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Firecalc handle non-typical pension cola?
Old 04-26-2019, 08:24 AM   #1
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Firecalc handle non-typical pension cola?

My pension has a fixed 1% COLA starting at age 66.

I don't see away to model this in firecalc.



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Old 04-26-2019, 09:36 AM   #2
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Not directly. But since 1% is so low, I would do a rough cut like this:

A) Enter the total pension amount as not-inflated.

B) Ten years from start, add a non-inflated pension of 10.5% of original (1.01^10 ≈ 1.1046221).

C) Twenty years from start add a non-inflated pension of 10.5% of the previous sum.

Repeat @ 30 if you want, etc...

EDIT: Actually, maybe better to make it ~ 15% adder at year 10, that will help average out the increases that you got over the previous 10 years, rather than just bring you up to date at year 10. You could throw together a little spreadsheet to compare cumulative sums if you want to fine tune it, but that should be very close.


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Old 04-26-2019, 09:51 AM   #3
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I have a similar issue with DW's pension, which has a partial COLA equal to 70% of CPI. There are other similar tools that allow you to specify a COLA% for a pension. Hint for Google: it has FIRE in the name, starts with a C and ends with sim.
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Old 04-26-2019, 09:57 AM   #4
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My pension has a capped COLA, so what I did was enter 2 pensions splitting the benefit in half. One half pension as non-COLA'd, and the other half is fully COLA'd. Yes, it's a guesstimate.
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Old 04-26-2019, 12:26 PM   #5
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If you want to try another planner, The Flexible Retirement Planner allows you to enter whatever COLA you want.
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