retirement calculator?

[Jules13]

So, I'm getting together my info to figure out when my goal for retirement is.  I understand the 4% rule and figuring out expenses, multiplying by 25 to get the needed figure for retirement.  But, I'm also wondering how I'm going in terms of what we are saving now....how long until we will reach that needed figure.  Is there a good calculator or way of figuring this that is recommended?  Maybe there is a post about it that I missed?  I have looked at that FIRE calculator and honestly, it makes no sense to me.  Thanks.
JJ

[Cheddar Stacker]

This isn't a calculator, but it gives you a good idea of where you stand. If your savings rate is 30%, you'll be working 28 years. If you can get to 40%, your working career drops to 22 years. 50% = 17 years. Make sense? Read the article for much better explanation.

http://www.mrmoneymustache.com/2012/01/13/the-shockingly-simple-math-behind-early-retirement/

[Spork]

I'm not sure which FIRE calculator you're referring to.  There are a couple commonly referenced:

http://www.firecalc.com/
http://www.cfiresim.com/input.php


Cfiresim is written by bo_knows, who posts here a lot.  If you're having trouble with that one, maybe he can answer your questions.  ...or if you've tried one of the above, try the other and see if it makes more sense to you.

bo_knows probably wouldn't mind if you sent him a quick PM.  He seems like a nice guy that is more than willing to support his tool.

[Jules13]

Can I use a calculator like this one and back into the equation?  http://www.bankrate.com/calculators/savings/saving-million-dollars.aspx

Taking for example, that I need 45000 (annual spending) x 25 (for 4% rule) = 1,125,000 magic number.  Taking that as my desired amount with a starting point of $230,000 and monthly contributions of $2090, and a conservative annual return of 7% with a 3% inflation rate, so it would take 14 years to reach that magic number.

Does that work?  Or am I missing something?  That's how I was figuring it out, but I could be doing it incorrectly.  This way just makes more sense to me.

Thanks for any advice!
JJ

[iamlindoro]

So, I'm getting together my info to figure out when my goal for retirement is.  I understand the 4% rule and figuring out expenses, multiplying by 25 to get the needed figure for retirement.  But, I'm also wondering how I'm going in terms of what we are saving now....how long until we will reach that needed figure.  Is there a good calculator or way of figuring this that is recommended?  Maybe there is a post about it that I missed?  I have looked at that FIRE calculator and honestly, it makes no sense to me.  Thanks.
JJ

If you happen to have an iOS device, you can use my app.  I think it's a fun little way to play around with the numbers and see how it affects the "bottom line."

https://itunes.apple.com/us/app/retirement-napkin/id738897088?ls=1&mt=8

[Jules13]

Oh, that looks like a fun app!  Thanks!!
JJ

[happy]

I find Todd Tresiddor's ultimate retirement calculator useful, it takes into consideration a lot of different sources of income/variables. http://financialmentor.com/calculator/best-retirement-calculator.

Depends really, on what you are trying to calculate.