budget spreadsheet change 2

[Rustic23]

I changed the spread sheet. I added an area that calculates taxes and takes into consideration the effect of income on the taxation of Social Security. You can now enter your budget, inflation adjustments and see what effect it will have on your ability to retire over the next 35 years. I also wrote some instructions. You can download the spreadsheet, instruction or both at the website below.

http://www.class68d.org/bsi.htm

The tax calculation is for married filing jointly MFJ. You can make changes for some other status. Also, I only have tax figures up to the top of the 25% bracket. For MFJ that is a little over $119,000. Sorry I figure if you have more income without SS you most likely don’t need the use of this spreadsheet.

Please let me know what you think. If you have questions you don’t want to put here email me at jtcspc@houston.rr.com

Mistake in the Tax calculations. Good news it was figuring too much tax. I think I have it corrected.

 

[REWahoo]

Re: budget spreadsheet

I'll leave it to those more qualified on the forum to respond to your request to evaluate your spreadsheet. But I have to confess to being intrigued by your call sign and doing a little snooping on the web address you gave. Laughlin AFB Class 68D. That was a long time ago and a very interesting experience.

REWahoo, Columbus AFB Class 71-07

 

[JohnP]

Re: budget spreadsheet

Rustic23 - Altus'65 summer camp and rotc '67 commissioning here...  Lots of USAFers on this forum.  Welcome to this forum!

I downloaded your Financial Forecasting Model spreadsheet yesterday.  It took me a while but I got the hang of it finally and I like it!  So far, I added a couple columns and a couple Charts so it would better-match the way my mind works.   I added a column in the Top row 4-43 cells to combine Savings and Checking because some what-ifs resulted in high checking balances along the way which I wanted to track in one place.  I also added a column in the same row 4-43 set of cells to subtract the expenses from the four incomes and then divide by the sum of savings and checking;  this is to indicate the level of %withdrawal - to me, when the withdrawals of total savings  exceeds a number above 4-5% or so then that's an indicator of an out-of-control situation.

I added two charts which just showed the top 4-32 row cells from the Model to show the trends. 

I backed up the beginning years of the chart so that I could see the progress of real data from the past few years and compare trends to the forecasted data. 

Originally, I was wondering why you fully taxed the withdrawal amount but thought about it and decided that much of it would either be fully taxed RMDs or taxed on 3-4% dividends anyway, so I think you were fiscally conservative in the Est Taxes column.

I liked the spreadsheet - have been doing a bunch of what-ifs with it today and still think that I'll be able to retire!!! 

DW and I formally retired 3 years ago and are loving it.  Jump in, the water's fine.

Best regards
JohnP

 

[Rosalita]

Re: budget spreadsheet

What do you mean by "retire again" in May Rustic23?
Did you try it before? And if so, what made you go back to the workforce?

 

[Rustic23]

Re: budget spreadsheet

I 'retired' three times. Each time something came along that brought me back to the workforce. I think I could have made it each time, but they were interesting offers, and I had fun doing them.