Does FIRECalc take into account SS numbers I put in?
I am currently 54, and my wife is 49. We plan to receive SS at age 62 for both of us. I plan to retire when I am 58 when new health plan takes effect, and the annual expense will be 65K. We have no pension.
When I enter those data for SS in FIRECalc, does it therefore make the following calculation assumption?
1. When I am 58 to 62, we will withdraw 65K from our savings.
2. When I am 62 to 67, we will withdraw 47K from saving and receive 18K from my SS, total still 65:
3. When I am 67 and wife 62, we will withdraw 29K from saving, receiving 36K total from SS for both of us, and total still 65K.
4. When I am about 90 (if I am still alive), we will run out of money and receive only 36K SS. We still have our house though...
Am I assuming right?