teekaymn
Recycles dryer sheets
In the field that DW and are in (and I'm sure others use the term, too) we have a term called "scope creep". It happens when a project's design/fabrication goes on WAY too long and things just keep getting added to it.
Regarding the design we have to reach retirement, we aren't at BS Full Bucket yet, but employers see to it that scope creep adds to our design. Just seems sometimes like it's going on WAY too long.....
Anyway, as far as I can tell, FIRECALC says we'd be OK with the idea below, but I'd like some human feedback:
We'd like to shoot for a retirement date of 2/1/2017, but it would mean removing $60k (~7.5% to start, assuming our portfolio balance will be about 800k at that point) annually from our portfolio to cover the 5 year period (2017-2022) until SS kicks in at age 66 (DW in 2021, me in 2022). I'm assuming SS at 75% of what is projected for us, just to be conservative. What I'm concerned about is that there really will be enough balance left to draw 4% annually and maintain a $60k budget (today's dollars) when combined with SS. We've still got time before we decide to leap, but as the scope creeps, we creep closer to the end of the diving board to take the plunge.
I'd love to hear from some of the FIRECALC pros with suggestions on how to enter numbers to get a solid readout. I'd rather have cautious protective eye-wear than rose-colored glasses.
Regarding the design we have to reach retirement, we aren't at BS Full Bucket yet, but employers see to it that scope creep adds to our design. Just seems sometimes like it's going on WAY too long.....
Anyway, as far as I can tell, FIRECALC says we'd be OK with the idea below, but I'd like some human feedback:
We'd like to shoot for a retirement date of 2/1/2017, but it would mean removing $60k (~7.5% to start, assuming our portfolio balance will be about 800k at that point) annually from our portfolio to cover the 5 year period (2017-2022) until SS kicks in at age 66 (DW in 2021, me in 2022). I'm assuming SS at 75% of what is projected for us, just to be conservative. What I'm concerned about is that there really will be enough balance left to draw 4% annually and maintain a $60k budget (today's dollars) when combined with SS. We've still got time before we decide to leap, but as the scope creeps, we creep closer to the end of the diving board to take the plunge.
I'd love to hear from some of the FIRECALC pros with suggestions on how to enter numbers to get a solid readout. I'd rather have cautious protective eye-wear than rose-colored glasses.