Just doing projections and am at a loss on what to do with my surplus income.
Currently making $75k, that will double to $150k in three years, and then peak at 200k 3 years later. I am living very comfortable on $37k with no debt but including a mandatory 1600/m rent payment. I am socking away 20% of income towards retirement, and will do so until I retire in 20 years, at which point I'll have invested $500,000 into my IRA.
My pension will be $65k in today's dollars and will pay immediately after retiring and is much more than I spend now. 4% on my projected 401k would be $80k a year in todays dollars, and ss should get me around 36k in todays dollars (so without investing any extra I have nearly 6x my expected expenditures in possible retirement, of course one or more of those are likely to trend downwards, but even if the value of them drops in half i am still sitting pretty).
So thats all well and good, but what do I do with the $1.5 million in surplus earnings ill be making in the next 20 years?
I am not even factoring in the wages (surplus or 401k investments) I'll make post first retirement, which would be $250,000 in todays dollars, in a career I can do forever.
I love my job, love my lifestyle, and the planners I've talked to are clueless, so ideas please.