Join Early Retirement Today
Reply
 
Thread Tools Display Modes
Calculator for Retirement
Old 03-18-2017, 07:12 AM   #1
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
street's Avatar
 
Join Date: Nov 2016
Posts: 9,373
Calculator for Retirement

I would like to ask this question about this Calculator for Retirement. I have used it to see how things have stacked up and seems to be a fair and accurate as any calc. I have seen. I also agree with and use and have shared the FIRCALC with people. That one is very hard to beat in showing success rate etc. Try your numbers and see what you think and to see if bottom line is close to where you are at. The drop down will give you options for SS/Taxes/etc.
Retirement Planner with Taxes for a Deferred Retirement Savings Plan
street is offline   Reply With Quote
Join the #1 Early Retirement and Financial Independence Forum Today - It's Totally Free!

Are you planning to be financially independent as early as possible so you can live life on your own terms? Discuss successful investing strategies, asset allocation models, tax strategies and other related topics in our online forum community. Our members range from young folks just starting their journey to financial independence, military retirees and even multimillionaires. No matter where you fit in you'll find that Early-Retirement.org is a great community to join. Best of all it's totally FREE!

You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with our members, see fewer ads, upload photographs, create a retirement blog, send private messages and so much, much more!

Old 03-18-2017, 08:32 AM   #2
Thinks s/he gets paid by the post
Ready's Avatar
 
Join Date: Mar 2013
Location: Southern California
Posts: 3,995
The problem with these types of calculators is that they require you to input what returns you expect to earn pre and post retirement as a single static number. To test your ability to withstand a variety of scenarios, you either need to use Monte Carlo simulation, or use Firecalc, which tests your portfolio against over 100 years of actual stock market returns.

If you want to input a wide variety of numbers into this calculator and see how the results vary, you could begin to approach what Firecalc does for you, but Firecalc does it automatically so why bother with all of the extra work.
Ready is offline   Reply With Quote
Old 03-18-2017, 09:14 AM   #3
Thinks s/he gets paid by the post
latexman's Avatar
 
Join Date: Mar 2014
Location: Apex and Bradenton
Posts: 1,762
The problem with models that are too simplistic, which ignore problems proven by history, can be demonstrated by the following:


The average street width is 40 feet, and the average walking speed is 4 feet/second, but if you get hit by a bus you will never, ever reach the other side.
latexman is online now   Reply With Quote
Old 03-18-2017, 09:15 AM   #4
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
pb4uski's Avatar
 
Join Date: Nov 2010
Location: Sarasota, FL & Vermont
Posts: 36,204
I prefer Quicken Lifetime Planner to the OP's link as a deterministic calculator because it is much more comprehensive. I use QLP for my core plan and then run it through Firecalc and other stochastic calculators using the same assumptions used in QLP to the extent possible to stress test it for sequence of returns risk.
__________________
If something cannot endure laughter.... it cannot endure.
Patience is the art of concealing your impatience.
Slow and steady wins the race.

Retired Jan 2012 at age 56
pb4uski is offline   Reply With Quote
Old 03-18-2017, 09:17 AM   #5
Thinks s/he gets paid by the post
 
Join Date: Nov 2016
Location: Washington State
Posts: 2,341
I don't find these types of calculators very useful. They make too many assumptions regarding things like social security, and ask for things like annual savings in percentages rather than the dollar amount I'm actually saving. They're also not real useful for married couples with two incomes, two social securities, etc.

The two best calculators I have used are FireCalc and "Flexible Retirement Planner". I actually prefer the latter as it runs on my own computer so I can save all my entries to review or tweak later. I can also setup several different what-if scenarios to see what changes we could make to alter our retirement ages.

I get 100% success in both calculators, but I still like to run the numbers through other calculators occasionally just for a little extra verification.
mountainsoft is offline   Reply With Quote
Old 03-18-2017, 03:26 PM   #6
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
street's Avatar
 
Join Date: Nov 2016
Posts: 9,373
Thanks and I do agree on firecalc.
street is offline   Reply With Quote
Old 03-18-2017, 03:45 PM   #7
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
 
Join Date: Jun 2016
Location: Colorado
Posts: 8,971
The OP's calculator is too simple and does not take into account many real world variables. Firecalc and FIDO's RPM are good, but my fav is
https://sites.google.com/site/retireplanapp/
Lots and lots of what ifs, variable spending and income options.
COcheesehead is offline   Reply With Quote
Old 03-18-2017, 07:06 PM   #8
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
street's Avatar
 
Join Date: Nov 2016
Posts: 9,373
So true on the variables in life. The interesting thing with all these calc. is that when I use them they all seem to be very close. The results in my case all show that I'm on track and where I'm at now will work for retiring.
street is offline   Reply With Quote
Old 03-18-2017, 08:13 PM   #9
Recycles dryer sheets
REattempt's Avatar
 
Join Date: Feb 2010
Posts: 293
I like Jim Otar's calculator...

http://retirementoptimizer.com/
__________________
FIREd at 46, 8/31/11
REattempt is offline   Reply With Quote
Old 03-19-2017, 09:51 AM   #10
Thinks s/he gets paid by the post
Cobra9777's Avatar
 
Join Date: Jul 2012
Location: Texas
Posts: 3,024
Quote:
Originally Posted by pb4uski View Post
I prefer Quicken Lifetime Planner to the OP's link as a deterministic calculator because it is much more comprehensive. I use QLP for my core plan and then run it through Firecalc and other stochastic calculators using the same assumptions used in QLP to the extent possible to stress test it for sequence of returns risk.
Ditto, except instead of QLP, I use an Excel spreadsheet which is highly customized to our unique scenario.
__________________
Retired at 52 in July 2013. On to better things...
AA: 85/15 WR: 2.7% SI: 2 pensions, SS later
Cobra9777 is offline   Reply With Quote
Old 03-19-2017, 10:05 AM   #11
Thinks s/he gets paid by the post
 
Join Date: Nov 2016
Location: Washington State
Posts: 2,341
Quote:
Originally Posted by COcheesehead View Post
Firecalc and FIDO's RPM are good, but my fav is https://sites.google.com/site/retireplanapp/
Thanks for the link. I seems like a good one and it's fun to have on the iPad so I can play around with the numbers when I'm away from the computer.

I still prefer Download | The Flexible Retirement Planner overall as it's more in-depth, saves my settings, and is more convenient for me.

In any case, all three calculators come out about the same, so it's comforting to get a second and third opinion.
mountainsoft is offline   Reply With Quote
Old 03-19-2017, 10:15 AM   #12
Full time employment: Posting here.
Carpediem's Avatar
 
Join Date: Aug 2016
Posts: 770
Quote:
Originally Posted by mountainsoft View Post
I still prefer The Flexible Retirement Planner overall as it's more in-depth, saves my settings, and is more convenient ....
Same here. I love the flexibility of FRP which allows me to easily enter different scenarios and life events (weddings, cars, roof, etc.).
Carpediem is offline   Reply With Quote
Old 03-19-2017, 10:31 AM   #13
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
pb4uski's Avatar
 
Join Date: Nov 2010
Location: Sarasota, FL & Vermont
Posts: 36,204
Quote:
Originally Posted by Cobra9777 View Post
Ditto, except instead of QLP, I use an Excel spreadsheet which is highly customized to our unique scenario.
I have one of those too!
__________________
If something cannot endure laughter.... it cannot endure.
Patience is the art of concealing your impatience.
Slow and steady wins the race.

Retired Jan 2012 at age 56
pb4uski is offline   Reply With Quote
Old 03-21-2017, 09:18 PM   #14
Confused about dryer sheets
 
Join Date: Mar 2017
Location: oakland
Posts: 4
I just got ORC 2017 but I have a problem that it shows billions of dollars that are not possible. Have you ever had him answer a problem question?
GregR is offline   Reply With Quote
Old 03-22-2017, 05:32 AM   #15
Recycles dryer sheets
REattempt's Avatar
 
Join Date: Feb 2010
Posts: 293
Quote:
Originally Posted by GregR View Post
I just got ORC 2017 but I have a problem that it shows billions of dollars that are not possible. Have you ever had him answer a problem question?
Yep, personalized answers! He is great!
REattempt is offline   Reply With Quote
Reply


Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
AARP Retirement Calculator says SWR is 2% intercst FIRE and Money 9 02-25-2005 05:23 AM
A real retirement calculator Tim Douglas Young Dreamers 3 02-18-2005 08:25 AM
The Optimal Retirement Planner Calculator dex FIRE and Money 11 09-16-2004 06:25 PM
The JWR retirement calculator sgeeeee FIRE and Money 18 06-08-2004 10:11 AM
A retirement calculator for optimists........ Cut-Throat FIRE and Money 7 11-20-2003 02:19 AM

» Quick Links

 
All times are GMT -6. The time now is 09:49 PM.
 
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2024, vBulletin Solutions, Inc.