Dtail
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
There are always exceptions. My father has slowed down greatly at 89 y.o., but my mother still runs her part time business and takes spin classes at 86 y.o.
Years of RE in Firecalc
- Thread starter Rianne
- Start date
There are always exceptions. My father has slowed down greatly at 89 y.o., but my mother still runs her part time business and takes spin classes at 86 y.o.
Sojourner
Thinks s/he gets paid by the post
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Yes, of course. My great grandmother was healthy and active into her early 90s, but she spent almost all her time doing simple, low-cost stuff like cooking, going to church, watching TV, and tending to her house, yard, garden, etc. I've personally known no one 85 or older who spent much time (or money) traveling or pursuing expensive hobbies or doing much of anything other than very simple free or inexpensive things, for the most part. There are always exceptions, certainly, but they are (in my experience) very rare.
Best to put this all in perspective, by finding out how many years you were supposed to live when you were born. Check it here:
https://www.infoplease.com/life-expectancy-birth-race-and-sex-1930-2010
I was supposed to live 61 years. Now, in my 83rd year, lt looks like the odds are for living another 7 years.
https://www.ssa.gov/cgi-bin/longevity.cgi
Sheesh... If I had known that, i shouldn't have retired in 1989.
Just shows to go ya... don't trust the statistics...
https://www.infoplease.com/life-expectancy-birth-race-and-sex-1930-2010
I was supposed to live 61 years. Now, in my 83rd year, lt looks like the odds are for living another 7 years.
https://www.ssa.gov/cgi-bin/longevity.cgi
Sheesh... If I had known that, i shouldn't have retired in 1989.
Just shows to go ya... don't trust the statistics...
Wow! You've been retired 30 years!!! And you've given this forum so much wisdom.i
Sheesh... If I had known that, i shouldn't have retired in 1989.
Just shows to go ya... don't trust the statistics...
Montecfo
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
My parents passed at 47 and 58. Little correlation I hope!
Retch The Grate
Full time employment: Posting here.
I use 100, two of my grandparents lived active lives into their mid 90s, and were still going strong when they died, so even though it is against the odds, that's what I'm aiming for.
I eat when I'm hungry,
I drink when I'm dry.
And if whiskey don't kill me
I'll live 'til I die.
I drink when I'm dry.
And if whiskey don't kill me
I'll live 'til I die.
jkern
Full time employment: Posting here.
I started with 92 when I retired in 09 (51 at the time). I quickly bumped it up to 95. Now, I don't even use Firecalc anymore since it appears I can live forever without running out of money.
HaveEnough
Dryer sheet aficionado
I think that
https://engaging-data.com/will-money-last-retire-early/
is interesting.
While the financial calculator portion isn't all that interesting it does put some general mortality risk into the equation.
There is also an argument that there is something like a15-20% chance of a catastrophic event that will wipe out most everyones money (Venezuela)
https://engaging-data.com/will-money-last-retire-early/
is interesting.
While the financial calculator portion isn't all that interesting it does put some general mortality risk into the equation.
There is also an argument that there is something like a15-20% chance of a catastrophic event that will wipe out most everyones money (Venezuela)
ychuck46
Recycles dryer sheets
I use age 90. But since we only spend about 2% of our assets on average I am not too concerned about it.
We are in about the same boat...
I retired at 53 in 2004 after using FIRECALC from time to time after its announcement in the Wall Street Journal. Before retiring I downloaded the FIRECALC data into a spreadsheet and multiplied each cell by the probability that either my wife or I might be alive. (After all, if we are both dead, we wouldn't need money.) I was looking for a 95+% chance of our not being simultaneously broke and alive.
So far, so good, and we left today on our sailboat going south for our 12th winter trip to the Bahamas. Dory36 is one of my heros.
Bill
Katsmeow
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
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I started out using Firecalc 10 years ago and would just reflexively leave it at 30 years. I still do that... But, lately I have wondered if I should at least look at shorter durations.
One thing that does complicate it a bit is that DH and I are 6 1/2 years apart in age so I have always tended to key it more to me (I am the younger). I do run it from time to time modifying SS and expenses for only one of us still being alive.
Figuring out individual life expectancy seems difficult. DH's father died at 79 and his mother died around 85. But, his father had serious heart problems which DH doesn't have and his mother had a disabling stroke in her 70's (high blood pressure which DH no longer has).
For me, I am adopted and never knew my birth father but I do know who he is and know something about his family. He died at age 70. My birth mother (whom I do know) is still doing well at 89 (she had a serious illness last year and almost died due to losing weight due to delirium after a broken hip...but she rebounded and is fine now). But her parents died in their mid-70s. Also my paternal grandparents both died in their mid-70s. But -- I am healthy so who knows.
Running it 30 years takes me to 95 and DH to 101. I will probably soon start also running to at 25 years and seeing what that does. Firecalc is really just a guideline....
One thing that does complicate it a bit is that DH and I are 6 1/2 years apart in age so I have always tended to key it more to me (I am the younger). I do run it from time to time modifying SS and expenses for only one of us still being alive.
Figuring out individual life expectancy seems difficult. DH's father died at 79 and his mother died around 85. But, his father had serious heart problems which DH doesn't have and his mother had a disabling stroke in her 70's (high blood pressure which DH no longer has).
For me, I am adopted and never knew my birth father but I do know who he is and know something about his family. He died at age 70. My birth mother (whom I do know) is still doing well at 89 (she had a serious illness last year and almost died due to losing weight due to delirium after a broken hip...but she rebounded and is fine now). But her parents died in their mid-70s. Also my paternal grandparents both died in their mid-70s. But -- I am healthy so who knows.
Running it 30 years takes me to 95 and DH to 101. I will probably soon start also running to at 25 years and seeing what that does. Firecalc is really just a guideline....
I'm 52 now so I run it for 18 years ( age 70). The logic being that is when I plan to take SS which will dramatically change the cash flow needed from the portfolio. If there is an obvious flaw in doing it that way feel free to let me know. Thx.
I think you want to run it for 40 years. There is a tab that is other income. You can put in the year you will start SS
I think if you put in 18 years the Calc will expect that you are anticipating expiration (death) at age 70
I think if you put in 18 years the Calc will expect that you are anticipating expiration (death) at age 70
Dtail
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Correct.
I have done that as well and it also give me 100% success which is great, but did the shorter time frame to just get an average of what I will have at 70
marko
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
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IMO, that's not how FC works and perhaps a very dangerous approach.
What your doing as asking FC is if you will run out of ALL your money in 18 years.
FC is designed to include your SS benefit and most likely will give you a higher spending number during those first 18 years as well as beyond. What you don't want is to be 70, have no money left and just be looking at SS as your only hope.
With no other insight on your situation YMMV
I hear what you're saying. I did it more to see what Firecalc would give as the average amount left over after 18 years.....
