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realize that there are difference's between all these planners and the success rates you get .
firecalc goes back to 1871 and so as you saw above running firecalc vs looking at the trinity study data which starts at 1926 give very different success rates .
fidelity starts at the trinity date of 1926 and does not use actual historical data but uses monte carlo simulations . .
fidelity also inflates healthcare and long term care by 5.50% , and general inflation at a lower rate . firecalc calculates everything at the same rate .
so a 90% success rate in fidelity would actually be higher in firecalc . fidelity is usually the more conservative one of the 2
realize that there are difference's between all these planners and the success rates you get .
firecalc goes back to 1871 and so as you saw above running firecalc vs looking at the trinity study data which starts at 1926 give very different success rates .
fidelity starts at the trinity date of 1926 and does not use actual historical data but uses monte carlo simulations . .
fidelity also inflates healthcare and long term care by 5.50% , and general inflation at a lower rate . firecalc calculates everything at the same rate .
so a 90% success rate in fidelity would actually be higher in firecalc . fidelity is usually the more conservative one of the 2
Yeah, when they gave me the results it even states its a based on an underperforming market so it's a conservative number...honestly, after being in sales for almost 30 years I just don't know how much longer I can work...I just feel so done....
Yeah, when they gave me the results it even states its a based on an underperforming market so it's a conservative number...honestly, after being in sales for almost 30 years I just don't know how much longer I can work...I just feel so done....
firecalc is based on some pretty nasty time frames . we have not really had anything comparable since the 1960's .
surprisingly though it was two things that made the conditions so poor . the first 15 years and inflation . the rise in inflation made the 1965 /1966 group the worst ever .
if you look at all the worst case's they had pretty decent 30 year results but everyone was killed by the first 15 years being bad .
Since you are on the topic of Firecalc I want to make sure that when it asks for spending I add in not only my yearly budget but my estimated taxes as well. I believe Fidelity does it automatically. I think somewhere they ask for your bracket.
the old fidelity planner used to automatically ball park taxes . the new one does not .
i kind of reverse engineer things when i use these planners . i just want to know my goal posts . how much can i safely spend going in to retirement from this pile of money .
once i know my spending max's i just figure a piece as taxes . i can ball park it .
i don't need to start entering expenses since the biggest part of our budget is discretionary spending . i am not concerned about paying bills , i am more interested in what are our limits for our want list
it is in the planning and guidance center . you need an account
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