $2,782    $480,228    $348    $890    $238,512    $718,740
10/2048   $450    $2,801    $483,479    $348    $894    $239,755    $723,234
11/2048   $450    $2,820    $486,749    $348    $899    $241,002    $727,751
12/2048   $450    $2,839    $490,039    $348    $904    $242,254    $732,292
1/2049   $450    $2,859    $493,347    $348    $908    $243,510    $736,857
2/2049   $450    $2,878    $496,675    $348    $913    $244,771    $741,446
3/2049   $450    $2,897    $500,022    $348    $918    $246,037    $746,059
4/2049   $450    $2,917    $503,389    $348    $923    $247,308    $750,697
5/2049   $450    $2,936    $506,775    $348    $927    $248,583    $755,359
6/2049   $450    $2,956    $510,182    $348    $932    $249,863    $760,045
7/2049   $450    $2,976    $513,608    $348    $937    $251,148    $764,756
8/2049   $450    $2,996    $517,054    $348    $942    $252,438    $769,492
9/2049   $450    $3,016    $520,520    $348    $947    $253,733    $774,253
10/2049   $450    $3,036    $524,006    $348    $951    $255,032    $779,039
11/2049   $450    $3,057    $527,513    $348    $956    $256,337    $783,850
12/2049   $450    $3,077    $531,040    $348    $961    $257,646    $788,686
1/2050   $450    $3,098    $534,588    $348    $966    $258,960    $793,548
2/2050   $450    $3,118    $538,156    $348    $971    $260,279    $798,436
3/2050   $450    $3,139    $541,746    $348    $976    $261,603    $803,349
4/2050   $450    $3,160    $545,356    $348    $981    $262,932    $808,288
5/2050   $450    $3,181    $548,987    $348    $986    $264,266    $813,253
6/2050   $450    $3,202    $552,639    $348    $991    $265,605    $818,245
7/2050   $450    $3,224    $556,313    $348    $996    $266,949    $823,262
8/2050   $450    $3,245    $560,008    $348    $1,001    $268,298    $828,307
9/2050   $450    $3,267    $563,725    $348    $1,006    $269,653    $833,378
10/2050   $450    $3,288    $567,463    $348    $1,011    $271,012    $838,475
11/2050   $450    $3,310    $571,224    $348    $1,016    $272,376    $843,600
12/2050   $450    $3,332    $575,006    $348    $1,021    $273,745    $848,751
1/2051   $450    $3,354    $578,810    $348    $1,027    $275,120    $853,930
2/2051   $450    $3,376    $582,636    $348    $1,032    $276,500    $859,136
3/2051   $450    $3,399    $586,485    $348    $1,037    $277,885    $864,370
4/2051   $450    $3,421    $590,356    $348    $1,042    $279,275    $869,631
5/2051   $450    $3,444    $594,250    $348    $1,047    $280,670    $874,920
6/2051   $450    $3,466    $598,166    $348    $1,053    $282,070    $880,237
7/2051   $450    $3,489    $602,106    $348    $1,058    $283,476    $885,582
8/2051   $450    $3,512    $606,068    $348    $1,063    $284,887    $890,955
9/2051   $450    $3,535    $610,053    $348    $1,068    $286,304    $896,357
10/2051   $450    $3,559    $614,062    $348    $1,074    $287,725    $901,787
11/2051   $450    $3,582    $618,094    $348    $1,079    $289,152    $907,246
12/2051   $450    $3,606    $622,150    $348    $1,084    $290,585    $912,734
1/2052   $450    $3,629    $626,229    $348    $1,090    $292,022    $918,251
2/2052   $450    $3,653    $630,332    $348    $1,095    $293,465    $923,797
3/2052   $450    $3,677    $634,459    $348    $1,100    $294,914    $929,373
4/2052   $450    $3,701    $638,610    $348    $1,106    $296,368    $934,977
5/2052   $450    $3,725    $642,785    $348    $1,111    $297,827    $940,612
6/2052   $450    $3,750    $646,985    $348    $1,117    $299,292    $946,276
7/2052   $450    $3,774    $651,209    $348    $1,122    $300,762    $951,971
8/2052   $450    $3,799    $655,457    $348    $1,128    $302,238    $957,695
9/2052   $450    $3,824    $659,731    $348    $1,133    $303,720    $963,450
10/2052   $450    $3,848    $664,029    $348    $1,139    $305,206    $969,236
11/2052   $450    $3,874    $668,353    $348    $1,145    $306,699    $975,052
12/2052   $450    $3,899    $672,701    $348    $1,150    $308,197    $980,899
1/2053   $450    $3,924    $677,076    $348    $1,156    $309,701    $986,776
2/2053   $450    $3,950    $681,475    $348    $1,161    $311,210    $992,685
3/2053   $450    $3,975    $685,900    $348    $1,167    $312,725    $998,626
4/2053   $450    $4,001    $690,352    $348    $1,173    $314,246    $1,004,598

Holy crap, thank you. My hope is to get enough together to be able to pursue a more interesting career without financial worries. This spreadsheet is incredible. Thanks again.

[Sharkey]

Hey IrishFI!

You do NOT have to pay exit tax on all ETFs, only UCITS ETFs (and other unit linked funds). It is a complete killer. Try to avoid it at all costs.

You have two main options to avoid it:

1) Buy US ETFs. You can do this if you open an account with a non-EU broker. This is perfectly legal, it's not any sort of tax dodge. Pay your taxes as normal. Be honest about your Irish residency; you'll be able to reduce your liability for US tax on your dividends that way. The only reason you can no longer buy US ETFs in the EU is because of the new documentation requirements the EU brought in in 2018 (MIFID II). I had no problem opening an account with Interactive Brokers as an Irish resident and citizen at that point. US ETFs are taxes as any normal shares, i.e. you pay income tax on dividends and CGT on gains. You'd have the dividends withheld at 15% anyway even via an EU broker if you could still purchase US ETFs. That 15% can be offset against your Irish income tax on dividends.

2) You can buy closed-end funds via EU brokers, which have broad market exposure but are not ETFs and are not subject to the exit tax regime (again, taxed as any shares). Examples are the likes of Foreign and Colonial Investment Trust. These will have higher fees than ETFs, but if they're not US based and you don't have any other income then you may pay slightly less tax on dividends, as there won't be the 15% US withholding. The other problem with these is that they are not passive in the same way that an ETF that tracks an index is; they have active management which can do better than the market but it can also do worse.

I do a combination of these two things.

There is quite a lot of good information specific to Ireland here: https://www.askaboutmoney.com/forums/exchange-traded-funds-etfs.105/

UCITS ETFs are perfectly reasonable products in most of Europe; it's just us in Ireland that get hosed because of the ridiculous regime that applies to unit linked funds here.

Hope that helps!

[IrishFI]

Hey IrishFI!

You do NOT have to pay exit tax on all ETFs, only UCITS ETFs (and other unit linked funds). It is a complete killer. Try to avoid it at all costs.

You have two main options to avoid it:

1) Buy US ETFs. You can do this if you open an account with a non-EU broker. This is perfectly legal, it's not any sort of tax dodge. Pay your taxes as normal. Be honest about your Irish residency; you'll be able to reduce your liability for US tax on your dividends that way. The only reason you can no longer buy US ETFs in the EU is because of the new documentation requirements the EU brought in in 2018 (MIFID II). I had no problem opening an account with Interactive Brokers as an Irish resident and citizen at that point. US ETFs are taxes as any normal shares, i.e. you pay income tax on dividends and CGT on gains. You'd have the dividends withheld at 15% anyway even via an EU broker if you could still purchase US ETFs. That 15% can be offset against your Irish income tax on dividends.

2) You can buy closed-end funds via EU brokers, which have broad market exposure but are not ETFs and are not subject to the exit tax regime (again, taxed as any shares). Examples are the likes of Foreign and Colonial Investment Trust. These will have higher fees than ETFs, but if they're not US based and you don't have any other income then you may pay slightly less tax on dividends, as there won't be the 15% US withholding. The other problem with these is that they are not passive in the same way that an ETF that tracks an index is; they have active management which can do better than the market but it can also do worse.

I do a combination of these two things.

There is quite a lot of good information specific to Ireland here: https://www.askaboutmoney.com/forums/exchange-traded-funds-etfs.105/

UCITS ETFs are perfectly reasonable products in most of Europe; it's just us in Ireland that get hosed because of the ridiculous regime that applies to unit linked funds here.

Hope that helps!

Hi Sharkey, thanks for the reply.

https://www.bluewaterfp.ie/investments/which-is-better-gross-roll-up-or-cgt-investments/

What is your opinion of this? It seems the tax would work out similar with both options or am I missing something? What are the fees like for an ETF with interactive brokers and is it possible to purchase an accumulating fund?

I live in hope that someday the tax treatment of ETFs will change for the better in our country.

Thank you for your help.

[Sharkey]

The Bluewater numbers assume a 5% dividend taxed at top rates of tax. The higher the dividend and income tax rate assumed, the better the numbers look for an accumulating fund and deemed disposal. 5% is a much higher dividend rate than would be normal these days. SPY dividend was 2.3% in 2019. You'd only get 5% out of junk bonds TBH.

Likewise, if you're FIRED, you're not likely paying 52% income tax anymore, so that's a short term issue while you're in accumulation phase. I tend to think of dividend taxation as a short term issue that will mostly go away at FIRE.

Between these two things, the picture changes pretty considerably from Bluewater's numbers (well under half the dividend tax they claim).

Bear in mind most ETFs aren't accumulating. Where the Irish system will really mess you up is when you pay the deemed disposal taxes on a distributing fund, this is the worst of all worlds.

I don't know of any accumulating funds that aren't subject to the deemed disposal/exit tax regime - the only accumulating ETFs I know of are UCITS and EU based. I think there's some regulatory reason they don't exist in the US.

Fundamentally, part of the power of long-term investing is the ability to earn compounding gains on your existing as-yet-untaxed gains. The deemed disposal regime cripples this and is to be avoided for that reason.

Interactive brokers fees are pretty reasonable, they're a low cost broker. There's a monthly cost that goes away if you've over 100K USD in there.