Other questions, to make sure I have my entries correct (just started trying firecalc this weekend)... Numbers made nice and round to simplify.
Start Here tab:
Spending-- I can play with this number to see how it changes things on my graph.
My assumptions (please correct me if I'm wrong!)
This money is not taken out of my portfolio until my retirement date.
The spending money is pre-tax. So, if I were to put $100k, I'm assuming it would be $25k in taxes and $75k
Portfolio-- This is the balance I have in my portfolio right now, in today's dollars.
Years-- This is the number of years I expect to remain alive and need to see on the graph, from today, not from my retirement date. (I expect to live into my 90's, I am in my 30s, so I put "60" in the years spot)
Other income/spending tab:
Social Security-- leave blank if I am skeptical that it will be around when I retire. Play with numbers up to $24k if I want to be optimistic and see how it changes my graph.
Pension-- input my expected yearly pension as pension income, starting the year I retire. The keep up with inflation part-- is that trying to make sure today's numbers continue to rise now (with raises), or that it will keep up with inflation after retirement? I'm assuming the first since it says "today's dollars". I will probably leave it unchecked and do my own calculations on my retirement then input low guess and high guess to compare. We've had years of decent raises, and years of pay freeze, so I tend to calculate my raises at 1% and hope they will actually be better than that. (I have decided I'm ok being a wage slave to age 57 if things at work continue to go well. I like my job, schedule, it allows some down time, not stressful, I can spend 99% of most of my shifts completely by myself if wanted, so no real coworker drama, etc. I might change my mind, but for now, the benefits of a pension, lower health care costs, etc, outweigh getting out a few years earlier. However, if they offered "early outs" where you don't have to lose the benefits? I'd jump on it in a heartbeat. I'll be eligible for that at age 46, but it would be exceedingly rare to be offered in my current field.)
Not retired tab:
Pretty straightforward... year I plan to retire (at age 57), and my tsp contributions + match (currently 22% including match, thinking of lowering to 10% so that I have more "now" funds to split between a Roth and building a house). I compare the two different numbers and am satisfied with the results of the lower number (and it would still give me the out if I want early retirement)
Spending models tab:
Which inflation model do you tend to use? I've just left it on the default ("CPI"). Should I change this?
I look at both constant spending and the Bernicke's plan. In reality, I will not be buying an annuity, so I will have the options to change my withdrawal amount once/year. I will need to withdraw more than I need to avoid RMDs. This is where I wish there was a little more flexibility on the spending side, although the one-time withdrawal does help me see how it would change if I cashed out a chunk at retirement (mortgage should be paid off, so a big chunk, if pulled, would be to spend on fun stuff--a toy, woodshop, well-equipped quilt room with a fancy long arm, or outrageous vacation).
Your portfolio
See OP for my questions. This is where I see insane differences at the end of my graph depending on how funds are invested. That last 10 years goes up. Way, way up. I wish there was a way to set "portfolio pre-retirement" when you tend to be more aggressive, and then "portfolio close to/post-retirement" where you want to be safe enough that you don't want to run out, but are still ok with a little risk on some of the money.
Portfolio Changes tab:
This is where I can take a one-time withdrawal at retirement (Fun! Toys! Travel!) I can play with this number, but need to be okay with the number being 0. Whether or not I take a chunk out will depend on a lot of factors, needing the money not necessarily being one of them. The true factors being "how did my portfolio grow?" "If I blow this money, would I have enough to still get me through?", "If I move this money to invest differently, and give myself better access to it, will I still be ok with what is in there?"
