I hope that the case study is the right place to put this.
I have tried to make a detailed calculation (see attachment) of what our income would be during FIRE. All amounts are in Norwegian crowns, at the moment 1 USD = 8,5 NOK. In the first column I put different scenarios of free assets (yes, I understand that free assets are not a part of my house, but rather money invested in an index fund). This was done to find out how much we'll actually need. I count on us not having any income during FIRE, which might be unrealistic.
We know pretty well how much on average we save per year, but we don't know exactly how much we spend per year. I can calculate from my own bank account, but can't look into my DH's account.
As 2017 will a normal year (not buying a house), we will make up a good status at the end of 2017. Until then we calculate that we need somewhere around 450.000 - 500.000 NOK per year, provided we live in a mortgage free house like we do today.
I put in the safe 4% withdrawal. Of course there is no inflation in the picture. I hope that is compensated for by any extra income from investments. Therefore only 4%.
As you can see in the sheet, we are set pretty well from the age of 67 with the pensions we also have built up. These will also grow as we continue to work until 2023. About half of my pension is unclear as the provider is still defining the rules and doesn't want to answer my questions. So I have only counted the part I am certain about. Until the age of 67 we'll need to live on our assets. I thought it would be natural to use the stash up during those 17 years, with a bit of margin, as there is no reason to keep it forever.
The persons in the sheet are myself (L) and my DH (E). We do not have children.
Are there any obvious flaws in my calculation? Or am I on right course and is it just a matter of finding out how much we need per year and then finding the right row?