FIRECalc

[bitchstewie]

Just having a play with FIRECalc.

Obviously it's geared up for the US but has anyone used it (or similar) to do any broad assumptions/sanity checks about when they might be able to stop working (with the option of always doing something later if they wanted to) without stting bricks about running out of money?

[bitchstewie]

Thanks, and yes the parameters are the interesting things for obvious reasons

I've not yet found a way of being able to guess how much a DC pension might be worth in X years time if you stop contributions though.

Do people just make an assumption around compound interest and see what that throws out then assume 4% SWR or something?

This isn't "serious" planning this is just a bit of what if.

[bitchstewie]

Quite a good article on FIRE.

https://monevator.com/weekend-reading-frugality-ou...

[bitchstewie]

I'm too old to FIRE but the one thing reading about it did do was focus my mind on making work optional which it just about is.

They'll probably carry me out in a box but knowing I have the choice is the main thing IMO.

Also the obvious mindset thing of just buying less pointless "stuff".

He says having just come back from the bathroom showroom with a BoM for a new bathroom.

[bitchstewie]

Olivera said:

It's curious that FIRE used to imply retiring very early (30s or 40s), now it's for people saving diligently to retire in their 50s, about the same age that boomers retired without a care in the world, and with fk all personal provision (DB schemes)

Remember historically it used to also involve a lot of people who earned massive salaries (often in tech) but then "stopped working" but setup a "side hustle" of a blog telling everyone how easy FIRE is if you can just invest 90% of your $2M salary during one of the longest and best bull runs in history for 10 years.

The principles apply to everyone but the reality is a bit different for most people.