Join Early Retirement Today
Reply
 
Thread Tools Search this Thread Display Modes
Early Retirement Calculator
Old 02-03-2008, 06:23 PM   #1
Dryer sheet wannabe
 
Join Date: Feb 2008
Location: Bellevue
Posts: 11
Early Retirement Calculator

Hi,

We finaly published a retirement calculator that gives you 2 major answers that I have not seen in other places. It is independent and in beta (trial).

Please try it and let us know though the feedback in the site or the forum.

I really appreciate your feedback and hope this will help you with your most important plan of your life!

http://www.myretirementday.com/site/genpage.jsp?uid=&uname=&page=calculator.jsp - use the Calculator tab.

Junopens
__________________

__________________
junopens 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 02-03-2008, 06:44 PM   #2
Recycles dryer sheets
 
Join Date: Jul 2007
Posts: 192
I'm a little confused, some questions...

Why link to your forum if you want feedback on the calculator?

What are the two "major questions" that are not answered elsewhere?
__________________

__________________

NotSoonEnough is offline   Reply With Quote
Old 02-03-2008, 06:47 PM   #3
Dryer sheet wannabe
 
Join Date: Feb 2008
Location: Bellevue
Posts: 11
I can send directly to the calculator, thanks.

The 2 questions are:
1. What is my gap?
2. How much do I need to save every year in order to close this gap (and make my plan work).

Thanks for the quick reply.
__________________
junopens is offline   Reply With Quote
Old 02-03-2008, 09:48 PM   #4
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
clifp's Avatar
 
Join Date: Oct 2006
Posts: 7,450
To be frank it is so simplistic and so basic that it pretty much useless for any serious financial planning.

Why do you prefer it to something like FIRECalc?
__________________
clifp is offline   Reply With Quote
Old 02-03-2008, 11:36 PM   #5
Moderator Emeritus
Nords's Avatar
 
Join Date: Dec 2002
Location: Oahu
Posts: 26,616
Quote:
Originally Posted by clifp View Post
To be frank it is so simplistic and so basic that it pretty much useless for any serious financial planning.
Why do you prefer it to something like FIRECalc?
Because FIRECalc isn't sending eyeballs to their website... or spam to this discussion board...
__________________
*
*

The book written on E-R.org, "The Military Guide to Financial Independence and Retirement", on sale now! For more info see "About Me" in my profile.
I don't spend much time here anymore, so please send me a PM. Thanks.
Nords is offline   Reply With Quote
Old 02-04-2008, 12:19 AM   #6
Dryer sheet wannabe
 
Join Date: Feb 2008
Location: Bellevue
Posts: 11
The idea was to get an opinion of a forum that is mature and constructive.

The idea behind being simple is that it give an answer.

I am not trying to compete with FIRECalc - just add to the non-biased calculators that can take inflation and growth and put it together in a way that any user can understand.

I think the fancy graphs take away from seeing your plan.

I hope we all agree that any plan is better than no plan.
__________________
junopens is offline   Reply With Quote
Old 02-04-2008, 12:47 AM   #7
Thinks s/he gets paid by the post
growing_older's Avatar
 
Join Date: Jun 2007
Posts: 2,608
I could not get your new calculator to display for me. Did not even appear, so I could not use it at all. Have you tested for different browsers and platforms?
__________________
growing_older is offline   Reply With Quote
Old 02-04-2008, 01:28 AM   #8
Thinks s/he gets paid by the post
 
Join Date: Apr 2007
Posts: 1,304
I could get to the calculator, but after inputting data, I got no results when pushing the 'results' button. Suggest further testing before opening to the world.
__________________
Life is GREAT!
megacorp-firee is offline   Reply With Quote
Old 02-04-2008, 03:13 AM   #9
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
clifp's Avatar
 
Join Date: Oct 2006
Posts: 7,450
I should add that the calculator failed to show graphically information when I inputed my actual status. (i.e. retired) When I changed it to say that I retired in one year everything appeared.

The idea behind being simple is that it give an answer.

42 is the answer also. But why should anybody give any weight the answer that your calculator puts out.

It doesn't account for asset allocation, volitality of returns, it assume constant rates of returns on investment, a fixed inflation rates. Doesn't account for future salary increases. Nothing about pensions, inheritances, or a host of other factors. Which matter for real retirement platform.

I hope we all agree that any plan is better than no plan.


My plan is to spend all my money until I run out then jump out a window. My brother in law, also retired, doesn't have a plan. Are you saying mine is superior?

I am pretty sure Nords has the right answer, but I'll keep an open mind, tell what am I missing about your forum and calculator?
__________________
clifp is offline   Reply With Quote
Old 02-04-2008, 07:28 AM   #10
Moderator Emeritus
Rich_by_the_Bay's Avatar
 
Join Date: Feb 2006
Location: San Francisco
Posts: 8,827
Quote:
Originally Posted by megacorp-firee View Post
I could get to the calculator, but after inputting data, I got no results when pushing the 'results' button. Suggest further testing before opening to the world.
Same here.

Not ready for prime time?
__________________
Rich
San Francisco Area
ESR'd March 2010. FIRE'd January 2011.

As if you didn't know..If the above message contains medical content, it's NOT intended as advice, and may not be accurate, applicable or sufficient. Don't rely on it for any purpose. Consult your own doctor for all medical advice.
Rich_by_the_Bay is offline   Reply With Quote
Old 02-04-2008, 08:38 AM   #11
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Moemg's Avatar
 
Join Date: Jan 2007
Location: Sarasota,fl.
Posts: 10,031
Tried your calculator . Where do you input pensions ? Sorry ,it's really not a great calculator .
__________________
Moemg is offline   Reply With Quote
Old 02-04-2008, 08:54 AM   #12
Recycles dryer sheets
 
Join Date: May 2007
Posts: 216
Considering you're posting this in the Young Dreamer's section, I assumed that the calculator would be for those accumulating. Unless I'm missing something, there is not even a field for yearly/monthly contributions leading up to the year of retirement.
__________________
"...I'm the kind of guy who if he can't have too much of a thing doesn't want any at all."
GatorBuzz is offline   Reply With Quote
Old 02-04-2008, 08:55 AM   #13
Recycles dryer sheets
smileydog's Avatar
 
Join Date: Feb 2007
Posts: 193
It looks like if you entered retirement age is < or = to your current age the graphs don't work. The graphics looked pretty good - I like the pie chart. As was said before, a bit simplistic but a good start. If it can be a starting point and get some of the reported unprepared retirees motivated then... why not. You may be looking for constructive critisim on your site - but I suspect you are looking for your google ad counter hits to go up?
__________________
Oh Look, a squirrel!
smileydog is offline   Reply With Quote
Old 02-04-2008, 10:03 AM   #14
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
FinanceDude's Avatar
 
Join Date: Aug 2006
Posts: 12,484
I would call your calculator "ok", but we already have one i FireCalc that to me is superior.

Other than trying to get your "hits" up, what is your goal??
__________________
Consult with your own advisor or representative. My thoughts should not be construed as investment advice. Past performance is no guarantee of future results (love that one).......:)


This Thread is USELESS without pics.........:)
FinanceDude is offline   Reply With Quote
Old 02-04-2008, 10:17 AM   #15
Thinks s/he gets paid by the post
73ss454's Avatar
 
Join Date: Oct 2004
Location: LaLa Land
Posts: 4,378
I can't get it to work.
__________________
73ss454 is offline   Reply With Quote
Old 02-04-2008, 11:50 PM   #16
Dryer sheet wannabe
 
Join Date: Feb 2008
Location: Bellevue
Posts: 11
Thanks for your constructive feedback.
It is a great idea to add pension and to customize it for people in retirement.
I belong to the dreamers and the planners - so this was the goal of this calculator.
The next enhancement will be to save your information under your profile so you can have several plans and what-ifs.
The members that could not get it to work - what did you use (whice browser)?
Junopens
__________________
junopens is offline   Reply With Quote
Old 02-05-2008, 05:46 AM   #17
Thinks s/he gets paid by the post
 
Join Date: Apr 2007
Posts: 1,304
Quote:
Originally Posted by junopens View Post
The members that could not get it to work - what did you use (whice browser)?
Junopens
Internet Explorer on Windows XP
__________________
Life is GREAT!
megacorp-firee is offline   Reply With Quote
Old 02-05-2008, 07:46 AM   #18
Recycles dryer sheets
 
Join Date: Jan 2008
Posts: 314
Quote:
Originally Posted by junopens View Post
Hi,

We finaly published a retirement calculator that gives you 2 major answers that I have not seen in other places. It is independent and in beta (trial).

Please try it and let us know though the feedback in the site or the forum.

I really appreciate your feedback and hope this will help you with your most important plan of your life!

http://www.myretirementday.com/site/genpage.jsp?uid=&uname=&page=calculator.jsp - use the Calculator tab.

Junopens
I don't like the calculator at all. It is very simplisting, but not very helpful.
  1. It appears to state that I need $13M in order to retire if I'm drawing out $75k/yr. When, in reality $1.875M would work (assuming rate of withdrawal @ 4%.
  2. It is also VERY limited, since it has drop-downs that are only populated with 3, 5, 7, & 9. What happened to 8.4%? This should be a free form numeric field, not a specific concrete amount.
  3. The after retirement section doesn't appear to be calculating correctly . Or at least based on human consumption. Using the pre-chosen numbers, and putting in my birth year (which is irrelevant for this calculator), anticipated retirement year (18 years from now), and 38 years for retirement, it figures that $75k today is the equivalent of almost $207k in 2042. What it's obviously doing, is raising the withdrawal rate by an additiona 3% (or so) every year in retirement. Well, if it's going to cost me that much money in retirement to go golfing/fishing/whatever, I won't do it. You see, withdrawal rates shouldn't increase every year. It's typically withdrawal of 4% +/- of the amount that you have saved for retirement.
  4. It suggests putting aside basically everything that one would make every year. In this case, with the specs from #3 above, it says I'd have to put away $67k/yr. In order to receive $75k/yr when I retired.
__________________
Primary title "chief moron"
myself is offline   Reply With Quote
Old 02-05-2008, 08:03 AM   #19
Recycles dryer sheets
gandalf42's Avatar
 
Join Date: Mar 2007
Location: Fort Collins, CO
Posts: 138
As stated, too simplistic to be of use.

One error I noticed was when I loaded a retirement age of 55, it immediately starts assuming I get full SS at retirement age of 55.
Wishful thinking but not likely.
__________________
"Being rich is having money; being wealthy is having time."

"It is only possible to live happily ever after on a day-to-day basis” Margaret Bonnano
gandalf42 is offline   Reply With Quote
Old 02-05-2008, 08:09 AM   #20
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
REWahoo's Avatar
 
Join Date: Jun 2002
Location: Texas Hill Country
Posts: 42,074
Quote:
Originally Posted by myself View Post
...You see, withdrawal rates shouldn't increase every year. It's typically withdrawal of 4% +/- of the amount that you have saved for retirement.
While I agree this calculator has many, many opportunities for improvement, I would disagree with your statement above. Although you may choose not to increase your withdrawal % for inflation each year, the 4% withdrawal rate does incorporate an annual inflation adjustment. See this thread in the "Best of..." area for more: http://www.early-retirement.org/foru...ate-19234.html
__________________

__________________
Numbers is hard

When I hit 70, it hit back

Retired in 2005 at age 58, no pension
REWahoo is offline   Reply With Quote
Reply


Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools Search this Thread
Search this Thread:

Advanced Search
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
Need a different kind of retirement calculator Blue Skies Hi, I am... 18 10-19-2007 07:34 PM
Retirement calculator Donzo Other topics 15 08-26-2006 03:47 PM
retirement calculator daneosporin FIRE and Money 16 01-10-2006 02:37 PM
T.Rowe Retirement Calculator Spanky FIRE and Money 5 04-13-2005 08:52 PM
The JWR retirement calculator sgeeeee FIRE and Money 18 06-08-2004 11:11 AM

 

 
All times are GMT -6. The time now is 04:31 AM.
 
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2017, vBulletin Solutions, Inc.