Firecalc future retirement page question

[Ready]

In Firecalc there is a page where you can enter the year you plan to retire, and the contribution to savings you plan to make until that year. However, there is no option for providing different years if your spouse plans to retire on a different year than you do.

What's odd is that on the Other income/spending page, the option is provided to enter social security for both you and your spouse, and provide different years for each of you.

Is this just a limitation of the program? Is there some way to model each of you retiring in different years?

 

[pb4uski]

I think it is a limitation... but if the difference is only a couple years it probably won't make a difference significant enough to affect the conclusion (you could split the difference)... Firecalc is very simple... I prefer Quicken Lifetime Planner, which can easily do what you describe, and then using Firecalc and others using the same assumptions for stochastic testing of my deterministic plan.

You could do a scenario in FC where you both retire as of the earliest... then if FC says you are good to go you'll just have a little redundancy in your plan.

 

[rodi]

Another way to do it would be to enter the future contributions set for the person retiring second. Then put in an pension that starts this year, and ends when the other person retires. You'd do this by selecting pension and the current year. Then an offchart spending of the same amount, that starts when the first retiree retires. The offchart spending cancels the fake pension. Make sure you pay attention to the inflation index (uncheck if it's a fixed amount each year) and make sure the starting year is the current year (2017) or later.