add the ability to change expenses after retirement.
Our expenses will be way lower during retirement so this calculator doesn't really work for us.
Thanks for the calculator,I already checked it.
David Johnson commented
I wrote a calculator to handle this.
It's not very refined and I didn't want to pay for a domain name but feel free to use it.
Note: The numbers differ slightly from networthify because mine assumes contributions are made monthly and compound continuously (https://www.investopedia.com/terms/c/continuouscompounding.asp#:~:text=Continuous%20compounding%20is%20the%20mathematical,interest%20is%20important%20in%20finance.).
A lot of people who plan to retire early are working in a HCOL city, but plan to move to a LCOL city after they retire, making lower expenses very realistic.
In the same vein, lower taxes. If my wife and I make 400k a year in a high tax state, our taxes will be significantly less after retirement (35%+9% vs 15%) this effects the calc in a big way. The 15% is assuming the cap gains rate in post tax dollars.
To support the original commenter we don't need this level if income after retirement, and the calc is of limited use at this level as a result. I do like the work you do on this so wanted to leave that feedback.
Adminkablamo (Admin, Networthify) commented
Hi David. Thanks for bringing this up.
I had been thinking this site is geared towards people doing early retirement. If you are doing early retirement -- say 5 years from now, the goal is usually to replace your current salary with money earned from investments on your nest egg. In this scenario it usually makes sense to assume expenses now are the same as expenses in retirement. Also most people hate lowering their standard of living. And many retirees are either healthy and spending money on adventure or unhealthy and spending money on healthcare.
*However* if you will have a house paid off, for example, I can see that you have a fair point. Some people have suggested adding in a mortgage calculator. I like that idea. But your idea might be simpler and easier to implement. Let me think it over.