FIRE Calculator

If you’re working your way to Financial Independence, and in case you haven’t done so already, I wanted to provide you with a way to calculate at what age you are currently on pace to hit your FIRE number.  In full disclosure, the basis of this spreadsheet came from J. Money over at Budgets are Sexy so please head over there and show him some love.  It’s likely you’ve heard of him before, but if not, you’re in for an extreme wealth of information.  My contribution to the spreadsheet was the addition of the Projected Monthly Retirement Budget box, allowing you to personalize your budget and individualize each monthly expense (as opposed to entering an overall total,) and I also extended the age of reaching FIRE from 55 to 60.

I highlighted the boxes where you need to input your own numbers.  Also, please note that the box showing at what age you will hit FIRE (cell B14) is only formulated for ages 30-55.  If the box reads “0” you will have to look at the column to see if your age is projected between 56-60.  If you’re hoping to retire early and your monthly retirement budget requires a larger sum than is calculated to the age of 60, you are going to need to seriously consider what changes you can implement to increase your savings and yearly investments, decrease your monthly retirement budget, or better yet, BOTH.

 

My current projections, assuming a 4% withdrawal rate, modest 5% return and yearly investments of $30,000 (this is presuming our debt payments convert over to investing once we reach debt freedom – and will presumably increase over the next several years,) is that we will hit our FIRE date when I turn 44 (I’m currently 29.)  This will also be dependent on not having a mortgage, car payment, or any other consumer debt.

Additionally, and this is my FAVORITE part…this doesn’t take into consideration any part-time nursing/other work I may choose to take on, which theoretically will provide for the potential to, at least partially, retire even earlier.  Remember:  The Power of 300 says that if I work enough to earn even $1,000 a month (~3 or 4 shifts,) that decreases our required nest egg by $300,000!  That alone has the power to knock off nearly FIVE YEARS of full-time work!

You can maximize the Excel document with the icon in the lower right corner.  Download it, play with your numbers, update it as you progress through your journey, see where you can tweak things in your favor, helping you reach FIRE sooner than you ever thought possible!

So at what age are you currently on pace to retire?  Are you happy with that number?  If not, what are you gonna do about it?  Let me know in the comments below!

Good day my friends!

– Nurse on Fire

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13 thoughts on “FIRE Calculator

    • You’re absolutely right; the first step in making a plan is knowing where you currently stand. Glad to hear you’re on track to beat the typical retirement age; I’m sure you’ll whittle that down as you go (although I don’t know you’re age,) but I’m definitely rooting for you to do so! 😀

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      • At my current rate I’m set to retire at age 70…sweet! Obviously that number will lower once I get out of debt and start contributing more to retirement, but right now I need to stay focused on getting out of debt. My simply mind can only handle one thing at a time 🙂

        Liked by 1 person

  1. That is a great resource. It is great to play around with scenarios and see the impact you can have. My calculation is tad more complicated as I have an investment property so I’ve had to do an excel sheet with a cash flow projection, but same logic applies!

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    • Thank you very much! I’m quite the nerd of our household and really enjoy playing with spreadsheets…lol.

      I like the idea of, one day, adding a rental property to the mix; right now we have ZERO clue where we will ultimately end up and, therefore, don’t even have our own house yet. Like I mentioned in the post, I actually like the idea of dropping down to minimally part-time work, which would heavily offset the amount we need to semi-retire. I hadn’t thought about it until you mentioned it but I suppose I could add in my projected income under my retirement budget section as negative number and that would show the decreased need.

      FYI – plugging in part-time income of just $1000/month drops my projected early retirement age from 44 to THIRTY-NINE!

      Thanks for contributing to my love of Excel! 😀

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  2. Hitting FIRE at 44 would be a great accomplishment. Great work! I do think, though, that this calculator isn’t necessary relevant to everyone — a current student or recent grad probably won’t get a promising number from it. 🙂

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    • Thank you! I would beg to differ though…students, recent grads, and even those who are younger would greatly benefit from an understanding of this, along with every other principle of personal finance and the idea of FIRE. I don’t know about you but I can’t even imagine where I would be at financially right now if I had known about this stuff when I was a teenager…maybe already retired! lol 🙂

      Nice to meet you, by the way! Thank you for stopping by my blog…I’m gonna head over and check yours out now.

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  3. I’ll have to look at this! I’ve shied away from looking at my retirement calculator and am just concentrating on banking as much as possible. It’s a scary thought to actually see the number and think about how much I actually need to save. Thanks for sheet! I’ll have to play around with this soon 🙂

    Liked by 1 person

    • My pleasure Vic; I’ll be looking forward to hearing an update on what you find out. Don’t be scared! lol

      We are NOWHERE near where we need/want to be at this moment…but I will have some exciting news to post about in the next weeks though. Be sure to be waiting on the edge of your seat for the building excitement! j/k Thanks for stopping by, man. 😀

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