I’m new here and super excited to join this community. A little about me: I’m on a journey to improve my financial habits and work toward financial independence. I joined this community to gain new insights into my financial path.
A friend recently recommended FIRE Calculator to me, saying it’s great for projecting retirement plans and understanding the path to FIRE. Before I dive in, I wanted to ask:
Is the FIRE Calculator accurate and effective for planning?
Have you found it user-friendly and efficient?
If you haven’t used it before, could you check it out and let me know if you think it’s worth giving a chance?
Hello Sammy,
Welcome to this form.
There are multiple fire calculator but I cannot access the one you linked.
At which percentage of reaching your goal are you?
What will be your annual spending ?
What will be your withdraw rate?
What will be your equity asset allocation ?
I gave more metric I am using on my presentation.
Hi @FunnyDjo ,
I’m still in the early stages of my FIRE journey, so I don’t have all my metrics fully nailed down yet. I’d estimate I’m around 5-10% toward my goal since I’ve only just started saving seriously. My expected annual spending in retirement would probably be about $30,000, but I’m still fine-tuning this estimate. I’m considering a 3.5% withdrawal rate for now, though I might adjust as I learn more. For equity allocation, I’m leaning toward a simple 80% stocks and 20% bonds split, but I’ll reassess as I better understand my risk tolerance.(beside that thank you for welcoming me) If you don’t mind me asking, how did you decide which metrics were most important for your plan? And do you think focusing on just one or two key factors at the start is enough, or is it better to go all-in on tracking everything from the beginning?(and the reason you were unable to access my linked calculator was a URL mistake, I have solved it, feel free to check it and give your feedback for my insight)
Do you live and plan to retire in Switzerland?
This amount seems hardly enough to survive in that far future (unless you will be owning your home by then).
Re. The metrics -
What matters most is to start as early as possible - saving and investing.
The metrics you can (re)define at any point on your journey.
And your life will definitely be changing from where you are today until closer to retirement.
So don’t break your head around it too much.
I don’t live in Switzerland, and I don’t plan to retire there, but I completely get your point about how important location and housing ownership are for making a budget like mine work. My current estimate is based on a lower cost of living, but it’s definitely something I’ll need to revisit as I refine my plan. I really like your advice about focusing on starting early with saving and investing instead of stressing over the details too much. It’s easy to get caught up in trying to perfect everything right away, but you’re right, life changes, and so will the plan. Do you have any tips on how to stay consistent with saving and investing over the long term? and about that calculator I linked, whether it is worth giving a chance or not?
@Sammy at the beginning, you don’t even need a fire calculator. There is so many out there no need to build an extra one.
Just take your annual spending and multiply it by 25.
So you need at least 750 k invested before starting to think about it.
If you work in a high earning country like Switzerland and invest massively in etf the number of year will be short.
I will recommend AIplanner to simulate the serial risk sequence and get confident about quitting.
My main issue is lifestyle inflation due to family expansion ! It has increased spending and the amount needed to fire.
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