Author Topic: Lost my FIRE calculator. Any ones folks can recommend?  (Read 1054 times)

caracarn

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Lost my FIRE calculator. Any ones folks can recommend?
« on: May 22, 2023, 10:08:57 AM »
So I had used a calculator on the Voya website attached to my 401(k) from another employer for many years.  I had vetted its results here and many said it appeared to be doing the right math, so it was great as it would tell me my FIRE date or if I worked until 67 what my spending would be at any given point.   It took into account future investments, SS etc. and I loved having this tool.   I checked it every 6-12 months, basically when I wanted a nice pick me up about how things were looking to get me through crap news at work etc.   Today was one of those days after a poor week last week, but I found on the calculator is GONE!!   I just hung up with Customer Service and they verified what I am looking for is no longer available to me.   

So is there another tool folks have found that gives you these crucial details after you feed it the info it needs?   

RWD

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Re: Lost my FIRE calculator. Any ones folks can recommend?
« Reply #1 on: May 22, 2023, 10:33:59 AM »
You can probably do a similar thing with cFIREsim though it'd likely be more manual input.

There's a well-known simple calculator here: https://networthify.com/calculator/earlyretirement

caracarn

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Re: Lost my FIRE calculator. Any ones folks can recommend?
« Reply #2 on: May 22, 2023, 10:48:16 AM »
You can probably do a similar thing with cFIREsim though it'd likely be more manual input.

There's a well-known simple calculator here: https://networthify.com/calculator/earlyretirement

I looked at cFireSim, but that just seems to be Monte Carlo analysis that I need to interpret.   That's been my challenge.  While I feel confident in most thing personal finance, based on the stakes of getting this wrong, I just liked the fact that Voya was doing that but then just same back with two sentences.    "You can retire July 2024 with spending of $48,000/yr.  If you wait until age 67 you will be able to withdraw $109,000/year."   I'd love something that gives me that.  Otherwise I need guidance on how to use something to figure that out.   Far, far too many results with cFireSim and not sure how I get those two measures from the data it gives me.

Sandi_k

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Re: Lost my FIRE calculator. Any ones folks can recommend?
« Reply #3 on: May 22, 2023, 10:51:28 AM »
I like the one at NewRetirement.com

ChickenStash

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Re: Lost my FIRE calculator. Any ones folks can recommend?
« Reply #4 on: May 22, 2023, 12:14:33 PM »
I like this one for the quickie checkup type simulations.

https://engaging-data.com/fire-calculator/

caracarn

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Re: Lost my FIRE calculator. Any ones folks can recommend?
« Reply #5 on: May 22, 2023, 12:31:08 PM »
I like the one at NewRetirement.com
Did the free option and it is better to understand.   Need to play with it for a bit.    Do you just use the free option or one of the paid levels, and if so have you found it worthwhile for the added expense to the further detail.   I do like they offer a fee only CFP option as if I was to use one it would be a fee only.

Sandi_k

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Re: Lost my FIRE calculator. Any ones folks can recommend?
« Reply #6 on: May 22, 2023, 02:09:56 PM »
I like the one at NewRetirement.com
Did the free option and it is better to understand.   Need to play with it for a bit.    Do you just use the free option or one of the paid levels, and if so have you found it worthwhile for the added expense to the further detail.   I do like they offer a fee only CFP option as if I was to use one it would be a fee only.

I just use the free version. It saves my data, so I can update it a couple of times per year, which is awesome. It also allows me to add in "one time" events, like an inheritance, or vacation leave payout when I retire.

caracarn

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Re: Lost my FIRE calculator. Any ones folks can recommend?
« Reply #7 on: May 22, 2023, 02:23:02 PM »
You can probably do a similar thing with cFIREsim though it'd likely be more manual input.

There's a well-known simple calculator here: https://networthify.com/calculator/earlyretirement
Tried the calculator but the issue is my current expenses are not going to be what we will FIRE with.   We still have two kids living at home, are paying a mortgage etc.   So if I enter my future expenses my savings rate looks insane, but if I enter what my reality is now it says I still have 20 years because it thinks my expenses will be 100K

Freedomin5

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Re: Lost my FIRE calculator. Any ones folks can recommend?
« Reply #8 on: May 22, 2023, 03:50:14 PM »
I use https://firecalc.com/

It allows you to change your expenses if you have different expenses in FIRE.

2sk22

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Re: Lost my FIRE calculator. Any ones folks can recommend?
« Reply #9 on: May 23, 2023, 06:18:18 AM »
If you want a more sophisticated calculator that that takes into account taxes and can handle Roth conversion scenarios, I would suggest Pralana Gold (https://pralanaretirementcalculator.com). It costs about $100 and I usually buy an update every other year.

caracarn

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Re: Lost my FIRE calculator. Any ones folks can recommend?
« Reply #10 on: May 23, 2023, 06:36:31 AM »
Thank you for all the input.   Will need to compare the choices but hopefully something will do as nice to have something to check a few things and not have to try to build something in Excel.