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Need understanding of SS income and spending on 'Start Here' tab
Old 02-06-2013, 07:18 AM   #1
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Need understanding of SS income and spending on 'Start Here' tab

When using FIRECalc, on the 'Start Here' tab let's say I enter $40,000 as my spending. Is this assuming this is what I will spend just from my portfolio? I realize there is a Social Security section, but I'm not sure how it's calculating that.

Either:

1) When I say I want to spend $40,000 it is taking money from my portfolio AND what I say I will get in Social Security.

OR

2) It is just taking the $40,000 a year from my portfolio, so that if I add Social Security to the tune of ~$30,000, then really I am spending $70,000 a year, but only $40,000 from my portfolio.

Maybe this should be evident to me, but it's not.

Thanks.
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Old 02-06-2013, 07:23 AM   #2
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You are over-thinking FIRECalc.

Put your total expected initial annual spending amount, including taxes, into the 'Start Here' box on FIRECalc. When you input SS and/or pensions, it spends that money first before withdrawing $ from your portfolio.
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Old 02-06-2013, 07:31 AM   #3
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Quote:
Originally Posted by REWahoo View Post
You are over-thinking FIRECalc.

Put your total expected initial annual spending amount, including taxes, into the 'Start Here' box on FIRECalc. When you input SS and/or pensions, it spends that money first before withdrawing $ from your portfolio.
Ok. Thanks.
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