Hi. My job becomes more difficult by the day, and the specter of being laid off due to a relocation looms within the next year. I am earning a good wage, and it is one of the few things causing me to stay in my current job.
I currently have about 85% of the total investment portfolio value that I would need to FIRE with 95% success rate, based on FIRECalc.
My thought was this, stick it out in my present job for a year, then work part-time or full time in a lower paying but less stressful job where I would earn enough to pay my current cost of living. I compared in FIRECalc a scenario where I just worked in my current job and fully retired at the end one additional year to working in my current job for one additional year and then working three years in part time employment. I inputted the one year in current job and three years in part time scenario into FIRECalc by using the following variable changes:
Spending- no change
Portfolio- no change
Year- no change (it looks like I am supposed to use the difference in years between the current year and the year of my life expectancy for both scenarios?)
Social Security- no change (I know that the 3 years of part time work may increase my social security amount slightly)
What year retire- 2018 (one year in current job and three years in part time work)
constant spending power- no change
expense ratio- no change
total market- no change
lump sum changes to portfolio- add 30,000 2014 (that is the additional amount I will have to contribute into investment portfolio during the year I continue to work in present job)
Investigate- Display Results of Retirement Plan, the success rate of portfolio and withdrawal plan- no change
Did I set these variables up correctly for the scenario where I remain in current job for one year and then work three years in a part time/lower pay capacity? Are there any other variable changes that I should make?
Thank you for your advice.
I currently have about 85% of the total investment portfolio value that I would need to FIRE with 95% success rate, based on FIRECalc.
My thought was this, stick it out in my present job for a year, then work part-time or full time in a lower paying but less stressful job where I would earn enough to pay my current cost of living. I compared in FIRECalc a scenario where I just worked in my current job and fully retired at the end one additional year to working in my current job for one additional year and then working three years in part time employment. I inputted the one year in current job and three years in part time scenario into FIRECalc by using the following variable changes:
Spending- no change
Portfolio- no change
Year- no change (it looks like I am supposed to use the difference in years between the current year and the year of my life expectancy for both scenarios?)
Social Security- no change (I know that the 3 years of part time work may increase my social security amount slightly)
What year retire- 2018 (one year in current job and three years in part time work)
constant spending power- no change
expense ratio- no change
total market- no change
lump sum changes to portfolio- add 30,000 2014 (that is the additional amount I will have to contribute into investment portfolio during the year I continue to work in present job)
Investigate- Display Results of Retirement Plan, the success rate of portfolio and withdrawal plan- no change
Did I set these variables up correctly for the scenario where I remain in current job for one year and then work three years in a part time/lower pay capacity? Are there any other variable changes that I should make?
Thank you for your advice.