I'm not sure I'm interpretting the Firecalc outputs correctly so I need some assistance in understanding the results.
Let's say you input expenses of $80K per year (including taxes) and a starting portfolio amount over a 30 year term and FireCalc calculates there is a 90% probability of success given those inputs. You then add SS into the model and it recalculates a 100% success rate.
My question is does that mean I can initially withdraw $80K from my retirement portfolio in ADDITION to the annual SS amount? Or does it mean I need to subtract the annual SS amount from my total expenses to determine how much I can safely withdraw from my retirement portfolio yearly and achieve a 100% success rate?
If it's the second interpretation that's correct, then I guess I can use the "Investigate" option to determine my spending level including SS that initially provides a 100% success rate for a given portfolio amount. Right?
Let's say you input expenses of $80K per year (including taxes) and a starting portfolio amount over a 30 year term and FireCalc calculates there is a 90% probability of success given those inputs. You then add SS into the model and it recalculates a 100% success rate.
My question is does that mean I can initially withdraw $80K from my retirement portfolio in ADDITION to the annual SS amount? Or does it mean I need to subtract the annual SS amount from my total expenses to determine how much I can safely withdraw from my retirement portfolio yearly and achieve a 100% success rate?
If it's the second interpretation that's correct, then I guess I can use the "Investigate" option to determine my spending level including SS that initially provides a 100% success rate for a given portfolio amount. Right?