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
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