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Retirement Calculator/Planner for multiple incomes??
Old 01-10-2018, 02:37 PM   #1
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Retirement Calculator/Planner for multiple incomes??

Maybe I'm daft or something but, the retirement calculators I have been looking at seem to assume one income.

My wife and I both work full time and I want to calculate retirement plan taking into account that we have two income streams and that the retirement dates will be different for each.
Is this easy to do in Firecalc?


I plan to retire in 2019. My wife plans to retire 5-6 years later.


I've been using FireCalc and now started playing with Flexible retirement Planner.

Any hints?

Thx
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Old 01-10-2018, 02:53 PM   #2
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Quote:
Originally Posted by albireo13 View Post
I plan to retire in 2019. My wife plans to retire 5-6 years later.


I've been using FireCalc and now started playing with Flexible retirement Planner.

Any hints?
Most retirement planners would let you include the start and end dates of various income streams.

For some you might need to simply add the two incomes and have them end on you retirement date. Then you might need to include your wife's income for 5 years as a different source.
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Old 01-10-2018, 03:24 PM   #3
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I've been using Flexible Retirement Planner, as well as FireCalc, for my planning purposes. I love FRP because of its flexibility and simplicity with adding additional income sources and future misc expenses.
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Old 01-10-2018, 04:29 PM   #4
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I use the Fidelity Retirement Calculator
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Old 01-10-2018, 04:40 PM   #5
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It's a bit trickier than a 2nd income stream. While my wife is working an extra 5-6 years, she is also adding more to her 403B and her pension is growing a bit. Thus her part of our retirement savings is a moving target.

I guess I will assume her retirement savings freeze when I retire, and simulate off of that. Any increase in her savings over 5-6 years just gives us more margin.
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Old 01-10-2018, 05:01 PM   #6
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You could run Firecalc twice, once using just your numbers and once using your spouses, and then add the two totals up. If your assets are all jointly owned, just split them in half when running the numbers.

Use the investigate tab to find out what withdrawal rate would yield 100% for each of you, then add the two numbers together and that's how much you can spend in retirement collectively.
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Old 01-10-2018, 07:14 PM   #7
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Quote:
Originally Posted by albireo13 View Post
Maybe I'm daft or something but, the retirement calculators I have been looking at seem to assume one income.

My wife and I both work full time and I want to calculate retirement plan taking into account that we have two income streams and that the retirement dates will be different for each.
Is this easy to do in Firecalc?


I plan to retire in 2019. My wife plans to retire 5-6 years later.


I've been using FireCalc and now started playing with Flexible retirement Planner.

Any hints?

Thx
Quote:
Originally Posted by albireo13 View Post
It's a bit trickier than a 2nd income stream. While my wife is working an extra 5-6 years, she is also adding more to her 403B and her pension is growing a bit. Thus her part of our retirement savings is a moving target.

I guess I will assume her retirement savings freeze when I retire, and simulate off of that. Any increase in her savings over 5-6 years just gives us more margin.
You can do that indirectly in a number of ways. You could set up your information and then set the Not Retired tab to when she retires and add in an average that she will add per year between now and then. That way, portfolio withdrawals won't start until the year she retires. If you'll need money from your portfolio to supplement her income between when you retire and she retires then you can just reduce your starting portfolio input by that amount.
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Old 01-10-2018, 08:03 PM   #8
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Well, spent some time playing with Flexible Retirement Planner and I seem to be able to model these details.
In the Additional Inputs section I can have time-specified entries for Income, Savings, Expenses, etc.
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Old 01-10-2018, 08:05 PM   #9
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Try the Retiree Portfolio Model from the Boglehead site, Version 18. It was just updated for the new tax law 1/1/18. The link below is to the explanation, I can't remember if it gives a link to download the spreadsheet. I think a poster named livesoft wrote the spreadsheet, you may have to go to the boglehead forum, then to the thread to get the latest download.

https://www.bogleheads.org/wiki/Retiree_Portfolio_Model
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Old 01-10-2018, 08:27 PM   #10
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Quote:
Originally Posted by albireo13 View Post
It's a bit trickier than a 2nd income stream. While my wife is working an extra 5-6 years, she is also adding more to her 403B and her pension is growing a bit. Thus her part of our retirement savings is a moving target.

I guess I will assume her retirement savings freeze when I retire, and simulate off of that. Any increase in her savings over 5-6 years just gives us more margin.
Because your retirement is only 2 years out, it's doable in FIRECalc if you flip you viewpoint and use your wife's retirement date as the basis instead of yours (what pb4uski was saying).
  • In the "Not Retired" tab put in wife's retirement date (say 2025) and your estimate of her 403B contribution per year.
  • In the "Portfolio Changes" tab put in your contribution to your portfolio (i.e., total 401(k), IRA, Taxable savings) for 2018 in the first line, and for 2019 in the second line.
  • in the "Other Income/Spending" tab you'll have to enter your best guess for her pension, as you would for any retirement calculator.

FIRECalc does not really care about your income before retirement, only your contributions to your portfolio.

Now, if you are going to need to tap your portfolio while your wife is still working that probably won't work in FIRECalc without some more simplifying assumptions, but that begs the question of why your wife would contribute to a 403B.
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Old 01-10-2018, 09:01 PM   #11
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New Retirement's retirement calculator allows for separate retirement dates and income I believe. It is one of the better retirement calculators I have found and includes a SS break even analysis. Just google New Retirement, sign up for account, no cost and no phone calls from any salesmen.
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Old 01-10-2018, 10:33 PM   #12
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Fidelity Retirement Planner the absolute best, especially if you have most of your nest egg there. JMHO
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Old 01-11-2018, 05:41 AM   #13
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I have most of my nest egg in Vanguard. I have $0.04 left over in an old Fidelity account.
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