All of the math seems correct the only problem is that it seems TOO EASY! Even with an insanely lavish spending plugged in (facepunches welcome) we could still retire at 45 with 2.6 million invested and a NW of about 3.3 million. Are these calculations correct!?
Your calculations are not correct. :) You should be hitting FIRE sooner, as you were only picking up gains on the PY balance, when the CY investments should also see some gains. This doesn't make a huge difference, though. It certainly looks like it can be this easy, especially as your employers contribute enormous fractions of your base salaries as employer matches. 11%!!! WOW!!! And your bonuses will get up to 30%?!
I'm not seasoned, but I am a big spreadsheet person.
Please confirm the following:
- DH bonus is based on the salary for the previous year/is received a year late, but it is counted in the total wage for the year on which it is based.
- DH bonus percentage will increase by 5% at sporadic intervals, up to 30% before projected retirement.
- DH will have a one-time extra 10% raise in 2021.
- DH main RRSP contributions are based ONLY on his base wage, not his total wage including bonus.
- DH will soon start making top-up RRSP contributions based on his delayed bonus.
- DW will soon start making top-up RRSP contributions based on her normal wage.
- DW will drop to 75% time in 2019 (for children, I assume), and then will receive 2% raises thereafter until she hits a salary cap of $110K, which will happen when child hits 18.
What is with those odd, incredibly variable, hard-entered amounts for additional investing?
Your mortgage balances are linked to another sheet. This isn't a huge deal, but it does pop up a little warning whenever we open your sheet.
From my prior Excel games, I would recommend not changing forumulae mid-column without marking it somehow, such as having different formulae in a column different colors. I would also color-code numbers that are hard-entered in a column of formulae.
Also, make your life easier and name your ranges and cells of hard-entered info. It makes your formulae easier to proof.
Attached is a revised spreadsheet because I could use the practice in fiddling with other people's work. It is NOT super great and does try to guess things that you left out. I would recommend you change this to a full case study, following these instructions, or at least use the case study spreadsheet to replace your own:
http://forum.mrmoneymustache.com/ask-a-mustachian/how-to-write-a-'case-study'-topic/I think there was a Canada-specific case study spreadsheet in process at one time, but I don't recall where it was being discussed.