🔥 An Update on My FIRE journey
Every few months ill run my retirement numbers and go through them to see how things are going and if its on track.As stated in my previous post I’m currently sitting at $950K invested, so I thought I’d share what the long-term plan looks like.
If I continue investing around $3,000/month and the portfolio averages 8–9% over the long run, the projection at age 46 is roughly $3.55M–$4.04M invested.
Obviously, returns won’t be 8–9% every year. This is just a long-term projection, not a guarantee. Right now being still 32, this means another 13.5yrs or so of work for my full pension since I joined at 21yrs old, so the updated number looks like:
By 46, the goal is:
• $3.5M–$4M+ invested
• 25+ years with the RCMP which means full pension (50% of salary guaranteed, adjusting to inflation for life)
• Mortgage completely paid off by then
• RESPs fully maxed, so the kids' education is covered and I aint gotta worried about paying for it.
• No other major debt.
My current RCMP base salary is about $127K, so using today’s salary as a baseline, a 50% pension would be roughly $63K/year. And that’s without accounting for any future pay increases.
Then there’s the investment portfolio.
At a 4% safe withdrawal rate:
$3.55M → ~$142K/year
$4.04M → ~$162K/year
Add the estimated $63K pension, and that puts the potential retirement income around:
$205K–$225K/year
Again, these are future projections and the actual numbers will depend on investment returns, pension calculations, inflation and my eventual salary. But this is why I keep investing. I’m not necessarily trying to retire at 46 and sit around doing nothing.
I want options.
Maybe I keep working.
Maybe I work less.
Maybe I do something completely different.
Maybe I retire earlier.
The point is that I won't have to make decisions based solely on needing a paycheque.
Started investing in my early 20s and I think really starting early was the key..$1M is getting very close. 🔥
Anways ill probably update my numbers every few months to see where im up, hope you enjoy the breakdown.
Doing it all for these guys 👇 #Family
