Author Topic: Bad Retirement Calculators  (Read 2661 times)

marielle

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Bad Retirement Calculators
« on: August 31, 2017, 06:33:55 AM »
Share your bad retirement calculators!

This one in particular will not let me put more than 40% savings rate, which is pretty common. Also, if I want to retire before 30, it claims I need $4 million or $177k in income each year...which is multiple times more than my current income. Makes sense. It gets even more confusing when I go to the full site.



Found here at the bottom of the article:
http://www.marketwatch.com/story/low-income-families-spend-40-of-their-money-on-luxuries-2017-06-28

The full calculator accounts for SS and other things, yet it seems even worse. I put $20k as my retirement expenses and a reasonable retirement age of 60, and it still recommends $44k for retirement income. I mean, I get having some leeway...but more than double!? I don't think this number is even based off of income while working, because if I use 20k as my working income (which is lower) it recommends MORE income in retirement, $49k. Adding 401k and IRAs makes the numbers even worse.
https://smartasset.com/retirement/retirement-calculator

NoVa

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Re: Bad Retirement Calculators
« Reply #1 on: August 31, 2017, 11:19:16 AM »
Not going to name names, but I just sat through a webinar on the new and improved version of ours from the company 401k provider:

- Can't adjust needs in retirement to less than 50% of current salary, but will allow you to go well over 100%
- Won't let me fix the SS amount, I have the actual number from SS, their "estimate" is too low
- Shows a monthly number based on savings, but no way to tell how they derive it or how to adjust it

At that point I just stopped looking at it.

acroy

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Re: Bad Retirement Calculators
« Reply #2 on: August 31, 2017, 11:53:54 AM »
Hahaha

I still like this one
http://www.marketwatch.com/retirement/tools/retirement-planning-calculator

best simple, visual, flexible calculator I've seen.

soccerluvof4

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Re: Bad Retirement Calculators
« Reply #3 on: August 31, 2017, 01:27:38 PM »
Share your bad retirement calculators!

This one in particular will not let me put more than 40% savings rate, which is pretty common. Also, if I want to retire before 30, it claims I need $4 million or $177k in income each year...which is multiple times more than my current income. Makes sense. It gets even more confusing when I go to the full site.



Found here at the bottom of the article:
http://www.marketwatch.com/story/low-income-families-spend-40-of-their-money-on-luxuries-2017-06-28

The full calculator accounts for SS and other things, yet it seems even worse. I put $20k as my retirement expenses and a reasonable retirement age of 60, and it still recommends $44k for retirement income. I mean, I get having some leeway...but more than double!? I don't think this number is even based off of income while working, because if I use 20k as my working income (which is lower) it recommends MORE income in retirement, $49k. Adding 401k and IRAs makes the numbers even worse.
https://smartasset.com/retirement/retirement-calculator



worked out to be right where i was pretty much.

FireHiker

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Re: Bad Retirement Calculators
« Reply #4 on: August 31, 2017, 02:26:42 PM »
Gosh, we have passed 40% savings this year and I feel like we still have a LOT of room for improvement.

I am still irritated with the Vanguard calculator that won't let me put in a retirement age younger than 50.

jinga nation

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Re: Bad Retirement Calculators
« Reply #5 on: August 31, 2017, 02:29:27 PM »
Gosh, we have passed 40% savings this year and I feel like we still have a LOT of room for improvement.

I am still irritated with the Vanguard calculator that won't let me put in a retirement age younger than 50.
I felt that too. Like a feeling of betrayal from a company where I have my 401K, brokerage account (for funds, natch), wife's IRA, etc.

BTDretire

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Re: Bad Retirement Calculators
« Reply #6 on: September 01, 2017, 08:26:52 AM »
Hahaha

I still like this one
http://www.marketwatch.com/retirement/tools/retirement-planning-calculator

best simple, visual, flexible calculator I've seen.

 I played with it a little, I put in $1M and $50k a year and it got me to 85 before I was broke.
 Ah! found the growth rate, adjusted fom 5% to 7% and now I won't be broke until I'm 95.
 I don't see any Social security adjust.
 OK, found that, now I can live to 120+.  I'm disappointed it only goes to 120 years old.
Just kidding! :-)
 Still like the first one I ever tried, FireCalc.
 I like this one though, just keep looking and it has lots of tweaks.
 The problem with tweaks on all of them, is most of the tweaks are just a best guess
about the future.

martyconlonontherun

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Re: Bad Retirement Calculators
« Reply #7 on: September 01, 2017, 09:26:34 AM »
I'm in the process of making my own because I hate how they aren't flexible.

What is you salary increase?
Um last year it was 2%, this year 15%, guessing 10% next but I 'know' it will drop to 35 for a set number of year before I hit the next bench mark.

Whats your 401k contributions yearly?
Well, right now it is 24%, will go up for 2 years, drop when I have kids a little, go up in 4 years when Sloans are done, and go way up when mortgage is done. Add in the 'known' salary increases. It's hard to put a set number.

Wish there was an only calculator where you change inputs yearly as I can reasonable guess my next ten years and know the variability in it.

markbike528CBX

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Re: Bad Retirement Calculators
« Reply #8 on: September 01, 2017, 09:49:20 AM »
Hahaha

I still like this one
http://www.marketwatch.com/retirement/tools/retirement-planning-calculator

best simple, visual, flexible calculator I've seen.

 I played with it a little, I put in $1M and $50k a year and it got me to 85 before I was broke.
 Ah! found the growth rate, adjusted fom 5% to 7% and now I won't be broke until I'm 95.
 I don't see any Social security adjust.
 OK, found that, now I can live to 120+.  I'm disappointed it only goes to 120 years old.
Just kidding! :-)
 Still like the first one I ever tried, FireCalc.
 I like this one though, just keep looking and it has lots of tweaks.
 The problem with tweaks on all of them, is most of the tweaks are just a best guess
about the future.
Off topic, I like the marketwatch calculator, used it to demonstrate to DW what we have.
Is there any way to adjust the housing expense separately? The amount they have for housing is what I'm overpaying to finish a 30 yr in 6 years.    I've taken to just setting the inflation rate on housing to 0% and by the end of life, the housing costs in constant dollars comes out about right.