🏦 Investment & Retirement Assets
| Name | Country | Local Value | CCY | FX | USD Value | Date | |
|---|---|---|---|---|---|---|---|
| Total Investable Assets | — | ||||||
🏠 Other Assets (Non-Investable)
| Name | Country | Local Value | CCY | FX | USD Value | Date | |
|---|---|---|---|---|---|---|---|
| Total Other Assets | — | ||||||
💳 Liabilities
| Name | Country | Local Balance | CCY | FX | USD Balance | Date | |
|---|---|---|---|---|---|---|---|
| Total Liabilities | — | ||||||
📊 Net Worth Summary
FX rates: 🇺🇸 USD=1.00 · 🇧🇷 BRL=5.20 · 🇪🇸 EUR=1.18
⚠ ML carries Brazil assets at face USD — no FX haircut.
⚠ ML carries Brazil assets at face USD — no FX haircut.
💱 FX Rate Settings
BRL depreciated ~50% vs USD over 10yr. Major risk for Brazil assets.
💼 Employment — 3 Day Blinds
50% of net goes to RSU deferral + company matches 50% of gross
Income Tax (CA resident)
Set to 0% after FL move. CA top marginal = 13.3%.
🎓 Bruno's Education
📊 Monthly Expenses (Current Lifestyle)
| Category | $/month |
|---|
Total monthly expenses—
Annual expenses—
💵 Net Income Breakdown — 2026
💵 Free Cash Flow
⚠️ ML Income Errors
⚠ 401k contribution understated (78% more than ML)
ML used $23,500/yr. Correct: 6% × ($365K+$200K) + $7.5K catch-up = ~$42K/yr.⚠ Annual matching RSU program missing from ML model
Program not modeled at all. Total net capital through retirement: significant omission.📊 Current Intrinsic Value (Today)
NSO Intrinsic
—
max(0, px−strike)×sh
RSU Intrinsic
—
price × shares
Total Gross
—
no tax · all grants
Vested vs Unvested
NSO vs RSU
0% vested as of Mar 2026. First vest: 2028 (50% of Mar 2025 NSO). Gross — no tax applied.
🎯 Projected Exit Value at Liquidity Event
Move to FL before this year to minimize CA tax.
Tax scenario
| Component | Gross proceeds | Tax | Net proceeds |
|---|---|---|---|
| NSO Options (ordinary income) | — | — | — |
| RSU — your deferral (LTCG only) | — | — | — |
| RSU — co match (W-2 vest + LTCG) | — | — | — |
| Total NSO + RSU | — | — | — |
⚠ ML classified all $4.5M as tax-free.
📋 NSO Option Grants
Tax at exercise: ordinary income (37% FL / 50.3% CA) on (price − strike) × shares.
⚠ ML classified $4.5M as tax-free — incorrect. NSOs are always ordinary income.
⚠ ML classified $4.5M as tax-free — incorrect. NSOs are always ordinary income.
| Label | Strike | Shares | Notional | Yr | Gain/sh | Intrinsic | Vesting | |
|---|---|---|---|---|---|---|---|---|
| Total NSO intrinsic | — | |||||||
🗓 Vesting Schedule & Tranche Detail
| Grant / Tranche | Vests | Shares | Gain/sh | Gross | CA% | Rate | Net |
|---|
💹 NSO Tax Breakdown at Exit
Update exit price to calculate
🎁 RSU Grants (Already Awarded)
💵 Net Cash RSU (Deferral)
You invested after-tax cash. Cost basis = amount invested.
Tax at exit: LTCG 20% on (exit − purchase) only.
You invested after-tax cash. Cost basis = amount invested.
Tax at exit: LTCG 20% on (exit − purchase) only.
🏢 Matching RSU (Company Grant)
Company gave you shares. Income tax at vesting = ordinary income.
Tax at exit: Income tax on grant value + LTCG 20% on gain.
Company gave you shares. Income tax at vesting = ordinary income.
Tax at exit: Income tax on grant value + LTCG 20% on gain.
＋ Add RSU Grant
Label
Amount invested ($)
Purchase price/sh ($)
Shares (auto)
Grant year
Grant type
Income tax at vesting + LTCG at exit
| Label | Type | Amount | Purchase px | Shares | Yr | Intrinsic now | Gross @ exit | Cap. gain | Tax | Net proceeds | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Total RSU | — | — | — | — | — | ||||||
📈 Projected RSU Program — 2027 → 2034
⚠ Missing from ML ($0 captured)
Total net projected: —| Yr | Gross bonus | Mode | Your RSU | Co match | Total grant | Purch. px | Shares | Gross proceeds | Cap. gain | Match W-2 tax | LTCG (20%) | Net |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Total projected RSU | — | — | — | — | — | |||||||
Purchase price interpolated $17.50/sh → $35.00/sh linearly over program years.
Match W-2 tax = 37% FL × (purchase px × match shares) — paid at vesting.
🇺🇸 401(k) — 3 Day Blinds
⚠ ML used $23,500/yr — wrong
6% of gross + $7.5K catch-up = ~$42K/yr. 78% more than ML.Projected at retirement: —
🇺🇸 Social Security
?? Delay to 70 is optimal. After-tax advisory income can support Phase 2 spending, which reduces the need for early SS. Delay from 62?70 adds +76% permanently.
Override (used in projections)
This number is used in all charts and projections. The age selector above estimates the benefit (62≈$38K, 70≈$67K) but you override here with your actual SSA.gov estimate. Update when you receive your official statement.
🇧🇷 INSS Pension — Brasil
Your record: 24yr contributions · 22yr at teto
Formula: 60% + 2%×(24−20) = 68% × avg salary base
Today's value: 68% × R$7,400 = R$5,032/mo
Formula: 60% + 2%×(24−20) = 68% × avg salary base
Today's value: 68% × R$7,400 = R$5,032/mo
5%/yr → ~R$10K/mo by 2039, matching your estimate.
Override (used in projections)
Used in all projections (~$1,667/mo). The calculator above estimates R$10K/mo ≈ $20K/yr at R$5.8/USD. Update this override when you receive your official INSS statement from meu.inss.gov.br or if BRL/USD changes significantly (adjust FX on Assets tab).
📅 Retirement Dates
Salary, bonus, new RSU grants, and 401k all stop.
Starts immediately at Phase 1 end. ML assumed $200K/yr.
When you fully stop working. From here only SS + INSS + portfolio.
✓ Phase 2 runs for 9 years. After-tax advisory income is compared directly against retirement lifestyle costs.
⚙️ Return & Inflation Assumptions
ML Moderate w/AI: 7.54% (50th pct)
Advisory / Merrill-style annual fee deducted from portfolio yield.
Show Merrill line (tax-free HD — incorrect)
💵 Retirement Income Floor
🌍 Global Lifestyle
🇧🇷
Brazil months
4
—
🇪🇸
Europe months
4
—
🇺🇸
USA months
4
auto remainder
—
~55% cheaper than SJC/CA
Blended effective annual spending
—
—
🔍 Year-by-Year Cash Flow Audit — Base Case
This table shows exactly how the portfolio evolves year by year. Every dollar that goes in or out is itemized. Use this to verify the model and understand how the $81M (or any terminal value) is reached. Scroll right to see all columns.
| Year | Age | Phase | Start portfolio | Gross yield | - Mgmt fee | + / - Net income | + 401k | + Equity exercise | + Additional income | - Retirement lifestyle | End portfolio |
|---|
Totals may have rounding differences. Returns applied at start of year then cash flows added. Starting portfolio excludes unvested NSO/RSU value. Gross portfolio yield is reduced by the management fee slider each year. Active years use a single net-income line after tax, lifestyle, and Bruno education. Equity proceeds are booked at the exercise/liquidity timing logic. Retirement years add after-tax advisory/SS/INSS income and subtract retirement lifestyle costs.
📈 Portfolio at Retirement (2034)
—
—
💸 Effective Annual Spend
—
—
📊 4% SWR vs. Goal
—
—
🏛️ Estate at Age 90 (2065)
—
base case
—
⚠ Merrill Lynch model errors
⚠ Error #1 — NSO/RSU classified as Tax-Free (WRONG)
ML: $4.5M tax-free. FL rate (37%) reality: —. Overstatement: —.⚠ Error #2 — 401k contribution understated 78%
ML: $23,500/yr. Correct: —/yr. Gap: —/yr.⚠ Error #3 — Matching RSU program missing
$200K/yr gross RSU program absent. Total net over 9yr: —.⚠ Error #4 — 0% fees on hedge funds
ML 0.00% fees on 19% HFS allocation. HFS ≈ 1.5–2%/yr. 25yr drag: ~—.✓ What ML got right: Advisory income buffer, overall probability of success direction. Core plan is strong — ML errors inflate projected numbers.
🌴 FL Domicile — Highest ROI
Move before 2028 vesting. CA 13.3% on non-CA fraction eliminated. Total HD + apportionment savings:
—
💰 401k + Matching RSU
Corrected 401k vs ML's $23.5K + 9yr RSU program. Net capital through retirement:
—
🌍 3-Country Lifestyle Savings
Brazil+Europe vs US-only. Annual savings. 33yr equiv at base return:
—
🏦 Advisory Income Buffer
$200K/yr advisory income is taxed before being compared with spending through 2043. Coverage ratio:
—
🇧🇷🇺🇸 INSS + SS Floor
Combined income floor as % of effective spend:
—
📊 Our Model vs. Merrill
ML overstates due to tax-free error. Gap at retirement:
—
Educational / scenario analysis only. Not financial, tax, legal, or investment advice. All projections hypothetical. CA apportionment simplified — consult tax attorney before domicile change. INSS: verify at meu.inss.gov.br. Projections end age 90 (2065). ML MPWA prepared March 30 2026 by Jeremy Arian CIMA® CEPA® CPFA®. Independent analysis.