Question on figuring FireCalc

[JanetCK]

Hi. I'm not "new" new -- introduced myself a while back -- and since then lurk a little.


I have a couple of questions about FireCalc

On the first page, does "spending" mean what I live on after taxes & savings & work expenses that I'll shed?

Is there anywhere to calculate the results of retiring a full-time job and then picking up a small part-time gig afterward for a few years?

I'd like to leave soon, but then live only on our pensions supplemented by a 1099 at-home thing I have going that nets +/- $10k a year for a bit. That way our nest egg could grow as long as it can, since our pensions have a 2% inflation cap. (And what that means for us is for years where there's no inflation assessed by the govt (like the last 2-3 years), I get no COLA, but if there's 17% I get 2%.)

Thanks in advance.

 

[REWahoo]

On the first page, does "spending" mean what I live on after taxes & savings & work expenses that I'll shed?

Janet, "spending" is what you believe your estimated annual expenses will be in retirement, including taxes.

Is there anywhere to calculate the results of retiring a full-time job and then picking up a small part-time gig afterward for a few years?

Yes. It is a bit convoluted, but not difficult.

In the "Other Income/Spending" tab, click the first "Pension Income (or off chart spending reduction)" button, then enter the year you plan to start the P/T job and annual income amount. To remove the income, use the next line, but click the "off chart spending" button, enter the year you plan to stop the part time job, and the same amount you entered on the line above. This cancels out your P/T earnings effective that year and going forward.

 

[JanetCK]

Janet, "spending" is what you believe your estimated annual expenses will be in retirement, including taxes.

Yes. It is a bit convoluted, but not difficult.

In the "Other Income/Spending" tab, click the first "Pension Income (or off chart spending reduction)" button, then enter the year you plan to start the P/T job and annual income amount. To remove the income, use the next line, but click the "off chart spending" button, enter the year you plan to stop the part time job, and the same amount you entered on the line above. This cancels out your P/T earnings effective that year and going forward.

Thanks, Wahoo.

Is there a way to add extra lines on that "other income/spending" tab? I need another line or two.

 

[REWahoo]

Sorry, I'm not aware of any way to expand the options on that page.

 

[LOL!]

A similar, but much more flexible, calculator can be found at otar retirement calculator

The free version does not allow you to change your age, but so what? All ages are relative anyways.

 

[REWahoo]

The free version does not allow you to change your age, but so what? All ages are relative anyways.

I think this guy should be charging a lot more than $99.99 if he's discovered a way for people to change their age...

 

[Nords]

I think this guy should be charging a lot more than $99.99 if he's discovered a way for people to change their age...

Depends on which way they're going... some parts of it I can do for free.

 

[afntrn56]

A similar, but much more flexible, calculator can be found at otar retirement calculator

The free version does not allow you to change your age, but so what? All ages are relative anyways.

Age 55 in free version works good for me at 54!! I don't see any way of including Social Security income in this program. In my haste did I miss something there? I guess if it looks good with the money I have then Social is just frosting on the cake!