How do I...?
I am retired military and receive a monthly pension (COLA'd) and my wife will be retiring in the next few years and will start receiving a pension as well. I'm also currently employed with the federal government and expect to receive a small COLA'd pension in about 10 more years. At that point, we expect to be fully retired (at ages 57/55).
I dont' have much experience with the FIREcalc, but it looked like the only entry I could make is the amount I want to spend each year and the amount of money that I already have saved up. Is there another place to go into the calculator where you can enter variables like monthly payments via a pension? If I calculate the value of our pensions over the next 30 years, it would probably be around $2M but, I don't have $2M drawing interest right now...which is what the calculator seemed to be analyzing. In our situation, we will expect to be in this situation when we're ready to retire:
My Pensions: $3200/month (both pensions combined) - COLA'd
Her Pension: $2000/month - COLA'd
401K (mix stocks/bonds): $600K
Home Equity: $150K (we plan to sell and build a small home on property we already own)
How would I enter that into the calculator if I wanted to see what my success rate would be if that was what I had right now and wanted to retire?
Note: I didn't include SS, as we wouldn't be drawing it at our planned retirement age...and, don't know how much, if anything, we will get in the future.