Financial Independence Daily FI discussion thread - July 05, 2020 |
| Daily FI discussion thread - July 05, 2020 Posted: 05 Jul 2020 01:07 AM PDT Please use this thread to have discussions which you don't feel warrant a new post to the sub. While the Rules for posting questions on the basics of personal finance/investing topics are relaxed a little bit here, the rules against memes/spam/self-promotion/excessive rudeness/politics still apply! Have a look at the FAQ for this subreddit before posting to see if your question is frequently asked. Since this post does tend to get busy, consider sorting the comments by "new" (instead of "best" or "top") to see the newest posts. [link] [comments]  |
| FIRE calculators that do different and interesting things Posted: 05 Jul 2020 08:31 AM PDT I check my spreadsheet twice a year, and a guilty pleasure for me is to take my numbers and spend a couple of hours running them through different FIRE calculators to see how I'm doing. I am visual guy, not a numbers guy, so they really help me understand things in a way that my spreadsheet does not. These calcs all have slightly different approaches, but here's a list of ones I like and why: This is the one I use the most, that I compare all the others to. I don't like how the inputs are on different pages, but I like the graphic output, which is easy to understand. This one is interesting because it includes actuarial information about death rates. So, yeah, I have a 3% chance of running out of money at age 85, but I have a 30% chance of being dead, so 3% doesn't look that bad in comparison. https://engaging-data.com/will-money-last-retire-early/ I like this one because it allows you to set a goal for how much you want left over. Some of the calcs will show you 100% success if you end up with 1 dollar at age 100. This one lets you set how how much nest egg you want left over for your kids. (Or your cats. Let's be honest.) https://www.nesteggly.com/fire-retirement-calculator This one shows your nest egg in terms of how many days per year of freedom it will buy you. So if you have 500,000k saved and plan on spending 75k a year, your nest egg will pay for 97 days of freedom per year in retirement. That's kinda cool. https://engaging-data.com/freedom-calculator/ This one lets you show the effects of various rates of inflation which I don't see in other calcs. I just don't like the graphic it produces as well as the other calcs.http://www.cfiresim.com/ EDIT: Updated link from limpingrobot https://alistair-marshall.github.io/cFIREsim-open/ This one differentiates between standard, tax deferred and Roth accounts to help you plan your withdrawals better. https://www.i-orp.com/Inflate/index.html This one it has sliders for some of the inputs which are fiddly, and you need to specify different income streams at the bottom. On the plus side, it has room for spouse income and is very clear and interesting graphically. https://www.marketwatch.com/calculator/retirement/retirement-planning-calculator Honorable mention: This calc from MMM's article got me into FIRE and I have used to teach about FIRE ever since.http://networthify.com/calculator/earlyretirement So what are your favorite FIRE calculators, and what do they do that others don't? EDIT TO ADD COMMENTS FROM BELOW CALCS that allow you to save your inputs: Firecalc, Networthify, Engaging Data When Can I Retire, Nesteggly This one from abarandis has dependents, and when they will age out of your home. From Joy090, once similar to Networthify chodthewacko suggests this one. It separates tax deferred/tax free/. It needs to be downloaded or run through Java to work. https://www.flexibleretirementplanner.com/wp/ jrjjr (Creator of nesteggly) also suggests FICalc. It has different withdrawal strategies, and lets you export or share your results. For historical data, it shows which start years would have succeeded or failed for your portfolio. https://calculator.ficalc.app/ cranescult suggests this calc, which has a place for sequence of return risk which no other calc I've seen has. [link] [comments]  |
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