Join Early Retirement Today
Reply
 
Thread Tools Search this Thread Display Modes
Here is the fix for Firecalc Excel spreadsheet error
Old 04-04-2017, 10:07 AM   #1
Dryer sheet wannabe
 
Join Date: Aug 2015
Posts: 11
Here is the fix for Firecalc Excel spreadsheet error

I updated my projections this morning and decided to figure out the Excel Spreadsheets that you can call up from the Firecalc Results page. The second Firecalc Excel spreadsheet has an error that needs to be fixed. This is the spreadsheet that shows the year by year inputs, data, and formulas. The second table in the spreadsheet is supposed to match the one above, but it is incorrect if Social Security or Pension/Off-Chart spending is entered into the Firecalc calculator.

The problem is with the formula in column J "Starting portfolio". It currently takes the "Ending Portfolio" from the previous year and subtracts inflation adjusted annual "Withdrawals", "Social Security" and "Pension/Off-Chart Spending" income. But SS and Pension income should be added since it is money coming in, not going out. And Off Chart Spending income is already loaded as a negative, so it should be added as well. (Complicating things is that the columns marked "Withdrawal Change" actually reflect the Pension/Off-Chart Spending income entered into the calculator.) Anyway, here is the fix that makes everything work correctly:
Change J40 to: =IF(I40<>"",$J$1+I40,$J$1-C40+SUM(D40:H40))

And starting with the next line in column J change to: =IF(I41<>"",T40+I41,T40-C41+SUM(D41:H41)) and so on down column J
Doing this makes the tables match, and then the rest of the formulas make a lot more sense.

With the time I spent resolving this I figured out a couple of other things that might help others make sense of the numbers. The first Excel file shows annual balances before inflation adjustment to today's dollars. So these figures align with those in the second Excel file column T "Ending Portfolio" for a given input year. However the Firecalc graph shows the year-by-year portfolio balances after inflation adjustment to today's dollars. So these match the figures in the second Excel file column U "Infl Adj End".

Moderators, please correct me if I got any of this wrong.... but 99.9% pretty sure I got it right.
__________________

__________________
PontGuy is offline   Reply With Quote
Join the #1 Early Retirement and Financial Independence Forum Today - It's Totally Free!

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!

Old 04-11-2017, 06:49 PM   #2
Dryer sheet wannabe
 
Join Date: Mar 2017
Location: Fort Mill
Posts: 22
I don't see an Excel download offered on the FIRECalc 3.0 website results page. What am I missing?
__________________

__________________
Retireatee1 is offline   Reply With Quote
Old 04-12-2017, 07:33 AM   #3
Dryer sheet aficionado
USGrant1962's Avatar
 
Join Date: Dec 2016
Location: Middletown
Posts: 38
If you go to the "Investigate" tab, there is a checkbox in the "Display results of the retirement plan" paragraph. Then on your results there will be links to get the spreadsheet.
__________________
Semi-ER March 24, 2017
USGrant1962
USGrant1962 is offline   Reply With Quote
Old 05-04-2017, 03:57 PM   #4
Confused about dryer sheets
 
Join Date: May 2017
Posts: 4
I just found the same error today. My question is this:

Is this *just* an error in the excel spreadsheet (i.e. It only matters if you want to see the details.... which I would like)? Or is this an error that actually exists in calculating the final results in FIRECalc?

The reason I ask is that I don't know if I should trust the final results of FIRECalc or not.

Thanks
__________________
ging is offline   Reply With Quote
Old 05-04-2017, 04:35 PM   #5
Confused about dryer sheets
 
Join Date: May 2017
Posts: 4
I used to be on here years ago when I first retired but, as it has been some years, I no longer remember my login so I had to create a new one.

I used to use a calculator that I believe someone here created that was terrific and showed the excel outputs and all the formulas that went into it (although it didn't have the graphs and all the new bells and whistles, but it helped to let me know that I was in the ballpark). Perhaps that was one of the first versions of what would ultimately become FIRECalc

Thanks for the feedback on the respectability and reputation of FIRECalc!
__________________
ging is offline   Reply With Quote
Old 05-04-2017, 04:40 PM   #6
Administrator
W2R's Avatar
 
Join Date: Jan 2007
Location: New Orleans
Posts: 37,103
Quote:
Originally Posted by ging View Post
I used to be on here years ago when I first retired but, as it has been some years, I no longer remember my login so I had to create a new one.
Oh that's easy! Just tell us your username and we can reset the password. I see that you are not using the same computer here as any other username did, though, and none of the other identifying information that we have matches AFAIK. I wonder if it was this forum or some other forum.

Quote:
Originally Posted by ging View Post
I used to use a calculator that I believe someone here created that was terrific and showed the excel outputs and all the formulas that went into it (although it didn't have the graphs and all the new bells and whistles, but it helped to let me know that I was in the ballpark). Perhaps that was one of the first versions of what would ultimately become FIRECalc
Nope! FIRECalc came first, and the forum was created around it.
Quote:
The first post on this new Early-Retirement.org website was in June of 2002. Dory had retired (early) and had moved aboard his boat, a 36’ Grand Banks Trawler named Dory by the previous owner, to live his dream of life afloat. This initial post was inauspicious and lacked fanfare, but it marked the launch of a free forum to discuss not only FIRECalc, but also investing, early retirement, the joys of not working and (almost) any other topic under the sun.
Our history is freely available in a public thread here, and the above is an exerpt from it. Here's the link to that thread.

The History of Early-Retirement.org


Quote:
Originally Posted by ging View Post
Thanks for the feedback on the respectability and reputation of FIRECalc!
You're welcome, and please feel free to participate in our forum.
__________________
Fairy tales are more than true: not because they tell us that dragons exist, but because they tell us that dragons can be beaten.

― N. Gaiman (2002)








W2R is offline   Reply With Quote
Old 05-04-2017, 04:42 PM   #7
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
REWahoo's Avatar
 
Join Date: Jun 2002
Location: Texas Hill Country
Posts: 40,631
Quote:
Originally Posted by ging View Post
I just found the same error today. My question is this:

Is this *just* an error in the excel spreadsheet (i.e. It only matters if you want to see the details.... which I would like)?
^ This.
__________________
Numbers is hard

When I hit 70, it hit back

Retired in 2005 at age 58, no pension
REWahoo is offline   Reply With Quote
Old 05-04-2017, 04:44 PM   #8
Confused about dryer sheets
 
Join Date: May 2017
Posts: 4
One other question, I plan on reducing my expenses by $20,000 when I turn 65. I have entered this in "Off Chart Spending". Should I enter this as a positive or a negative number? (I am not using the Bernicke model nor the fixed percentage of my remaining portfolio, rather I'm using the Constant Spending Power.)

Thanks!
__________________
ging is offline   Reply With Quote
Old 05-05-2017, 10:00 AM   #9
Administrator
Janet H's Avatar
 
Join Date: Feb 2007
Location: Pacific NW
Posts: 4,896
Thanks for posting about this - we'll have a look.
__________________
E-R.org Custom Google Search | You're only given a little spark of madness. You mustn't lose it. (Robin Williams)
Janet H is offline   Reply With Quote
Old 05-05-2017, 02:28 PM   #10
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
REWahoo's Avatar
 
Join Date: Jun 2002
Location: Texas Hill Country
Posts: 40,631
Quote:
Originally Posted by ging View Post
One other question, I plan on reducing my expenses by $20,000 when I turn 65. I have entered this in "Off Chart Spending". Should I enter this as a positive or a negative number? (I am not using the Bernicke model nor the fixed percentage of my remaining portfolio, rather I'm using the Constant Spending Power.)

Thanks!
Sorry, didn't see this buried in the Excel spreadsheet error thread. If you start a new thread under FIRECalc support you'll be more likely to get a prompt response to your questions.

To your question: On the Other Income/Spending tab note the "Pension Income" option also says "(or off chart spending reduction)". Check that button, input $20K (as a positive number) the year your turn 65, un-check "Inflation adj?" and that should do it.
__________________
Numbers is hard

When I hit 70, it hit back

Retired in 2005 at age 58, no pension
REWahoo is offline   Reply With Quote
Excel file error has been fixed
Old 05-09-2017, 06:22 AM   #11
Dryer sheet wannabe
 
Join Date: Aug 2015
Posts: 11
Excel file error has been fixed

Quote:
Originally Posted by PontGuy View Post
I updated my projections this morning and decided to figure out the Excel Spreadsheets that you can call up from the Firecalc Results page. The second Firecalc Excel spreadsheet has an error that needs to be fixed. This is the spreadsheet that shows the year by year inputs, data, and formulas. The second table in the spreadsheet is supposed to match the one above, but it is incorrect if Social Security or Pension/Off-Chart spending is entered into the Firecalc calculator.
Just a quick update- the moderators followed up (thanks!!!) and the error in the Excel spreadsheet has been fixed.

Also a mention, this error never affected the output from Firecalc in any way. The Excel spreadsheets are for those that want to play around and see how the calculations are done.
__________________

__________________
PontGuy is offline   Reply With Quote
Reply


Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
Retirement Excel Spreadsheet OR Website jesa FIRE and Money 11 01-29-2017 08:25 AM
Older car: to fix or not to fix? Sojourner FIRE and Money 47 11-11-2016 01:18 PM
Error: 1) Error No Data Supplied in FIRECalc nico08 FIRECalc support 4 01-07-2015 01:28 PM
Help needed on Excel spreadsheet design peteyperson FIRE and Money 5 05-08-2008 07:56 AM

 

 
All times are GMT -6. The time now is 02:36 PM.
 
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2017, vBulletin Solutions, Inc.