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Old 03-06-2017, 02:55 PM   #1
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1st Post - FireCalc Calculations

Hello everyone. Thank you for all of the information, I have been lurking for a while and read a lot of great info... thanks for the dryer sheet tip it has added to my bottom line over the past 6 months

I put our scenario into Firecalc and wanted to get some validation from the group that I am doing it right, also need feedback on how to get FireCalc to evaluate a pre-retirement phase

Our Scenario:
- Husband 50
- Wife 46
- Current savings across 4 IRA's is $570,000
- Current contribution yearly with match from employers is $34,000
- I plan on working part time starting at age 58 and will continue through 65. Conservative estimate of income over those pre-retirement years is $50,000
- The Mrs will work until 60 and also work PT at a rate $10,00/year for a few years
- We will both start to draw SS and her pension at age 65 ($24,000 + $16,000 + $18,000)
- My calculated Financial need will be $90,000
- Portfolio is 60/30/10

I entered our income during the pre-retirement phase as negative numbers in the spending section but there is no way to terminate them at age 65

Any thoughts on the best way to setup up the 'gradual retirement' scenario?

Thank you in advance
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Old 03-06-2017, 03:11 PM   #2
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If I understand your question correctly, the third tab at the top says "Not retired?". Use that tab to try and construct your scenario.
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Old 03-06-2017, 03:12 PM   #3
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Check out the "Not Retired" tab at the top of the FIRE Calc page. There you can put in income you are still making and put in an ending date. It assumes a constant income stream. If you want to model more precisely your "stepping down" from full time to part time at 58 until 65, put in some off-chart spending in the "Other Spending" tab.

I'm not a FIRE Calc ninja by any means, but I've been surprised how comprehensive it is once you get used to it.
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Old 03-06-2017, 03:44 PM   #4
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Quote:
Originally Posted by JohnnyBGoode View Post
Check out the "Not Retired" tab at the top of the FIRE Calc page. There you can put in income you are still making and put in an ending date. It assumes a constant income stream. If you want to model more precisely your "stepping down" from full time to part time at 58 until 65, put in some off-chart spending in the "Other Spending" tab.

I'm not a FIRE Calc ninja by any means, but I've been surprised how comprehensive it is once you get used to it.
Thanks guys, I will look closer at that tab tonight
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Old 03-06-2017, 03:55 PM   #5
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I do not see these options on the Not Retired tab. I am logged in, strange
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Old 03-06-2017, 04:02 PM   #6
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Not retired tab - put in your year to retire and how much you're adding until then.

"Other income/spending" tab - put in your part time income year (negative number for income then cancel it out with a positive number in the year you'll be done working p/t).

Alternatively, just put your part time income in the "portfolio changes tab" as a lump sum at the end of the earning period for a more conservative estimate.
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Old 03-06-2017, 07:13 PM   #7
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Never used it but I suspect that you could do a schedule of your needs from ER until you are both fully retire in Excel and use the Manual Entry of Spending Changes (you need to be logged in as a supporter).

Or just do the schedule as suggested above and then make a one-time adjustment to your initial assets for the PV of the part-time work.
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Old 03-06-2017, 07:33 PM   #8
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One kludgey way to show the part time work starting then stopping is to play around with pension section on the "Other Income" page. Start a "pension" when you want to start working parttime to represent the part time income.
Start an "off chart spending" when you plan to stop working part time to counteract the income.

Other tips-
spending is "all in" - so it includes taxes, healthcare, inclusive of spending that is from other sources than your nest egg (ss, pension).

make sure you pay attention the "inflation adjusted" check box on the pension entry.

make sure all dates entered (for retirement, pension starts, etc) are current year or in the future... otherwise the model has errors. (That's important for those of us already retired and collecting on our income streams.)
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