FIRE Targets

FI Before 50 Roadmap

In order to achieve my goal of retiring before 50, these are my FIRE targets (last reviewed and updated Jun 5th 2018):

Freedom Kitty must reach £190,000 by Jun 2025 (age 49) 


•   To be achieved by saving on average £1,006 per month from June 2018 - May 2025 (assumes 6% interest)
      

Personal Pension must reach £446,300 by Jul 2032 (age 57)

•   To be achieved by saving on average £650 per month from June 2018 - May 2025 (assumes 6% interest)

This results in a total average monthly saving goal of £1,656

2017 Financial Targets 

My FI Before 50 Roadmap suggests that I need to save a total of £2,358 each month until June 2025. This splits out across my Personal Pension as £1,090 and my Freedom Kitty as £1,268 per month. The amounts I actually want to set as my saving targets for 2017 have been slightly adjusted from those suggested in the Roadmap:

SAVINGS TARGET

Freedom Kitty - £1,666 per month

Personal Pension - £1,000 per month

Equals TOTAL Savings Target: £2,666 per month 

(£308 more per month than the Roadmap states is needed, but split differently across the 2 savings pots)

Although my 2017 pension target is £90 per month lower than the Roadmap suggests, it is hoped that the fund will grow by at least 5% per year. Furthermore, savings into my Freedom Kitty are planned to be approx. £480 per month higher than the Roadmap required savings, any excess in my Freedom Kitty can be used to supplement my Personal Pension if it has not met the required amount by age 57.

FI Before 50 Roadmap from 2016
In order to achieve my goal of retiring before 50, these are my FIRE targets:

Freedom Kitty must reach £209,590 by Jun 2025 (age 49)

• To be achieved by saving on average £1,554 per month from February 2016 - May 2025

Personal Pension must reach £364,965 by Jul 2032 (age 57)

• To be achieved by saving on average £1,180 per month from March 2016 - May 2025

This results in a total average monthly saving goal of £2,734

2016 Financial Targets
My Roadmap suggests that I need to save a total of £2,734 each month until June 2025.
This splits out across my Personal Pension as £1,180 and my Freedom Kitty as £1,554 per month. Due to the reasons specified in my 2016 Financial Targets post, the amounts for 2016 have been slightly adjusted from those suggested in the Roadmap.

PERSONAL INCOME TARGET
£3,232 average income per month from salary and dividends from my freelance company
£100 average income per month from sources other than my freelance company

Equals TOTAL Income Target: £3,332 per month

EXPENSES TARGET
Track (and report on this blog) all expenses and calculate average expense per month to be used as a benchmark to compare against next year

SAVINGS TARGET
Freedom Kitty - £1,000 per month
Personal Pension - £2,000 per month

Equals TOTAL Savings Target: £3,000 per month (£266 more per month than the Roadmap states is needed, but split differently across the 2 savings pots)