![]() ![]() ![]() As it increases the yearly withdrawal (this field * 12) reduces my saving by that amount. This increases every year by the inflation rate. Gross Monthly Amount - Not the start but every year after the start. So when this number changes, my Start Gross Monthly Withdrawal should change. I expect, to keep up with inflation, my withdrawals would have to increase this much every year. Inflation Rate – This is currently set to 3%. Start Gross Monthly Withdrawal– THIS is what I want to back into given my funds’ growth, my retirement start age and my death age. I know life expectancy is about 78 now but my family has been consistent between 80 and 90 so I am playing around with 85 and 90. This is the age I want my saving to be as close to 0 as possible. So when this number changes, my Start Gross Monthly Withdrawal should change.ĭeath Age – This field can be changed too, so that my withdrawals stop at this age. Note I know I get penalized for early withdrawals on retirement accounts so I am funding mutual funds outside of my retirement account also so I can retire earlier than 59. Retirement Start - Consists on an age like 55, 59 or 67 or whatever I enter. Some facts about my spreadsheet: (BTW I don’t want to send it because it would probably confuse more than help with all the formulas I have on it) I had considered myself pretty decent in Excel and have written recursive formulas in the past setting the number of iterations, but truth be told, I’m at a loss to how to even approach this. ![]() However, I can't figure out how to get started. I figure I can back into this Start Gross Monthly Withdrawal amount using recursive formulas increasing or decreasing the gross monthly by $1 or $5 (to reduce the number of iterations). Anyways, I find myself entering a Start Gross Monthly Withdrawal amount at my retirement start date multiple times (incrementingor decrementing by $1) to get my funds as close to 0 at my death age. If I die sooner then what’s left goes to my siblings (I have no family of my own). My goal is to run my account dry by my death age. To account for inflation it will also increase my selected gross monthly by a specific rate (I am currently using 3%) every year until my selected “death age”. When social security kicks in on the age I choose after 61, my withdrawals adjust accordingly to maintain the same gross monthly withdrawal amount + inflation. I’m at a stage now where I can plug in a Start Gross Monthly Withdrawal amount and it will calculate taxes on (federal, state and local… based on 2015 rates of course since I cannot predict future rates) the gross monthly. Through the years, I have bolted new calculations on to the spreadsheet to the point I even have it calculating social security income based on select withdrawal age and taxes on both social security and my capital gains withdrawals upon my chosen retirement age (Social Security will never be withdrawn earlier than 62). I basically have money in mutual funds outside of retirement funds and for retirement I have both 401k and Roth IRA. So I started an Excel spreadsheet back in 2012 to track my retirement funds and some stocks.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |