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Firecalc question
Old 08-14-2014, 03:07 PM   #1
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Firecalc question

I'm trying to run Firecalc and compare it to a RE model my FP ran. My FP's model has me spending $133k per year. But my actual withdrawls average less than that because I'm getting SS, etc

Now I go to Firecalc. It says to enter spending on the 1st page. I run the model and then look at the output. I see howeber that the $133k in spending that I entered is actually called "withdrawls" on the output. So is firecalc actually withdrawing $133k per year?

Mike
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Old 08-14-2014, 03:14 PM   #2
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FIRECaalc will withdraw your spending after subtraction for Social Security and any other income or pension. Did you enter your SS info?
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Old 08-14-2014, 03:24 PM   #3
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No I did not enter SS info.
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Old 08-14-2014, 03:29 PM   #4
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Click through the tabs to enter Pension, Social Security, and portfolio (asset allocation) information before you run it
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Old 08-14-2014, 03:35 PM   #5
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I did all that, but it's still calling the "spending" number I entered "withdrawls" on the output. So is it really withdrawing that amount? I wish I could see the yearly calculations it does.
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Old 08-14-2014, 03:50 PM   #6
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Enter the $133k on the first tab. On the Other Income/Spending tab you insert the SS estimates. As it says on that tab -

FIRECalc will first use any Social Security, pensions, or other adjustments that you enter below, and then take whatever else is needed to make up this amount from your portfolio at the start of each year.
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Old 08-14-2014, 03:55 PM   #7
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Yeah, I did that Fish. What has me confused is that on the output, it says:

Withdrawals 133,000

The 133,000 is actually my spending, not withdrawals. So if it's actually withdrawing that amount each year, then it's wrong.
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Old 08-14-2014, 04:05 PM   #8
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Quote:
Originally Posted by bulbar View Post
So if it's actually withdrawing that amount each year, then it's wrong.
It isn't...and no, it isn't.
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Old 08-14-2014, 05:06 PM   #9
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Quote:
Originally Posted by bulbar View Post
Yeah, I did that Fish. What has me confused is that on the output, it says:

Withdrawals 133,000

The 133,000 is actually my spending, not withdrawals. So if it's actually withdrawing that amount each year, then it's wrong.
Another way to check this is to subtract your SS from the 133K and enter that amount into Firecalc as your withdrawal, and don't enter SS into Firecalc at all.
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Old 08-14-2014, 06:55 PM   #10
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Quote:
Originally Posted by bulbar View Post
Yeah, I did that Fish. What has me confused is that on the output, it says:

Withdrawals 133,000

The 133,000 is actually my spending, not withdrawals. So if it's actually withdrawing that amount each year, then it's wrong.
Quote:
Originally Posted by REWahoo View Post
It isn't...and no, it isn't.
It isn't (actually withdrawing that amount)... but yes, it is (wrong - at least the display).

I just did $1M portfolio, $40,000 spend. Run, then click the 'Display input data' and it shows:
Withdrawals 40,000
Now add $40,000 in SS starting this year, and it still shows:
Withdrawals 40,000
It appears to calculate properly, but it still lists $40,000 in withdrawals, and it is confusing. In the SS case, the WD is net zero with the SS, but it does not make that clear with a 'net' amount in the data listing.

-ERD50
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Old 08-14-2014, 08:28 PM   #11
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thanks ERD. they should fix that. but at least the model is working correctly. Is there no way to see the cash flow output? I know everyone says firecalc works, but I'd sure like to compare it's output to my own models.
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