Hi, FIRED. Not the good kind!

[COcheesehead]

I will state that the scoring with the different modules in Fidelity needs to be changed. The scoring stays the same no matter what module one uses. Just the amount one has left at the end of one's projected life changes.
I pointed this out to Fidelity and they agreed it is incorrect, but have not changed it.
OTOH, I still find it to be a somewhat more conservative tool to be used in conjunction with Firecalc.

The score from the Fidelity tool is stated as a percentage of what you need to retire. The score shouldn’t change by level of confidence. If you have enough, you have enough. If you don’t, you don’t. The amount left at the end is a factor of market performance.
To the other poster’s comment about the tool having some sinister intent to keep your money at Fidelity, it’s just a report. It doesn’t tell you to not spend your money.

 

[madman]

The score from the Fidelity tool is stated as a percentage of what you need to retire. The score shouldn’t change by level of confidence. If you have enough, you have enough. If you don’t, you don’t. The amount left at the end is a factor of market performance.
To the other poster’s comment about the tool having some sinister intent to keep your money at Fidelity, it’s just a report. It doesn’t tell you to not spend your money.

Agree it is just a report. IMO by defaulting to "Significantly Below Average" the default data is garbage. I am 43, 401K balance is $1.38M. For Fidelity calc my estimated retirement expenses are ~$9K p/m, $108K p/y. Default fidelity setting report says I might have $8316 p/m with a need of $9352 p/m so at my current calculation I have a potential gap of $1036 p/m. At $1.38M current value and 17 years interest at 8% return I will be at ~$5.1M account value at 60. Firecalc says I can take out $183K p/y for 30 years with zero historical failures. So Fidelity is telling me I could be $1K short a month and run out of money taking out $9K p/m. Firecalc says for every market starting point since 1871 I can take out ~$15K p/m and be fine. Massive difference between Fidelity default at $8300 and Firecalc at $15K. I am not claiming some sinister motivation other than Fidelity is a business that makes more profit with the more money you have in your account. They realize this which is why they have set their planning algorithim to convince people they are under saving therefore saving more $ to give them more profit. Not sinister, basic business move. I run a business and want as much profit as I can get as well.

 

[COcheesehead]

Agree it is just a report. IMO by defaulting to "Significantly Below Average" the default data is garbage. I am 43, 401K balance is $1.38M. For Fidelity calc my estimated retirement expenses are ~$9K p/m, $108K p/y. Default fidelity setting report says I might have $8316 p/m with a need of $9352 p/m so at my current calculation I have a potential gap of $1036 p/m. At $1.38M current value and 17 years interest at 8% return I will be at ~$5.1M account value at 60. Firecalc says I can take out $183K p/y for 30 years with zero historical failures. So Fidelity is telling me I could be $1K short a month and run out of money taking out $9K p/m. Firecalc says for every market starting point since 1871 I can take out ~$15K p/m and be fine. Massive difference between Fidelity default at $8300 and Firecalc at $15K. I am not claiming some sinister motivation other than Fidelity is a business that makes more profit with the more money you have in your account. They realize this which is why they have set their planning algorithim to convince people they are under saving therefore saving more $ to give them more profit. Not sinister, basic business move. I run a business and want as much profit as I can get as well.

A few things I will point out or question.
FireCalc considers ending with a $1 or even a negative balance at their default of 95% as a success. So keep that in mind. You have to understand what each tool is telling you. They both might be right.

Are your portfolios modeled the same in both?
Are you including taxes in FireCalc?
Are you including social security in Fidelity?
Are your expenses equal in both?
Switch the confidence level at Fidelity to below average or average and the results change. If Fidelity really wanted to keep your money captive, they wouldn’t even give you these choices.

I ran every tool under the sun before I retired and they all gave me more or less the same result IF I had true apples to apples data in each tool. You have to understand the assumptions and defaults under the hood to best interpret each tool’s results.

 

[momoney]

Just read a lot.
Many folks hire someone to do their taxes, even though all they have is a job and bank interest. It's called being timid.
What do they do for RMD's hire an expert each year

In your reading, you will learn how 72t's are strict. So split an IRA into a two IRA's with one having all the money you will need for the 72t income in it. That one is untouchable except for 72t. This one gives you the income you want (or it can) based on the rules.

The other IRA is if you need a new car/roof/etc... that one you can in a severe emergency withdraw from and pay 10% penalty.

Of course when you get laid off, apply for unemployment, even if/not looking for a job.

Personally, I'd grab another job as they are plentiful still and even another year or two makes it simpler for you.
I would build up the regular savings and only put into any 401K to get the match. Would use Roth as well as a better savings vehicle when you get another job.

I've found a few low paying gig software jobs. Most of the people I work with are not in the US. Not easy at all to find a job in your 50s. Especially if it involves a job that can be done from anywhere.

 

[F.I.R.E User]

Are you using the "Significant Below Average" module on Fidelity?

I thought we should use the average option?

 

[Dtail]

I thought we should use the average option?

Most folks use the Significantly Below Average option in Fidelity. Theoretically this provides a 90% confidence level, which with the Monte Carlo model being used, is similar in output confidence with the Firecalc results at 95%.
The Average option is only a 50% confidence level, which one would never accept in Firecalc.