FIRECalc Results vs. Otar Retirement Calculator
Has anybody made the same comparison? I used Jim Otar's free trial version, that uses the same data as the paid-for version.
I entered the same values for saved amount, retirement date, SS amount/age, and spending amount.
Both use the historical US market data instead of Monte Carlo or other assumptions about market behavior.
FIRECalc always comes up much more optimistic.
Current age: 54
Retirement date: 2019 (Age 60)
Estimated death: 95
Current saved amount: 1.5M
To be added each year until retirement: 35K
SS amount/age: 21.5K starting in 2026 (Age 67)
Desired spending (pre-tax): 100K
FIRECalc says 95% success for 100K spending
Otar says 64% success for 100K spending (must reduce desired amount to $72,000 to get to 95%)
Any ideas why they are so different?
Separate question, but related to how I derived the SS numbers above...On the annual SS estimates that they used to mail, but now you can get online, when it gives an amount for what to expect at 62, full retirement age, and 70, are those numbers in today's dollars, or predicted dollars at those ages based on current inflation rates? I can find nothing in that document that explains that.