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What do you think about this: FIRE = financial independence retire early

  1. #16
    Join Date
    Feb 2018
    Posts
    443
    Will we out live our money? That question cannot be answered in just years alone. You will spend your money differently at older ages than you would 10-20 years prior. I have no desire to have a heartbeat for as long as I can. I insist on quality of life not longevity. I have witnessed the dark side of old age i.e., dementia and it is the equivalent of marriage without a spouse. I don't want to save my money only to give it to a healthcare facility that provides a chair for me to sit in while I don't realize I'm alive. Suicide can be justified in some instances.

  2. #17
    Join Date
    Feb 2015
    Posts
    1,759
    I agree with you fmdog44, about suicide.

  3. #18
    Join Date
    Aug 2016
    Location
    Nrw Jersey
    Posts
    807
    I would say it depends on (not necessarily in order of importance):
    1. How much the couple wants to retire early...is it more important than spending on "stuff" now?
    2. At what age they plan to retire (I think 30 is impractical unless they have a side business that's sure to continue to generate income like my cousin and her husband who became millionaires their first year of multi level marketing with a health company).
    3. How high or low the cost of living is in their area.
    4. How frugal-savvy they are.
    5. How many children they have. The more they have, the less likely they will be able to reach their saving goals.
    6. What their current salaries are.
    Some young people are turning to living in tiny homes, some even building them themselves, so they can skip the big mortgage payments. I've heard of Mr. Moustache before and other couples who retired really early as well. They are making it work.

  4. #19
    Join Date
    Aug 2016
    Location
    Nrw Jersey
    Posts
    807
    Quote Originally Posted by Aunt Bea View Post
    FIRECalc was helpful to me.

    https://www.firecalc.com/

    I read and learned from many sources different ways to make early retirement a reality.
    Some time ago a gentleman on another site told me about FIREcalc. It left me scratching my head going "WTH"?!! Just clicked on the link to see if I could try it again out of curiosity but didn't see where to input my SS & pension after clicking on Start Here even though they mention that there are fields for that.

  5. #20
    Join Date
    Aug 2016
    Location
    Near Mount Pilot
    Posts
    4,313
    Quote Originally Posted by OneEyedDiva View Post
    Some time ago a gentleman on another site told me about FIREcalc. It left me scratching my head going "WTH"?!! Just clicked on the link to see if I could try it again out of curiosity but didn't see where to input my SS & pension after clicking on Start Here even though they mention that there are fields for that.
    It is a little confusing.

    You enter your portfolio on one page and SS/pension on another page.

    OTHER INCOME/SPENDING
    https://www.firecalc.com/

    You can also add inflation assumptions on another screen.

    After you have submitted your data you can click on Display Input Data in the upper right-hand corner of the screen to verify the assumptions that are being used.

  6. #21
    Join Date
    Jul 2016
    Location
    bayside ,queens , ny
    Posts
    811
    i find it easiest to use by only stress testing the portfolio portion and not entering expenses or other outside income .

    just subtract out all other income sources from your income needs and what is left has to be provided by the portfolio. i use firecalc to set goal posts not to calculate spending .

    so as an example , lets say you need 100k in income . you get 30k in pension and 20k in ss . so that leaves 50k left for the portfolio to provide . i would stress test the portfolio for 50k in firecalc to see if it can maintain that with a high success rate .

    i am more concerned with knowing our total income generating potential over all than of what my expenses come to .

    our budget is about 40-50% discretionary spending so we want to know what are our goal posts we have to stay within , then we design the years goings on to fit .
    Last edited by mathjak107; 04-26-2018 at 06:53 AM.

  7. #22
    Join Date
    Aug 2016
    Location
    Nrw Jersey
    Posts
    807
    Quote Originally Posted by Aunt Bea View Post
    It is a little confusing.

    You enter your portfolio on one page and SS/pension on another page.

    OTHER INCOME/SPENDING
    https://www.firecalc.com/

    You can also add inflation assumptions on another screen.

    After you have submitted your data you can click on Display Input Data in the upper right-hand corner of the screen to verify the assumptions that are being used.
    Thank you Aunt Bea. I see now that the other income has it's own tab. Other comprehensive calcs I used had one continuous flow. I haven't had a chance to use it yet but I was searching for a comprehensive calc for my son and DIL and found one that seems good. I want to try that one too...just for fun. I've been retired for 20 years now and am still investing and saving not taking distributions (except for my RMDs).

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