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retirement calculators
Any "good one"s out there?
Anybody use firecalc?
For those in or nearing retirement, how accurate were your calculators? good guide? or disregard?
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I think any of the calculators will be good. The tricky part are the inputs to the calculations.
Average rate of return on investments? How conservative do you go on calculation
Average rate of inflation?
Medical costs and how they will increase?
Etc.
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I like the one on fidelity. I just paid a planner over $1,000 to provide guidance and run my numbers. The planning firm’s software output was so very similar to what you find here. It does a Monte Carlo simulation which is a fancy way of saying it runs through thousands of scenarios based on you input to give you the probability of success or failure at certain age targets. And it was free.
Average rate of return. Try a range to see how it impacts the output. Many schools of thought. I’d rather be conservative and assume 5-6%. We have been in an 11 year bull run. It’s got to end sometime soon given the length it’s been alive. But then again if you pulled out assuming that you have missed some amazing gains.
Medical costs are hard hard and it depends on each situation. Family of four fairly healthy, health insurance pegged at $20-25K every year.
Good luck.