Hi,
I have been reading various threads over the last couple of months and decided to try Firecalc for my situation. I thought I read somewhere where the entries in firecalc could be saved if a donation was made. I did submit a donation amount for what I feel is a good cause. Firecalc seems to include many parameters not found in other calculators I've been exposed to.
I had an analysis done by Vanguard (free as you know on a yearly basis). The bottom line was that Vanguard stated I had a 71% success rate for a spending rate of $80K, adjusted for inflation and a 100% success rate for a spending level of $64K (90% @ $72K). That analysis was done in 2009. For curiousity, I put those same figures into firecalc and I was told I had a 100% success rate at a spending level of $72K and a 80% success rate at $80K. I get approx 10% delta success rate at both $72K and $80K spending levels. I don't think firecacl accounts for federal/state taxes which is another factor that needs to be accounted for in the spending amount. I believe Vanguard accounts for this . This might explain why Firecalc is coming up with a higher spending level i.e. tax amounts are not factored into the Firecalc solution. I'm thinking if I calculate federal and state taxes on $80K and deduct that amount from the Firecalc solution I may end up with the numbers I got at Vanguard. I'm trying to compare apples to apples. If I can establish reasonable correllation between firecalc and Vanguard solutions it would go a long way on the confidence meter. I would appreciate feedback on whether Firecalc does or does not consider tax effects or any other "differences" between the two calculators. Also, if possible, how does one save data on firecalc from one session to another?
Thanks for your inputs!
I have been reading various threads over the last couple of months and decided to try Firecalc for my situation. I thought I read somewhere where the entries in firecalc could be saved if a donation was made. I did submit a donation amount for what I feel is a good cause. Firecalc seems to include many parameters not found in other calculators I've been exposed to.
I had an analysis done by Vanguard (free as you know on a yearly basis). The bottom line was that Vanguard stated I had a 71% success rate for a spending rate of $80K, adjusted for inflation and a 100% success rate for a spending level of $64K (90% @ $72K). That analysis was done in 2009. For curiousity, I put those same figures into firecalc and I was told I had a 100% success rate at a spending level of $72K and a 80% success rate at $80K. I get approx 10% delta success rate at both $72K and $80K spending levels. I don't think firecacl accounts for federal/state taxes which is another factor that needs to be accounted for in the spending amount. I believe Vanguard accounts for this . This might explain why Firecalc is coming up with a higher spending level i.e. tax amounts are not factored into the Firecalc solution. I'm thinking if I calculate federal and state taxes on $80K and deduct that amount from the Firecalc solution I may end up with the numbers I got at Vanguard. I'm trying to compare apples to apples. If I can establish reasonable correllation between firecalc and Vanguard solutions it would go a long way on the confidence meter. I would appreciate feedback on whether Firecalc does or does not consider tax effects or any other "differences" between the two calculators. Also, if possible, how does one save data on firecalc from one session to another?
Thanks for your inputs!
