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08-14-2014, 02:07 PM
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#1
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Recycles dryer sheets
Join Date: May 2014
Posts: 109
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Firecalc question
I'm trying to run Firecalc and compare it to a RE model my FP ran. My FP's model has me spending $133k per year. But my actual withdrawls average less than that because I'm getting SS, etc
Now I go to Firecalc. It says to enter spending on the 1st page. I run the model and then look at the output. I see howeber that the $133k in spending that I entered is actually called "withdrawls" on the output. So is firecalc actually withdrawing $133k per year?
Mike
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08-14-2014, 02:14 PM
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#2
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Administrator
Join Date: Jan 2008
Location: Chicagoland
Posts: 40,708
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FIRECaalc will withdraw your spending after subtraction for Social Security and any other income or pension. Did you enter your SS info?
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08-14-2014, 02:24 PM
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#3
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Recycles dryer sheets
Join Date: May 2014
Posts: 109
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No I did not enter SS info.
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08-14-2014, 02:29 PM
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#4
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Thinks s/he gets paid by the post
Join Date: Feb 2012
Location: Tampa Bay Area
Posts: 1,866
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Click through the tabs to enter Pension, Social Security, and portfolio (asset allocation) information before you run it
__________________
"For the time being no discipline brings joy, but seems grievous and painful; but afterwards it yields a peaceable fruit of righteousness to those who have been trained by it." ~
Hebrews 12:11
ER'd in June 2015 at age 52. Initial WR 3%. 50/40/10 (Equity/Bond/Short Term) AA.
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08-14-2014, 02:35 PM
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#5
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Recycles dryer sheets
Join Date: May 2014
Posts: 109
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I did all that, but it's still calling the "spending" number I entered "withdrawls" on the output. So is it really withdrawing that amount? I wish I could see the yearly calculations it does.
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08-14-2014, 02:50 PM
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#6
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Full time employment: Posting here.
Join Date: May 2011
Location: Twin Cities
Posts: 523
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Enter the $133k on the first tab. On the Other Income/Spending tab you insert the SS estimates. As it says on that tab -
FIRECalc will first use any Social Security, pensions, or other adjustments that you enter below, and then take whatever else is needed to make up this amount from your portfolio at the start of each year.
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08-14-2014, 02:55 PM
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#7
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Recycles dryer sheets
Join Date: May 2014
Posts: 109
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Yeah, I did that Fish. What has me confused is that on the output, it says:
Withdrawals 133,000
The 133,000 is actually my spending, not withdrawals. So if it's actually withdrawing that amount each year, then it's wrong.
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08-14-2014, 03:05 PM
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#8
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jun 2002
Location: Texas: No Country for Old Men
Posts: 50,021
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 Quote:
Originally Posted by bulbar
So if it's actually withdrawing that amount each year, then it's wrong.
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It isn't...and no, it isn't.
__________________
Numbers is hard
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08-14-2014, 04:06 PM
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#9
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Thinks s/he gets paid by the post
Join Date: Aug 2006
Posts: 2,433
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Quote:
Originally Posted by bulbar
Yeah, I did that Fish. What has me confused is that on the output, it says:
Withdrawals 133,000
The 133,000 is actually my spending, not withdrawals. So if it's actually withdrawing that amount each year, then it's wrong.
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Another way to check this is to subtract your SS from the 133K and enter that amount into Firecalc as your withdrawal, and don't enter SS into Firecalc at all.
__________________
I'd rather be governed by the first one hundred names in the telephone book than the Harvard faculty - William F. Buckley
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08-14-2014, 05:55 PM
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#10
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Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Join Date: Sep 2005
Location: Northern IL
Posts: 26,888
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Quote:
Originally Posted by bulbar
Yeah, I did that Fish. What has me confused is that on the output, it says:
Withdrawals 133,000
The 133,000 is actually my spending, not withdrawals. So if it's actually withdrawing that amount each year, then it's wrong.
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Quote:
Originally Posted by REWahoo
It isn't...and no, it isn't.
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It isn't (actually withdrawing that amount)... but yes, it is (wrong - at least the display).
I just did $1M portfolio, $40,000 spend. Run, then click the 'Display input data' and it shows:
Withdrawals 40,000 Now add $40,000 in SS starting this year, and it still shows:
Withdrawals 40,000 It appears to calculate properly, but it still lists $40,000 in withdrawals, and it is confusing. In the SS case, the WD is net zero with the SS, but it does not make that clear with a 'net' amount in the data listing.
-ERD50
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08-14-2014, 07:28 PM
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#11
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Recycles dryer sheets
Join Date: May 2014
Posts: 109
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thanks ERD. they should fix that. but at least the model is working correctly. Is there no way to see the cash flow output? I know everyone says firecalc works, but I'd sure like to compare it's output to my own models.
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