Best FIRE Calculators

In The F.I.R.E. Planner, I wrote a section dedicated to using technology to your advantage. Whether you are new to FIRE, or well on your way, a FIRE calculator is a great tool to help give you insights into your FIRE plan.

There are a lot of similar tools online, however, I want to cover my favorites here.

Consider using these as part of your FIRE planning toolbox.

FIRE Calculator from Engaging Data

I love the simplicity of this FIRE Calculator. It’s visually appealing and easy to use. It’s great for beginners, though has enough inputs to draw important conclusions for anyone wanting to track their FIRE progress.

In the example below, I made some assumptions about income, expenses, retirement date, etc.

Click on the image to view them and update them with your own numbers to get a personalized view.

F.I.R.E. Calculator from Engaging Data

 

FIRECalc

FireCalc is a fantastic calculator to check the validity of your target FIRE number (i.e. nest egg). It runs Monte Carlo simulations to test your model within many different scenarios.

For example, let’s take someone (Kris) who is aspiring to reach FIRE. I’ve created some assumptions below:

  • Current Age: 27
  • Annual Income: $75,000
  • Existing Investment Assets (nest egg): $15,000
  • Future yearly contributions: $30,000 or 40%
  • Target FIRE Age: 47
  • Target Income Spend: $65,000
  • Years of Retirement: 45 (which would allow you to live to 92)

After plugging this data into the calculator, you can see the results as follows:

 

Do you see all of those lines? Each of those represents a possible outcome or scenario. In this case, Kris is looking at an 84.8% success rate in this model… meaning that Kris won’t run out of money by age 92.

But maybe Kris wants to have more assurances. It’s easy to re-run the FIRE calculator with updated variables. Let’s say Kris is okay only spending $60,000 in retirement. If we reduce this amount, we see the success rate goes all the way up to 97.1% success rate!

Use this calculator to play with your own numbers and assumptions to get a feel for what is possible for your FIRE journey.

Personal Capital

Personal Capital does a lot.

It allows you to track your expenses, income, and retirement balances. And it does this all dynamically, which just means it auto-updates your numbers for you periodically.

Most importantly, it captures key F.I. indicators and also includes a FIRE calculator of sorts (aka their Retirement Planner). If you want to see this in action, check out my MONTHLY FINANCIAL REPORTS (includes a summary of our net worth and cash flow each month).

Personal Capital - FIRE Calculator

The nice thing about this calculator is that you don’t need to do much except update some assumptions about when you’d like to retire.

Personal Capital does the rest by using your existing data and then projecting out with Monte Carlo simulations.

Final Thoughts

FIRE calculators are wonderful tools that can help make our FIRE journey easy to track and understand.

If these are still a bit too complicated at the moment, consider taking a step back and using my FIRE Budget Spreadsheet to work through the fundamentals.

If you have any questions, join the discussion at the Financially Alert Facebook group.

Happy F.I.R.E. Planning!