The Money Mustache Community

General Discussion => Post-FIRE => Topic started by: K-ice on March 06, 2019, 06:04:41 PM

Title: Check out this great "Will my money survive" calculator
Post by: K-ice on March 06, 2019, 06:04:41 PM
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. ;)

Title: Re: Check out this great "Will my money survive" calculator
Post by: ysette9 on March 06, 2019, 08:44:31 PM
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/
Title: Re: Check out this great "Will my money survive" calculator
Post by: nereo on March 07, 2019, 06:47:07 AM
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
Title: Re: Check out this great "Will my money survive" calculator
Post by: K-ice on March 07, 2019, 08:15:59 AM
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/

Itís no surprise an MMMer was involved in making this.

Thanks
Title: Re: Check out this great "Will my money survive" calculator
Post by: Much Fishing to Do on March 07, 2019, 08:49:27 AM
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)