Firecalc Age Gap

[hausfrau]

I'm sure this question has been asked before, but I was unable to find it.

DH and I have a 12 year age gap (he is older). When I plug our numbers into Firecalc, is it correct to use my expected years of retirement to test the viability of our assets? Or is that too conservative?

Right now, I'm using our combined annual expenses and combined retirement assets (we're about 60/40 for assets) with my life expectancy to run the calculator. Is that the best way to use the calculator?

Thanks for any input you might have.

 

[golfnut]

That's what I do when running firecalc - use my wife's LE as she is younger than I.

 

[rodi]

I use the longer life expectancy - in our case, me.

My husband is 9.5 years older than me - but he has longevity on his side, and I don't. All of my calcs have him living to 100, and me to 95... so you'd think, lower expenses once he kicks it for the last 4-5 years. But I also assume those last years will be expensive years (assisted living or nursing home) so I don't reduce the spend - only the income - since his SS will no longer be in the picture.

 

[Midpack]

I use the longer life expectancy - in our case, me.

My husband is 9.5 years older than me - but he has longevity on his side, and I don't. All of my calcs have him living to 100, and me to 95... so you'd think, lower expenses once he kicks it for the last 4-5 years. But I also assume those last years will be expensive years (assisted living or nursing home) so I don't reduce the spend - only the income - since his SS will no longer be in the picture.

+1, I'd use the longer life expectancy.

If you're concerned that overstates spending for many years after the first spouse goes poof, you can modify spending to account for same by becoming a registered FIRECALC Supporter. It doesn't cost anything, but I strongly recommend making at least a small donation, FIRECALC is a valuable tool. IF you become a supporter, you can manually enter spending year by year. Supporters see this added choice on the Spending Model page.

Best of luck...

 

[hausfrau]

Thanks for your replies. I figured as much, but I just wanted to make sure I wasn't being overly cautious. That manual entry page is sweet. I never noticed that link. That will very helpful when planning educational expenses for our kiddo. Yes, I am a supporter. I think it's a very valuable tool.

 

[haloFIRE]

Thanks for asking the question hausfrau. DW and I have a big gap between us age wise. I've been using her longer life expectancy. Your post and the subsequent answers helped reaffirm my decision.

Thanks!