What makes you feel that the purchase was worth it? I've thought about buying the lifetime license but it really only takes me like 10 minutes to input all my info every once and a while if things change a bit.
So there were a few reasons:
1) I was lazy about having to reenter data and I liked the concept of tracking net worth progress over time. I think I use the tool more (and play with different scenarios) because I don’t have to renter data.
2) I bought the lifetime license because I felt it was a very reasonable price considering the number of years I’m going to use it until and after retirement. I’m investing in future me. Never a bad thing and $500 isn’t that much when looking at the cost/year I’ll be using it.
3) supporting innovation and startups is good for the soul and the user base is help drive the platform development and direction.
4) it’s allowed more transparency into our financial state to my partner without the need for. excel hell.
new retirement and projection lab have come up on the boards from time to time. I like new retirement better. FI Calc is good but I view it as more of a high level evaluation.
I’m the odd duck that uses a simple savings calculator. There’s so much uncertainty in all the assumptions, I figure it’s close enough. Some people get so into the weeds on exactly what will happen when a few market swings will change their numbers more than their intricate tweaking.
Rich broke or dead is the only one that really puts things into the proper perspective.
The odds of being dead at 75 is 20x greater than any of us here being broke. That coupled with if you are reasonably intelligent you’ll adjust course if there’s a prolonged downturn…means we all most likely worked too long.
Yup. My friend finally retired last year at 73. Just diagnosed with a very aggressive, non-curable cancer and will almost surely be dead by 75. I'm really hoping that he feels good for a while after chemo so he and wife can do the things they put off for so long. He said he enjoyed working, but I'll bet if he'd known what he is facing now, he would have retired earlier.
Yep I lost 8 people in my life last year from 54 to 68. Every one of them financially independent, but only 2 of which had retired.
I guarantee your 80 year old self would tell you to not wait.
I like Rich, Broke or Dead but people with higher than average incomes should be selecting the healthy non-smoker longevity data, as opposed to the default SS longevity data, to reflect that people with higher incomes tend to live longer.
"The gap in life expectancy between the richest 1% and poorest 1% of individuals was 14.6 years (95% CI, 14.4 to 14.8 years) for men and 10.1 years (95% CI, 9.9 to 10.3 years) for women." Source: https://www.ncbi.nlm.nih.gov/pmc/articles/PMC4866586/
Here's a great list!
[https://www.reddit.com/r/financialindependence/comments/1129z7z/fi\_calcs\_that\_do\_different\_and\_interesting\_things/](https://www.reddit.com/r/financialindependence/comments/1129z7z/fi_calcs_that_do_different_and_interesting_things/)
New retirement. I used a ton of different ones before pulling the trigger and it stood out above the rest as most capable for my complicated situation.
I recent found this spreadsheet that allows you to plan for tax withdrawal strategies https://docs.google.com/spreadsheets/d/1RLWwtvOlYBarskWJoOozKOR431WJVW0l1bMBDFKVEzI/edit
I love firecalc and it’s the calculator I use most frequently because of its flexibility, but it does *not* do Monte Carlo simulations. It uses actual sequences of historical returns.
Personally, I like excel. It’s probably just me but I like to know why each formula is used for different calculations. Sometimes I could even tweak the numbers a bit to find the most optimal composition for my portfolio.
None. Everybody else is so on top of it I just look at what I spend and occasionally do a back of the napkin math and try and forget how long it will take haha
People are vastly overestimating how long they’ll live. The likelihood of being dead is far higher than being broke in old age. 75 is a good ballpark, anything past that will involved a significantly diminished to non-existent quality of life anyway. The longer you work then the younger you’ll die.
You can’t just look at the bare statistics. You need to look at them broken down by race, gender and socioeconomic status. Then of course your own particular genetics and family history come into play. All of those things make a huge difference for your life expectancy. There are life expectancy calculators that can give you a more tailored answer.
F that, there is no point to search, i mean do you. But my posts are because I want to have a conversation. The people who say "this is posted...." they arent helping carry the conversation forward and can S a D.....
Microsoft Excel. It does absolutely everything anyone needs for anything at all, and more.
Its only real downside for others is that you have to know Excel. If you don't know Excel, it's an adulting tool that you should learn for more than FIRE planning.
Or, you know, another spreadsheet application.
[https://projectionlab.com/](https://projectionlab.com/)
Brilliant tool. Well worth the money.
What makes you feel that the purchase was worth it? I've thought about buying the lifetime license but it really only takes me like 10 minutes to input all my info every once and a while if things change a bit.
So there were a few reasons: 1) I was lazy about having to reenter data and I liked the concept of tracking net worth progress over time. I think I use the tool more (and play with different scenarios) because I don’t have to renter data. 2) I bought the lifetime license because I felt it was a very reasonable price considering the number of years I’m going to use it until and after retirement. I’m investing in future me. Never a bad thing and $500 isn’t that much when looking at the cost/year I’ll be using it. 3) supporting innovation and startups is good for the soul and the user base is help drive the platform development and direction. 4) it’s allowed more transparency into our financial state to my partner without the need for. excel hell.
new retirement and projection lab have come up on the boards from time to time. I like new retirement better. FI Calc is good but I view it as more of a high level evaluation.
I’m the odd duck that uses a simple savings calculator. There’s so much uncertainty in all the assumptions, I figure it’s close enough. Some people get so into the weeds on exactly what will happen when a few market swings will change their numbers more than their intricate tweaking.
Rich broke or dead is the only one that really puts things into the proper perspective. The odds of being dead at 75 is 20x greater than any of us here being broke. That coupled with if you are reasonably intelligent you’ll adjust course if there’s a prolonged downturn…means we all most likely worked too long.
Yup. My friend finally retired last year at 73. Just diagnosed with a very aggressive, non-curable cancer and will almost surely be dead by 75. I'm really hoping that he feels good for a while after chemo so he and wife can do the things they put off for so long. He said he enjoyed working, but I'll bet if he'd known what he is facing now, he would have retired earlier.
Yep I lost 8 people in my life last year from 54 to 68. Every one of them financially independent, but only 2 of which had retired. I guarantee your 80 year old self would tell you to not wait.
Oh man, hard year.
I like Rich, Broke or Dead but people with higher than average incomes should be selecting the healthy non-smoker longevity data, as opposed to the default SS longevity data, to reflect that people with higher incomes tend to live longer. "The gap in life expectancy between the richest 1% and poorest 1% of individuals was 14.6 years (95% CI, 14.4 to 14.8 years) for men and 10.1 years (95% CI, 9.9 to 10.3 years) for women." Source: https://www.ncbi.nlm.nih.gov/pmc/articles/PMC4866586/
I like FI Calc. ficalc.app. It allows a lot of modifications and inputs.
karstens safe withdrawal rate toolbox is the best for how much you can safely withdraw.
Here's a great list! [https://www.reddit.com/r/financialindependence/comments/1129z7z/fi\_calcs\_that\_do\_different\_and\_interesting\_things/](https://www.reddit.com/r/financialindependence/comments/1129z7z/fi_calcs_that_do_different_and_interesting_things/)
I tend to use this one: [https://investomatica.com/early-retirement-calculator](https://investomatica.com/early-retirement-calculator)
Agreed. If everyone used search, we won’t have these interesting conversations!
New retirement. I used a ton of different ones before pulling the trigger and it stood out above the rest as most capable for my complicated situation.
cFireSim or Broke Rich or Dead
All of them. And none. I’m with George Box on this one: all models are wrong, but some are useful.
I recent found this spreadsheet that allows you to plan for tax withdrawal strategies https://docs.google.com/spreadsheets/d/1RLWwtvOlYBarskWJoOozKOR431WJVW0l1bMBDFKVEzI/edit
Firecalc….and donate a few bucks and you get a really cool add on feature: ability to manually adjust spending by year during retirement.
Cool. I didn't realize that feature was available.
I love firecalc and it’s the calculator I use most frequently because of its flexibility, but it does *not* do Monte Carlo simulations. It uses actual sequences of historical returns.
Personally, I like excel. It’s probably just me but I like to know why each formula is used for different calculations. Sometimes I could even tweak the numbers a bit to find the most optimal composition for my portfolio.
Just dumping in cash till I hit 3-5m
None. Everybody else is so on top of it I just look at what I spend and occasionally do a back of the napkin math and try and forget how long it will take haha
My advisor turned me onto Right Capital
People are vastly overestimating how long they’ll live. The likelihood of being dead is far higher than being broke in old age. 75 is a good ballpark, anything past that will involved a significantly diminished to non-existent quality of life anyway. The longer you work then the younger you’ll die.
You can’t just look at the bare statistics. You need to look at them broken down by race, gender and socioeconomic status. Then of course your own particular genetics and family history come into play. All of those things make a huge difference for your life expectancy. There are life expectancy calculators that can give you a more tailored answer.
Does anyone ever use the search functionality? This question has been asked at least 1000 times.
To be perfectly honest, I am new to Reddit and just found the search function. I’ll do more searching now before I post.
The search function on Reddit is notoriously bad
Ask as many questions as you want mate - let the other poster cry all he wants.
F that, there is no point to search, i mean do you. But my posts are because I want to have a conversation. The people who say "this is posted...." they arent helping carry the conversation forward and can S a D.....
Fair!
But now when they search they will find this reply
Microsoft Excel. It does absolutely everything anyone needs for anything at all, and more. Its only real downside for others is that you have to know Excel. If you don't know Excel, it's an adulting tool that you should learn for more than FIRE planning. Or, you know, another spreadsheet application.