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"Back-dated entries will not be factored in."
06-12-2021, 08:49 AM
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#1
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Full time employment: Posting here.
Join Date: Feb 2017
Posts: 807
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"Back-dated entries will not be factored in."
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?
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06-12-2021, 08:51 AM
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#2
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Moderator
Join Date: Feb 2010
Location: Flyover country
Posts: 25,157
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You got it. Don't enter any starting date in the past when using FIRECalc.
__________________
I thought growing old would take longer.
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06-12-2021, 09:00 AM
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#3
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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: 50,000
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^ This.
The first thread on the FIRECalc Support Forum is entitled "Use only current or future dates for FIRECalc!"
Quote:
If you input a date earlier than the current year, FIRECalc will return inaccurate results and show substantially higher than normal failure rates.
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__________________
Numbers is hard
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06-12-2021, 09:19 AM
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#4
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Full time employment: Posting here.
Join Date: Feb 2017
Posts: 807
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That'll teach me not to ask questions about the meaning of the directions (grin!)
It's sure good to know that I should have a little bit more than I need rather than less. We live in a high cost of living area, and I am a worrywart, so any extra cushion at all is very reassuring!
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06-12-2021, 10:04 AM
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#5
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Full time employment: Posting here.
Join Date: Feb 2017
Posts: 807
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Quote:
Originally Posted by REWahoo
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Thanks for this! I looked up the posts you referenced and they reflect exactly same experience I'm having. It's nice to know that I'm not the only one (grin!)
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06-12-2021, 03:06 PM
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#6
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Moderator
Join Date: Dec 2007
Location: Eastern WV Panhandle
Posts: 25,290
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Well then, now we expect to see you posting more on the "Blow That Dough!" thread!
__________________
When I was a kid I wanted to be older. This is not what I expected.
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06-12-2021, 05:32 PM
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#7
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Full time employment: Posting here.
Join Date: Feb 2017
Posts: 807
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Hey, you're right!
Now I can get our outhouse down by the barn pumped out! Oh, the luxury of a cleaned-out outhouse
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06-12-2021, 06:14 PM
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#8
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Thinks s/he gets paid by the post
Join Date: Jun 2017
Location: Chicagoland
Posts: 1,127
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Yep. Go ahead and dive right in.
Metaphorically speaking, of course.
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06-13-2021, 04:05 PM
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#9
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Recycles dryer sheets
Join Date: Aug 2018
Posts: 109
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so what happens when you "save" (link to shortcut) your FIRECalc and then go to the link a few years later and a date you entered originally is now a back-dated entry?
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06-13-2021, 04:07 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: Jun 2006
Location: Boise
Posts: 7,862
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Quote:
Originally Posted by SALTedOut
so what happens when you "save" (link to shortcut) your FIRECalc and then go to the link a few years later and a date you entered originally is now a back-dated entry?
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Then you will be susceptible to this issue.
__________________
"At times the world can seem an unfriendly and sinister place, but believe us when we say there is much more good in it than bad. All you have to do is look hard enough, and what might seem to be a series of unfortunate events, may in fact be the first steps of a journey." Violet Baudelaire.
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