Current Plan
Last reviewed: May 2026
This is our canonical, living strategy document. It summarises what we're doing right now — not what was discussed in any particular session.
FIRE Status
- Liquid net worth: 5.5M NZD (excludes unvested RSUs)
- Annual spend target: 200K NZD
- Safe withdrawal rate: 4% → supports 220K/yr
- Status:
Financially independent today
Targets
Retirement
$200K/yr at 4%
$200K/yr at 4%
$5.5M / $5M
✅
University (×2)
2032–2038
2032–2038
Funded
✅
First Homes (×2)
2041–2045
2041–2045
Funded
✅
Legacy (×2)
2050–2053 · if >$15M
2050–2053 · if >$15M
$5.5M / $15.2M
⏳
Grand Target
$5.5M / $15.2M
⏳
Drawdown Timeline (no further work, 9% growth, 200K/yr spend)
| Year | Projected NW | Event | Drawdown |
|---|---|---|---|
| 2026 | 5.5M | Stop working | — |
| 2032 | 7.6M | Henry uni starts | -100K |
| 2035 | 9.1M | Pippa uni starts | -100K |
| 2041 | 12.8M | Henry first home | -1M |
| 2045 | 16.2M | Pippa first home | -1M |
| 2050 | 19.7M | Henry legacy | -4M (if >15M) |
| 2053 | 20.8M | Pippa legacy | -4M (if >15M) |
See Monte Carlo for stress-tested scenarios.
Current Allocation Strategy
Kernel (target — pending execution)
| Fund | Target % | Current % | Status |
|---|---|---|---|
| World ex-US | 37% | 20% | 🔴 Under |
| S&P 500 (Unhedged) | 21% | 5% | 🔴 Under |
| Emerging Markets | 16% | 22% | 🔴 Over |
| Global 100 | 11% | 7% | 🟡 Under |
| Global Infrastructure | 10% | 24% | 🔴 Over |
| Dividend Aristocrats | 5% | 18% | 🔴 Over |
| Cash Plus | 0% | 5% | 🔴 Sell all |
KiwiSaver — Jonathan & Julia (target — pending execution)
| Fund | Target % | Current % | Status |
|---|---|---|---|
| World ex-US (Unhedged) | 40% | 0% | 🔴 Under |
| S&P 500 (Unhedged) | 30% | 0% | 🔴 Under |
| Emerging Markets | 20% | 0% | 🔴 Under |
| Global 100 | 10% | 64% | 🔴 Over |
| S&P 500 (NZD Hedged) | 0% | 18% | 🔴 Sell all |
| High Growth | 0% | 18% | 🔴 Sell all |
Rationale: Locked until 65 (23+ years). Maximise growth — no defensive funds. All unhedged — hedging costs 1-2% pa, which compounds massively over 23 years. NZD expected flat-to-weaker. Eliminates Mag 7 concentration (Global 100 down from 64% to 10%).
InvestNow (hold — do not rebalance)
| Fund | Allocation | Note |
|---|---|---|
| Foundation Series US 500 | 100% ($726K) | Hold. Buy/sell spreads make rebalancing expensive. Platform diversification. |
Rebalance pending — see Action Items. Kernel cash flow: sell from most-overweight fund when tax payments due.
Key Policies
- Tax structure: 100% PIE (28% tax rate, no provisional tax once MSFT sold)
- MSFT shares: Sell all vested, resume sell-on-vest, sell ESPP on purchase
- Legacy gifts: Conditional on portfolio > 15M at time of gift
- Rebalance cadence: Reviewed monthly, executed when drift > 5%
- Unvested RSUs: Not counted as net worth (contingent on employment)
- KiwiSaver: Rebalance freely (no spread, no tax). Reduce Global 100 concentration.
- InvestNow: Hold only — buy/sell spreads make rebalancing expensive. Do not trade.
- Holistic view: Allocation targets consider Kernel + KiwiSaver + InvestNow together
Pending Actions
See Action Items for the full list.
Decision History
| Date | Decision | Rationale | Source |
|---|---|---|---|
| May 2026 | Stay 100% PIE | 1.4% vs 1.95% tax; eliminates provisional tax | Analysis |
| May 2026 | Sell all MSFT | Reduce single-stock concentration | Analysis |
| May 2026 | Rebalance Kernel | Over-allocated to Infrastructure/EM; shift to World ex-US + S&P 500 | Proposal |
| May 2026 | Rebalance KiwiSaver | All unhedged: 40% World ex-US, 30% S&P 500, 20% EM, 10% Global 100 | Holistic review |
| May 2026 | InvestNow hold-only | Buy/sell spreads make rebalancing expensive; treat as permanent US allocation | Holistic review |
| May 2026 | Holistic allocation | Consider all platforms (Kernel + KiwiSaver + InvestNow) together for targets | Holistic review |
| May 2026 | Eliminate Cash Plus | Sell from overweight fund when tax due; no drag | — |
| May 2026 | Legacy gifts conditional | Monte Carlo shows 22% ruin if unconditional | Monte Carlo |
| May 2026 | 200K/yr retirement spend | Julia's preference for flexibility | — |
This page is updated each session. For the full rationale behind any decision, see the relevant session's Plans & Proposals.