I have been trying to figure out how to retire for quite a while now and just can't seem to get the confidence that I can. Does anyone know if the FIRE calculator considers tax deferred money in the calculation or know of one that does? I have a fairly large and rapidly growing IRA balance and not a whole lot of post tax money. The money is rolling over to the IRA from an employee stock plan annually. I'm 55 and my wife is also 55 so I'm looking at penalties to touch that money and that has to be figured in somehow. I know about 72t and the age of 55 rule and that could help. Seems like I spend 1/2 the day trying to figure out how to retire and the other 1/2 wishing I would get fired because that would make the decision easier! We're debt free except a new mortgage. Had we not made that move I think I would have gone in October but that changed things a bit so now I'm totally unsure again.
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!
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jun 2002
Location: Texas Hill Country
FIRECalc does not differentiate between tax deferred and post-tax dollars - to FIRECalc your portfolio is simply a sum of money. You need to consider what taxes you will pay once retired and include them in your annual expense figures as a (tax) expense.
This community was started in 2002 as an alternative to a then fee only Motley Fool. The focus of the discussions is on topics related to early retirement and financial independence. The community is moderated to ensure a pleasant experience for our members.