Ohmygosh. I think I just got a raise!
Would you kind folks check my thinking?
For some reason, I figured that, in FireCalc, the direction "Only enter changes for future years. Back-dated entries will not be factored in" meant that only those backdated years' past income weren't factored in, not the whole future amount. For example, I was putting in that my Soc Sec started in 2020. I thought FireCalc would just not factor in that one year, 2020. But instead it appears to completely disregard any and all Soc Sec income, past (i.e., 2020) present and future.
I tested it by not putting in any Soc Sec income, and then putting Soc Sec income starting in 2020. Both produced the same total future income.
Then I entered in the Soc Sec income, but had it starting in 2021 (a year after it actually started.) And my future spending level (constant spending, 100% success rate) raised by over 24%.
Could someone confirm this, please?
Would you kind folks check my thinking?
For some reason, I figured that, in FireCalc, the direction "Only enter changes for future years. Back-dated entries will not be factored in" meant that only those backdated years' past income weren't factored in, not the whole future amount. For example, I was putting in that my Soc Sec started in 2020. I thought FireCalc would just not factor in that one year, 2020. But instead it appears to completely disregard any and all Soc Sec income, past (i.e., 2020) present and future.
I tested it by not putting in any Soc Sec income, and then putting Soc Sec income starting in 2020. Both produced the same total future income.
Then I entered in the Soc Sec income, but had it starting in 2021 (a year after it actually started.) And my future spending level (constant spending, 100% success rate) raised by over 24%.
Could someone confirm this, please?
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