Retirement date by year and not month?

[steady saver]

HI all,
I have calculated our numbers through both FIREcalc and Fidelity.
One question I always have but forget to ask has to do with the date of retirement. When I run pension numbers, I'm always playing with the month (I know, I know...) but with FIREcalc it seems I can only do a calculation by retirement year (i.e. retire in 2018 instead of, for example, retire Jan. 2018 or June 2018).

When it says I'm good to go in 2018, what part of 2018 is FIREcalc targeting?

Thanks!

 

[steady saver]

Firecalc/month-year?

I originally posted this in FIRECALC questions but no one's answered and my impatience got the best of me. Sorry. I'm going to cross my fingers and repost it here.
HI all,
I have calculated our numbers through both FIREcalc and Fidelity.
One question I always have but forget to ask has to do with the date of retirement. When I run pension numbers, I'm always playing with the month (I know, I know...) but with FIREcalc it seems I can only do a calculation by retirement year (i.e. retire in 2018 instead of, for example, being able to specify that I retire Jan. 2018 or June 2018).

When it says I'm good to go in 2018, what part of 2018 is FIREcalc targeting?

Thanks!

 

[Blue Collar Guy]

If I had a gun to my head i would say Jan 1st. But thats just a guess.

 

[steady saver]

Ha, don't do that Blue Collar Guy! More my obsession than anything. And I'm just curious really. It's fairly detailed about some things and it just struck me as odd that it's not clear on that point.

Thanks!

 

[Blue Collar Guy]

Ha, don't do that Blue Collar Guy! More my obsession than anything. And I'm just curious really. It's fairly detailed about some things and it just struck me as odd that it's not clear on that point.

Thanks!

Im monitoring this thread for the correct answer, you made me curious too.

 

[marko]

I'll defer to the FireCalc experts here.

But if the difference between being able to RE is so close that Jan or June makes a difference, I don't think you need FireCalc to get your answer.

 

[REWahoo]

January 1 - with one exception. See this thread from 2007: http://www.early-retirement.org/forums/f36/when-within-a-year-25224.html

BTW, dory36 is the creator of FIRECalc.

 

[REWahoo]

But if the difference between being able to RE is so close that Jan or June makes a difference, I don't think you need FireCalc to get your answer.

+1

 

[steady saver]

Thanks guys. From every calculation I do - from Firecalc to Fidelity, we're 100% good to go. It was just my late night obsession that got the better of me. I'm sure I'll continue to obsess until we actually pull the plug. I was ready yesterday but I think the date is going to be April of 2018. My DH is retiring, not me. He needed another year for peace of mind. I am self-employed and the income from my practice is irrelevant to our calculations - I've slightly shifted what I'm doing which has required a lot of retraining and continuing education, all of which I enjoy, but I'm seriously trying to decide if I want to keep it up after he retires. It's an interesting but steep learning curve... we have a farm we've always said we'd spend at least 3 years on for the fun of doing all of the stuff we never have time to do on the weekends, and it's calling my name...

 

[Blue Collar Guy]

HI all,
I have calculated our numbers through both FIREcalc and Fidelity.
One question I always have but forget to ask has to do with the date of retirement. When I run pension numbers, I'm always playing with the month (I know, I know...) but with FIREcalc it seems I can only do a calculation by retirement year (i.e. retire in 2018 instead of, for example, retire Jan. 2018 or June 2018).

When it says I'm good to go in 2018, what part of 2018 is FIREcalc targeting?

Thanks!

See , Sometimes when you have a gun to your head you give the right answer!!. Glad you got it from the source.

 

[steady saver]

Yep. All good! I love these finance toys. Thanks for the clarification, everyone.

 

[marko]

See , Sometimes when you have a gun to your head you give the right answer!!

That's what Jack Bauer always said!

 

[Blue Collar Guy]

Jack stole my line! Hahaha

 

[Skoach]

I found that it is important to calculate your optimum day of the year based on a number of factors. Corporate policies on all of the following can matter:
Vacation accrual, payout policies, and carryover.
Pension impacts (one more month could increase it)
Health insurance situation
401k flexibility (you can save a ton on taxes by maxing out early in the year then leaving)
SS history
Bonus payout dates
Etc...

There is a lot to think about here, but it can save you 10's of thousands if you get it right.
On my case March 1 was the date, bonus paid the week before, vacation accrual on that day (netting me 3 more paid days), maxed annual 401k contributions in the first two months, reducing taxable income, and got 18 months of cobra to carry me through to the annual enrollment 22 months down the road (ok, this takes some manipulation, but trust me it is possible by pushing all the deadlines)

Just take the time to consider EVERYTHING in your situation.

 

[Major Tom]

That's what Jack Bauer always said!

The new guy's pretty good, but I miss Jack.