When you put 2019 as your retirement year, does Firecalc assume January 1st, 2019 ?

[cyber888]

Just wondering what the assumption is with Firecalc.
Today is Sept. 23, 2018.

If I put in Firecalc that I will be retiring in 2019, does that mean Firecalc will assume I am retiring on January 1st, 2019 ?

Or, will Firecalc assume I am retiring on September 2019 ? Because the result says "1 year pre-retirement" and 34 years of retirement when I set the retirement period to 35 years.

Thanks.

 

[marko]

Dunno. But I wonder if you're looking out at a 35 year retirement calculation, if six/eight months either way makes any material difference.

I do know that if you were to back date and enter "2017", it throws all the FireCalc calculations out of whack.

 

[REWahoo]

Yes.

 

[Dreaming of Freedom]

Yes.

Yes to which question? I have wondered the same thing as the OP.

 

[cyber888]

Yes.

I guess it's Jan 2019 then. Thanks.

Well, I'm not ready to retire that early, so I'll put 2020.

 

[Dreaming of Freedom]

I guess it's Jan 2019 then. Thanks.

Well, I'm not ready to retire that early, so I'll put 2020.

It is funny how 1 year does make a big difference in FireCalc.

 

[cyber888]

Dunno. But I wonder if you're looking out at a 35 year retirement calculation, if six/eight months either way makes any material difference.

It does make a difference. If I put in 2019, I'm only 99.1% on a 35 year retirement. If I put in 2020, I'm at 100% for a 40 year retirement

 

[cyber888]

It is funny how 1 year does make a big difference in FireCalc.

Yes! that one year makes it 100% for 40 years lol. That 1 year is critical

 

[Dtail]

I guess it's Jan 2019 then. Thanks.

Well, I'm not ready to retire that early, so I'll put 2020.

Confirmed it is Jan 2019. It is always the first of the year. Most retirement calculators also work this way.

 

[REWahoo]

If I put in Firecalc that I will be retiring in 2019, does that mean Firecalc will assume I am retiring on January 1st, 2019 ?

Yes to the question in the thread title, and yes to the question quoted above.

 

[MissMolly]

It does make a difference. If I put in 2019, I'm only 99.1% on a 35 year retirement. If I put in 2020, I'm at 100% for a 40 year retirement

I'm not so sure it's because you changed it from 2019 to 2020, but rather due to you changing it from 35 years to 40 years.

 

[cyber888]

I'm not so sure it's because you changed it from 2019 to 2020, but rather due to you changing it from 35 years to 40 years.

It's 100% for both 35 and 40 .. but less money left for 40.

 

[pb4uski]

I decided to bump this thread rather than create a new one.

I'm trying to simulate a 23% reduction in SS in 2034. I'll put in an off-chart spending that is inflation adjusted beginning in 2034. I have entered SS in today's $$ starting in 2020/2021 near the top of the page.

In the off-chart spending, should I enter 23% of the SS in today's $$, 23% of the SS in today's $$ adjusted for inflation from 2018 to 2034 or something else?