I was messing around with firecalc and trying to come up with a way to input our scenario.
We hopefully will have 1.5 million net worth in 5 years at age 46 and would like to partially ER at that point and work some odd jobs in different parts of the country (seasonal or contract work). I guestimate we could get by on $25,000 from our portfolio and $25,000 from working odd jobs. We would like to do this for maybe 10 years before retiring completely. No other income like pensions will be coming.
The problem is that firecalc runs your retirement duration in years across a continuous portion of history assuming a constant withdrawal (adjusted for inflation). It will not work to put in $25,000 withdrawal for 10 years using the $1.5 million portfolio and then take the worst case end run balance after that and use it as the portfolio for a $50,000 withdrawal for 30 years. You end up getting a much higher failure rate than you would if you just put in 1.5 million, $50,000 withdrawal, 40 years (100% success then).
Any good way to run our simulation with our proposed plans?
We hopefully will have 1.5 million net worth in 5 years at age 46 and would like to partially ER at that point and work some odd jobs in different parts of the country (seasonal or contract work). I guestimate we could get by on $25,000 from our portfolio and $25,000 from working odd jobs. We would like to do this for maybe 10 years before retiring completely. No other income like pensions will be coming.
The problem is that firecalc runs your retirement duration in years across a continuous portion of history assuming a constant withdrawal (adjusted for inflation). It will not work to put in $25,000 withdrawal for 10 years using the $1.5 million portfolio and then take the worst case end run balance after that and use it as the portfolio for a $50,000 withdrawal for 30 years. You end up getting a much higher failure rate than you would if you just put in 1.5 million, $50,000 withdrawal, 40 years (100% success then).
Any good way to run our simulation with our proposed plans?