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Firecalc: Allowing for Lower Future Income
Old 03-09-2012, 03:44 PM   #1
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Firecalc: Allowing for Lower Future Income

Husband and I are looking to calculate future income using our pensions, with one pension dropping to 55% in the event of the other's death.

In other words: Starting with 2 pensions, at some point one of us will die, and the other will have one pension plus 55% of the other spouse's pension.

Could I be missing a key Firecalc feature that would allow us to factor this into our future income calculations? I don't see any place to input changes in income.

Thanks,

Amethyst
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Old 03-09-2012, 04:04 PM   #2
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Try adding 45% of the pension you want to simulate declining into the pension section as "off chart spending" with the appropriate future year. This would be a third entry: #1 = first pension, #2 = 2nd pension and #3 = the 45% offset of one pension you want to simulate.

If your pensions are cola'd (lucky you!), you'll have to guesstimate what the pension would be paying at the time you want the offset to occur and enter that as the amount of "off chart spending."
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Old 03-09-2012, 06:20 PM   #3
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I thought of doing exactly what you suggest (great minds think alike), but it gets to be pretty cumbersome when you have to re-calculate the expected pension amount for various possible life expectancies for 2 people. Thanks for the suggestion, anyway. More spreadsheets, gotta love 'em

A.

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Originally Posted by youbet View Post
Try adding 45% of the pension you want to simulate declining into the pension section as "off chart spending" with the appropriate future year. This would be a third entry: #1 = first pension, #2 = 2nd pension and #3 = the 45% offset of one pension you want to simulate.

If your pensions are cola'd (lucky you!), you'll have to guesstimate what the pension would be paying at the time you want the offset to occur and enter that as the amount of "off chart spending."
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