Retirement Blueprint – Part I
In this series of posts I will lay out a general blueprint of how I will be able to retire by the age of 35.
It is important to recap from my prior post that my goal is to have an income of 100,000 a year before taxes. Using the California salary paycheck calculator I found, this would result in 64,236 a year after taxes (or 5,353 a month). Taxes take away quite a bit huh? I incorporated the after taxes amount since this income stream generated is suppose to replace an ideal 100,000 a year salary before taxes. Thus, the after tax amount would be the target I am shooting for.
On a side note, I do want to emphasize that even though my goal is to attain the above amount in monthly income, I do not plan on spending it all every month. Most likely, after marinating in a habit of frugality for the better half of my life, I will continue to do so even with the income stream. I should be able to save at least 20% of the retirement monthly income, but those calculations will be saved for a future post.
In my estimates my main assets will be in four categories: real estate properties, retirement accounts, savings, and stocks.
I will get into the nitty-gritty of things in the next post.
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