Earlier this month, I had posted about moving forward with a plan to have one retirement portfolio to rule them all. We’re slowly going through all of the steps, and learning a ton along the way. Since Her just had a series, I thought I’d do my own, but not in a day-after-day format.
The first step of that plan was to see how much we would actually need in retirement to sustain our lifestyle. I really hope that when I’m 80+ years old, I’m able enough to go to some awesome summer rock festivals…
So we ran our numbers though Fidelity’s retirement plan calculator for their customers (not the myPlan one, which give weird numbers when you recalculate). Here are the results:
With our current income, and adjusting for inflation and pay increases, we are estimated to need a nest egg of $5,803,405 by the time we retire.
With our current situation, we are on track to amass $1,740,399-$3,580,737.
Damn, we’re short. Duh.
The planner runs some market simulations, and comes up with some figures for how much income we’ll have in retirement, what our assets may be, and when we’ll actually experience our shortfall in retirement.
Here’s our projected income at retirement.
Here’s our projected assets at retirement.
And here’s the assets over time.
We’re well aware that we’re short on retirement planning. We’re also aware that this calculator isn’t the be all end all of what our retirement planning future will bring. It is a good start though, and gives us a tangible goal to shoot for. Next step: laying out all of our retirement investments to see where we’re at.