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Early Retirement Calculator
02-03-2008, 05:23 PM
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#1
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Dryer sheet wannabe
Join Date: Feb 2008
Location: Bellevue
Posts: 11
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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
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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!
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02-03-2008, 05:44 PM
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#2
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Recycles dryer sheets
Join Date: Jul 2007
Posts: 192
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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?
__________________
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02-03-2008, 05:47 PM
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#3
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Dryer sheet wannabe
Join Date: Feb 2008
Location: Bellevue
Posts: 11
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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.
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02-03-2008, 08:48 PM
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#4
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Oct 2006
Posts: 7,733
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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?
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02-03-2008, 10:36 PM
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#5
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Moderator Emeritus
Join Date: Dec 2002
Location: Oahu
Posts: 26,860
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Quote:
Originally Posted by clifp
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?
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Because FIRECalc isn't sending eyeballs to their website... or spam to this discussion board...
__________________
*
Co-author (with my daughter) of “Raising Your Money-Savvy Family For Next Generation Financial Independence.”
Author of the book written on E-R.org: "The Military Guide to Financial Independence and Retirement."
I don't spend much time here— please send a PM.
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02-03-2008, 11:19 PM
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#6
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Dryer sheet wannabe
Join Date: Feb 2008
Location: Bellevue
Posts: 11
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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.
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02-03-2008, 11:47 PM
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#7
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Thinks s/he gets paid by the post
Join Date: Jun 2007
Posts: 2,657
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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?
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02-04-2008, 12:28 AM
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#8
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Thinks s/he gets paid by the post
Join Date: Apr 2007
Posts: 1,305
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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!
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02-04-2008, 02:13 AM
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#9
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Oct 2006
Posts: 7,733
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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?
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02-04-2008, 06:28 AM
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#10
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Moderator Emeritus
Join Date: Feb 2006
Location: San Francisco
Posts: 8,827
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Quote:
Originally Posted by megacorp-firee
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.
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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.
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02-04-2008, 07:38 AM
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#11
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Gone but not forgotten
Join Date: Jan 2007
Location: Sarasota,fl.
Posts: 11,447
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Tried your calculator . Where do you input pensions ? Sorry ,it's really not a great calculator .
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02-04-2008, 07:54 AM
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#12
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Recycles dryer sheets
Join Date: May 2007
Posts: 216
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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."
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02-04-2008, 07:55 AM
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#13
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Recycles dryer sheets
Join Date: Feb 2007
Posts: 193
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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!
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02-04-2008, 09:03 AM
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#14
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Aug 2006
Posts: 12,483
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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.........:)
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02-04-2008, 09:17 AM
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#15
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Thinks s/he gets paid by the post
Join Date: Oct 2004
Location: LaLa Land
Posts: 4,698
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I can't get it to work.
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02-04-2008, 10:50 PM
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#16
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Dryer sheet wannabe
Join Date: Feb 2008
Location: Bellevue
Posts: 11
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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
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02-05-2008, 04:46 AM
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#17
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Thinks s/he gets paid by the post
Join Date: Apr 2007
Posts: 1,305
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Quote:
Originally Posted by junopens
The members that could not get it to work - what did you use (whice browser)?
Junopens
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Internet Explorer on Windows XP
__________________
Life is GREAT!
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02-05-2008, 06:46 AM
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#18
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Recycles dryer sheets
Join Date: Jan 2008
Posts: 328
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Quote:
Originally Posted by junopens
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
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I don't like the calculator at all. It is very simplisting, but not very helpful. - 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%.
- 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.
- 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.
- 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"
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02-05-2008, 07:03 AM
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#19
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Recycles dryer sheets
Join Date: Mar 2007
Location: Fort Collins, CO
Posts: 138
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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.
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"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
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02-05-2008, 07:09 AM
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#20
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jun 2002
Location: Texas: No Country for Old Men
Posts: 50,021
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Quote:
Originally Posted by myself
...You see, withdrawal rates shouldn't increase every year. It's typically withdrawal of 4% +/- of the amount that you have saved for retirement.
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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
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