On the flip side, did you change the duration to shorten the time left, or stay at 30 years?
On the flip side, did you change the duration to shorten the time left, or stay at 30 years?
I knew getting older had some advantages. I don't need to run any of the calculators anymore... I can just look at my age and then look at my stash and call it good enough... Unless modern medicine comes up with a way to really extend lifespans "significantly" in the next decade, I'm good. I don't even worry about double digit inflation "too much". Best of luck to all of you young guys and gals.Well, since I've only been retired for 1 1/3 year I've kept it at 40 years. I guess I'm a little worried about SORR at this point.
Does Firecalc account for inflation?
For example, say inflation averages 15%+ and cost of living doubles in the next five years. How does it deal with that?
You know this, of course, but FIRECalc is not predictive. It just tells you how you would have done in the past. Last time you looked at it, you undoubtedly saw some scenarios where you would have been wildly successful, but perhaps now not as many of those. Try not to worry about it.
* This also assumes your budget is correct. If you spend more than you used for Firecalc input, you may fail even with a 100% Firecalc score. My concern was never really about getting beyond the mid-90s to a 100% success score, it was trying to make sure my budget covered everything reasonable.
I knew getting older had some advantages. I don't need to run any of the calculators anymore... I can just look at my age and then look at my stash and call it good enough... Unless modern medicine comes up with a way to really extend lifespans "significantly" in the next decade, I'm good. I don't even worry about double digit inflation "too much". Best of luck to all of you young guys and gals.
I also haven't run it lately either.
I wonder if somewhere within the Firecalc (or I-orp, or....) program, you can see the sucess ratings of each individual period tested. IOW, it might be useful to know if the periods were the worst in the early years or the latest years were making the most lows.
Exactly, I've added and added to our FatFIRE retirement budget as the market shot up, but to be honest I'd still be fine with LeanFIRE if that's what the markets dictated.I planned conservatively to avoid this, building a buffer so that what Firecalc said was my 100% level was about 33% more than our planned spending. It is not necessarily the optimal thing to do, but what has worked for us.
There are at least two other sims like FIRECalc that do what you ask. One, I know, is verboten here - not sure about the other.