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"Back-dated entries will not be factored in."
Old 06-12-2021, 08:49 AM   #1
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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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Old 06-12-2021, 08:51 AM   #2
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You got it. Don't enter any starting date in the past when using FIRECalc.
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Old 06-12-2021, 09:00 AM   #3
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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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Old 06-12-2021, 09:19 AM   #4
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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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Old 06-12-2021, 10:04 AM   #5
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Originally Posted by REWahoo View Post
^ This.

The first thread on the FIRECalc Support Forum is entitled "Use only current or future dates for FIRECalc!"
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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Old 06-12-2021, 03:06 PM   #6
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Well then, now we expect to see you posting more on the "Blow That Dough!" thread!
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Old 06-12-2021, 05:32 PM   #7
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Well then, now we expect to see you posting more on the "Blow That Dough!" thread!
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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Old 06-12-2021, 06:14 PM   #8
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Yep. Go ahead and dive right in.

Metaphorically speaking, of course.
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Old 06-13-2021, 04:05 PM   #9
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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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Old 06-13-2021, 04:07 PM   #10
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Quote:
Originally Posted by SALTedOut View Post
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?
Then you will be susceptible to this issue.
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