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Learning, Sharing, and Teaching => Ask a Mustachian => Topic started by: mustachianteacher on December 26, 2015, 04:35:11 PM

Title: Do you have a favorite retirement calculator?
Post by: mustachianteacher on December 26, 2015, 04:35:11 PM
I'm familiar with MMM's shockingly simple math behind achieving FI, but I still like playing around with online calculators that try to address all the variables. Thus far, I have used FireCalc several times and really liked it. I've tried I-ORP a couple of times, but I have to confess that I just don't understand its output very well, so I haven't returned to that one in a while. (Yes,  I read all the definitions. I'm still confused.)

Anyone else have any favorites? Suggestions?
Title: Re: Do you have a favorite retirement calculator?
Post by: davisgang90 on December 26, 2015, 07:01:28 PM
I like this one:  http://financialmentor.com/calculator/best-retirement-calculator
Title: Re: Do you have a favorite retirement calculator?
Post by: MDM on December 26, 2015, 07:39:07 PM
I've tried I-ORP a couple of times, but I have to confess that I just don't understand its output very well....
It does hit you with a lot of output, that's true, and is more complex than most.  Whether that is good or bad might depend on which saying one believes applicable:
1) William of Occam (https://en.wikipedia.org/wiki/Occam's_razor): Among competing hypotheses, the one with the fewest assumptions should be selected.
2) H.L. Mencken (http://www.bartleby.com/73/1736.html): There is always an easy solution to every human problem—neat, plausible, and wrong.

If you have some specific questions about the i-orp output it might be worthwhile posting here to see if the community can provide a helpful perspective.

Title: Re: Do you have a favorite retirement calculator?
Post by: arebelspy on December 26, 2015, 08:17:46 PM
I prefer Networthify (http://networthify.com/calculator/earlyretirement) for a quick simple estimate, and cFIREsim (http://www.cfiresim.com/) for more in-depth calculations.
Title: Re: Do you have a favorite retirement calculator?
Post by: mustachianteacher on December 27, 2015, 06:44:38 PM
These are great, thanks! I'll definitely have a closer look at them when I have a good long stretch of time.

MDM, I got the big picture from I-Orp, and the big picture was sufficient, but that's what prompted me to ask for other calculators. Can't hurt to plug my numbers into more than one.
Title: Re: Do you have a favorite retirement calculator?
Post by: MDM on December 27, 2015, 06:57:04 PM
Can't hurt to plug my numbers into more than one.

Very true - we've done exactly that.