Illadvisedusername t1_iudnsjo wrote on October 30, 2022 at 3:21 PM

Here's a calculator, WalletBurst's "Coast FIRE" Calculator, which can help get you to an answer. Basically, you enter your age, when you want to retire, how much you have, and how much you're saving and it tells you how long you need to work before you can stop saving any more to hit your goals.

The calculator doesn't have an input field for it, but since you'll be receiving Social Security, you can reduce your "annual spending" by the amount you expect to receive from Social Security. You can check your estimated benefits online on the Social Security website.

> My parents will leave me and my sister $500k each when they pass on in a few years.

With my personal planning, I've explicitly decided to not include any potential inheritance. With elderly people, sometimes that money can go away very quickly if intensive care or retirement home scenarios come up, and I don't want to let myself ever get in a mindset where I'm letting thoughts about what might remain factor into my decision making.

BakeSoggy OP t1_iudqt12 wrote on October 30, 2022 at 3:42 PM

It's a very good point and I don't know why I mentioned it. I've been running under the assumption that I won't get an inheritance at all.

stone_ad t1_iue8k0e wrote on October 30, 2022 at 5:43 PM

This is a cool calculator. OP if you do use then know that their default setting are ultra conservative. They use 7% returns and 3% inflation.

7% is normally used as an inflation-adjusted rate. Otherwise it’s 10%. If you use their default numbers, then your are accounting for inflation twice OR assuming stock return in the future will be considerably lower than the past.