FIRECalc Social Security income

[brandywine]

First of all, thank you for creating and maintaining this wonderful planning tool! Well worth a $10 contribution. I've already spent a couple hours with it running many scenarios. I really appreciate having a way to check out reality-based worst-case scenarios.

My questions relate to the Social Security amount that you enter in the Advanced Calculator. 1) I should enter an annual amount, right? (not monthly). 2) If my SS won't start until 2020, should I enter what I calculate the annual amount will be in 2020 with COLA increases? Or what it would be this year if I were eligible? 3) Does FIRECalc assume that the initial annual amount will increase every year (COLA again)? If so, what assumptions does FIRECalc make about what the annual percentage increase will be?

Many thanks!

Carol

 

[Coach]

Hi Carol. This question comes up periodically, so you can search for it if you like. As I recall in FIRECalc you should enter the annual figure, in today's dollars. FIRECalc will adjust it (and basically everything else you enter) by inflation (historical CPI or PPI, or fixed, depending on the inflation option you chose) both before and after retirement.

And I agree with you on the wonderfulness of FIRECalc. And I'm sure its author, Dory, very much appreciates your donation!

Coach

 

[brandywine]

Hi Carol. This question comes up periodically, so you can search for it if you like. As I recall in FIRECalc you should enter the annual figure, in today's dollars. FIRECalc will adjust it (and basically everything else you enter) by inflation (historical CPI or PPI, or fixed, depending on the inflation option you chose) both before and after retirement.

And I agree with you on the wonderfulness of FIRECalc. And I'm sure its author, Dory, very much appreciates your donation!

Coach

Thanks, Coach!! Somehow I had missed that "Search This Forum" button when I looked for it before (I knew I wasn't the first person to ask these questions!). Per an earlier post, it does appear that I should enter my anticipated SS benefit in today's dollars. Thanks again for the pointer.

Carol

 

[dory36]

Thanks Coach and Carol -- that's correct.

dory36