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Question on figuring FireCalc
09-03-2010, 06:17 PM
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#1
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Dryer sheet wannabe
Join Date: Apr 2008
Posts: 10
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Question on figuring FireCalc
Hi. I'm not "new" new -- introduced myself a while back -- and since then lurk a little.
I have a couple of questions about FireCalc
On the first page, does "spending" mean what I live on after taxes & savings & work expenses that I'll shed?
Is there anywhere to calculate the results of retiring a full-time job and then picking up a small part-time gig afterward for a few years?
I'd like to leave soon, but then live only on our pensions supplemented by a 1099 at-home thing I have going that nets +/- $10k a year for a bit. That way our nest egg could grow as long as it can, since our pensions have a 2% inflation cap. (And what that means for us is for years where there's no inflation assessed by the govt (like the last 2-3 years), I get no COLA, but if there's 17% I get 2%.)
Thanks in advance.
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09-03-2010, 06:33 PM
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#2
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jun 2002
Location: Texas: No Country for Old Men
Posts: 50,004
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Quote:
Originally Posted by JanetCK
On the first page, does "spending" mean what I live on after taxes & savings & work expenses that I'll shed?
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Janet, "spending" is what you believe your estimated annual expenses will be in retirement, including taxes.
Quote:
Originally Posted by JanetCK
Is there anywhere to calculate the results of retiring a full-time job and then picking up a small part-time gig afterward for a few years?
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Yes. It is a bit convoluted, but not difficult.
In the "Other Income/Spending" tab, click the first "Pension Income (or off chart spending reduction)" button, then enter the year you plan to start the P/T job and annual income amount. To remove the income, use the next line, but click the "off chart spending" button, enter the year you plan to stop the part time job, and the same amount you entered on the line above. This cancels out your P/T earnings effective that year and going forward.
__________________
Numbers is hard
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09-03-2010, 06:44 PM
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#3
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Dryer sheet wannabe
Join Date: Apr 2008
Posts: 10
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Quote:
Originally Posted by REWahoo
Janet, "spending" is what you believe your estimated annual expenses will be in retirement, including taxes.
Yes. It is a bit convoluted, but not difficult.
In the "Other Income/Spending" tab, click the first "Pension Income (or off chart spending reduction)" button, then enter the year you plan to start the P/T job and annual income amount. To remove the income, use the next line, but click the "off chart spending" button, enter the year you plan to stop the part time job, and the same amount you entered on the line above. This cancels out your P/T earnings effective that year and going forward.
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Thanks, Wahoo.
Is there a way to add extra lines on that "other income/spending" tab? I need another line or two.
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09-03-2010, 06:53 PM
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#4
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jun 2002
Location: Texas: No Country for Old Men
Posts: 50,004
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Sorry, I'm not aware of any way to expand the options on that page.
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Numbers is hard
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09-03-2010, 07:36 PM
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#5
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jun 2005
Posts: 10,252
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A similar, but much more flexible, calculator can be found at otar retirement calculator
The free version does not allow you to change your age, but so what? All ages are relative anyways.
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09-03-2010, 07:41 PM
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#6
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jun 2002
Location: Texas: No Country for Old Men
Posts: 50,004
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Quote:
Originally Posted by LOL!
The free version does not allow you to change your age, but so what? All ages are relative anyways.
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I think this guy should be charging a lot more than $99.99 if he's discovered a way for people to change their age...
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Numbers is hard
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09-05-2010, 12:38 AM
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#7
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Moderator Emeritus
Join Date: Dec 2002
Location: Oahu
Posts: 26,856
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Quote:
Originally Posted by REWahoo
I think this guy should be charging a lot more than $99.99 if he's discovered a way for people to change their age...
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Depends on which way they're going... some parts of it I can do for free.
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09-12-2010, 06:25 AM
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#8
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Recycles dryer sheets
Join Date: Sep 2010
Posts: 95
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Quote:
Originally Posted by LOL!
A similar, but much more flexible, calculator can be found at otar retirement calculator
The free version does not allow you to change your age, but so what? All ages are relative anyways.
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Age 55 in free version works good for me at 54!! I don't see any way of including Social Security income in this program. In my haste did I miss something there? I guess if it looks good with the money I have then Social is just frosting on the cake!
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