MasterBlaster
Thinks s/he gets paid by the post
- Joined
- Jun 23, 2005
- Messages
- 4,391
Well just for fun I've been playing around with Firecalc and have been plugging it's output numbers into my after tax (spendable) spreadsheet. between Firecalc and my tax spreadsheet I get some very interesting numbers:
1) According to firecalc I could retire now and have around $1000 more per month than I am now spending. That calculation includes an additional hefty medical insurance payment.
2) If I keep working till I'm 55 (~67 months out) My after tax income doubles to that in #1 above.
3) at age 60 my real income is ~3 times what I could get now.
4) If I work till I'm just under 65 The after tax income is quadruple (4 times) of my income in #1 above.
5) at full SS retirement I get arount 4.5 times the income seen in #1 above.
The implications are profound. That if I work for just a few more years, then I could double,triple,quadruple or more my current spending. The calculations above are due to several factors, such as pension key dates occuring, selling of key assets, and social security increasing at full retirement age, and investment returns - of course.
I feel that I live pretty well now with my present (somewhat frugal) spending. If I were to increase it by a factor of 4.5 times that would seem like fabulous wealth.
Other than traveling in style I really don't quite know what I'd do with that much cashflow. Although I probably won't work until I hit SS full retirement age I like the implications.
Makes me dream big and wonder...
The other implication is that, just maybe, I have been saving too much all of my life. Or that I should spend a little more now than I normally would. After decades of my current (somewhat frugal) spending pattern it is a bit hard to suddenly change ways and start spending money that I don't have to.
But still, it makes me dream big and wonder...
Any comments ?
1) According to firecalc I could retire now and have around $1000 more per month than I am now spending. That calculation includes an additional hefty medical insurance payment.
2) If I keep working till I'm 55 (~67 months out) My after tax income doubles to that in #1 above.
3) at age 60 my real income is ~3 times what I could get now.
4) If I work till I'm just under 65 The after tax income is quadruple (4 times) of my income in #1 above.
5) at full SS retirement I get arount 4.5 times the income seen in #1 above.
The implications are profound. That if I work for just a few more years, then I could double,triple,quadruple or more my current spending. The calculations above are due to several factors, such as pension key dates occuring, selling of key assets, and social security increasing at full retirement age, and investment returns - of course.
I feel that I live pretty well now with my present (somewhat frugal) spending. If I were to increase it by a factor of 4.5 times that would seem like fabulous wealth.
Other than traveling in style I really don't quite know what I'd do with that much cashflow. Although I probably won't work until I hit SS full retirement age I like the implications.
Makes me dream big and wonder...
The other implication is that, just maybe, I have been saving too much all of my life. Or that I should spend a little more now than I normally would. After decades of my current (somewhat frugal) spending pattern it is a bit hard to suddenly change ways and start spending money that I don't have to.
But still, it makes me dream big and wonder...
Any comments ?