Results 1 to 3 of 3
  1. #1
    Banned
    Join Date
    May 2019
    Posts
    490

    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?

  2. Member
    Join Date
    Jun 2009
    Location
    Beauregard, Alabama
    Posts
    4,169
    #2
    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.

  3. Member
    Join Date
    Nov 2019
    Location
    St Paul, Minnesota
    Posts
    433
    #3
    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.