Is Firecalc's "Spending" on the "Start Here" today's value?

[cyber888]

I was just wondering whether Firecalc's Spending number at the "Start Here" Page is your spending in today's value, and not the spending value when you set your retirement 3 or 5 years from now. Thanks.

[GalaxyBoy]

From the "spending" tab:

"FIRECalc adjusts just about everything for inflation. Any exceptions will be noted prominently."

[cyber888]

Quote:

Originally Posted by GalaxyBoy From the "spending" tab: "FIRECalc adjusts just about everything for inflation. Any exceptions will be noted prominently."

Yes, I read that and I know it's adjust for inflation. But they also ask you when you are retiring, so if you are retiring in 2024 and you already projected your spending for the year 2024 (your retirement year) as $65,000, I am aware that Firecalc will adjust your spending going into 2025, 2026, 2027, 2030 and so on, after you retire in 2024. Do you put $65,000 - your projected spending for the date of your retirement in 2024 ?
Or do you put your spending now, 2021 .. let's say your spending now is only $57,000.

[Gumby]

In your situation, I would put today's spending ($57k) in the "start here" tab. Then, on the next tab, "Other income/spending", I would add $8k as "Off Chart Spending" starting in 2024, and check the inflation adjusted box.

[cyber888]

Quote:

Originally Posted by Gumby In your situation, I would put today's spending ($57k) in the "start here" tab. Then, on the next tab, "Other income/spending", I would add $8k as "Off Chart Spending" starting in 2024, and check the inflation adjusted box.

Ok thanks!