The Money Mustache Community
General Discussion => Post-FIRE => Topic started by: K-ice on March 06, 2019, 06:04:41 PM
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So I found this calculator and it was really fun.
https://engaging-data.com/will-money-last-retire-early
Because I will likely have a pension I found it a great tool to enter in the extra income & start age section. (I ignored government pension but that should help too)
My required target stash is not as much as I thought because I will have some pension. Of course the pension will be larger the longer I work and it doesn't start until 55 at the earliest. At the same time, my stash will be larger the longer I work. Duh! WIN WIN except both require me working longer :(
I made my own spread sheet with retirement age, pension income based on retirement age (from my work pension calculator), estimated stash (current stash +interest +yearly contribution), and success% (from this calculator).
There was a a pretty sharp success cliff from 0%, 0%, 0%, 0%, 4%, 44%, 99% 100%, 100% ....
It was kind of sobering, but not surprising, to see my success at 0% today & for the next four years. (Some days don't we all want to quit?) But in just 7 years my success is 100%. That success is largely because my stash will cover the bridge until my pension kicks in. Then my pension will cover my expenses.
Of course if I cut expenses I could maybe bump things up a year or 2. Growing my stash faster would also help.
This will not be that early of a retirement based on MMM standards but still an early retirement based on most others.
Anyway, have fun with this calculator. Your target stash may be closer than you think. ;)
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Glad you like it! You should thank our fellow forum member @CCCA. :)
https://forum.mrmoneymustache.com/welcome-to-the-forum/rich-broke-or-dead-visualizing-probabilities-of-outcomes-in-early-retirement/
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I find it rather disturbing how likely I am to die, particularly as I stretch my retirement out past age 90. Death seems more certain than anything else.
:-P
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Glad you like it! You should thank our fellow forum member @CCCA. :)
https://forum.mrmoneymustache.com/welcome-to-the-forum/rich-broke-or-dead-visualizing-probabilities-of-outcomes-in-early-retirement/
It’s no surprise an MMMer was involved in making this.
Thanks
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I find it rather disturbing how likely I am to die, particularly as I stretch my retirement out past age 90. Death seems more certain than anything else.
:-P
Yep, this is my go to calculator. Any other 'will my money last' calculator I've seen doesn't really help you visualize the probabilities of death as you go. I think it really reminds one that though for most the biggest threat to a long and comfortable retirement may be retiring too early and running out of money (i.e. the entire retirement is not financially comfortable), for many MMMers the biggest threat to a long and comfortable retirement may be not retiring early enough (i.e. the retirement is unnecessarily shortened to try to reduce risk past the point it doesn't make sense)