Coast FIRE Calculator: When To Slow Down Retirement Contributions

Wondering how close you are to Coast FIRE? Our new Coast FIRE Calculator can help: marriagekidsandmoney.com/calc...
Empower (Investment Fee Analyzer): www.marriagekidsandmoney.com/... (affiliate)
CHAPTERS
00:00 - Intro - Coast FIRE Calculator
01:10 - Identify Current Age
01:18 - Determine Traditional Retirement Age
02:05 - Input Annual Spending
03:42 - Current Invested Assets
04:37 - Skip (or make) Monthly Contribution
05:40 - Determine Investment Growth Rate
07:04 - Enter Inflation Rate
07:39 - Input Safe Withdrawal Rate
08:32 - Check Investment Fees
09:31 - Calculate Coast FIRE Results
10:59 - Final Thoughts - Coast FIRE Calculator
#CoastFIRE #CoastFIRECalculator #CoastFI #FamilyFinance #PersonalFinance
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Each week, Andy Hill interviews personal finance experts, shares the best fintech tools and even discusses his own journey with family financial independence.
BIO - ANDY HILL:
Andy Hill, AFC® is the award-winning family finance coach behind Marriage Kids and Money - a platform dedicated to helping young families build wealth and happiness.
Andy's advice and personal finance experience have been featured in major media outlets like CNBC, Forbes, MarketWatch, Kiplinger’s Personal Finance and NBC News. With millions of podcast downloads and video views, Andy’s message of family financial empowerment has resonated with listeners, readers and viewers across the world.
When he's not "talking money", Andy enjoys being a Soccer Dad, singing karaoke with his wife and relaxing in his hammock.
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CREDITS
Research & Writing: Andy Hill
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[@MarriageKidsandMoney]

Access our free Coast FIRE Calculator here: marriagekidsandmoney.com/calculators/coast-fire/

[@Lolatyou332]

I've already reached coast fire apparently. Planning on starting to coast at the age of 40 instead though once I hit about 1m$ in investments, which would essentially allow me to retire at 53 with a 3% withdrawal rate for 60k/yr income.

[@MarriageKidsandMoney]

Incredible work investing!

[@user-vu4tf9ie9y]

Thank you for this very useful resource.

[@MarriageKidsandMoney]

I'm glad it was helpful!

[@CW-ez7mn]

People need to realize things happen like prolonged unemployment i.e. ~2000, 2009-2010 recession and pandemic or huge market crashes. The growth of most portfolio is not simple annual compounding by 7-9% as most projected when showing you impressive growth over 2 decades. The 2000 crash took ~8 years to return to pre-2000 level if not contributing additional funds when markets are down but takes only ~3 years if bought more at the bottom.

[@MarriageKidsandMoney]

These are important concerns for sure. What long-term growth rate do you prefer for your investments?

[@paime]

Great video bro, I just used your calculator to test it out and passed with flying colors... :)

[@MarriageKidsandMoney]

So glad to hear it Patrick! I hope you're doing well!

[@freedomworks3976]

Good 👍 stuff ❤

[@MarriageKidsandMoney]

Thanks for watching!

[@alexchen7729]

Not investing any more and banking your financial situation in 20 years, based on an unending 10% growth rate and stable inflation of 3% is dangerous. All you have to do is look at the massive rise in US government debt to know that there are rocky times ahead.

[@alexpietsch7997]

What's your net worth

[@alexchen7729]

@@alexpietsch7997 Lol. Not sharing a number, but I've already reached FIRE.

[@MarriageKidsandMoney]

I hear you! Please adjust your numbers in the calculator accordingly. If stopping contributions feels dangerous to you, consider decreasing them so you can enjoy more of your money today (if it's something you feel comfortable with).

[@jsilz1]

Stay away from the doom and gloomers, folks

[@alexchen7729]

@@jsilz1 it’s not doom and gloom to say at an assumption of 10%+ over the next 30 years is foolish. Even a drop to 8% would dramatically decrease your assets after 30 years.

[@christinab9133]

❤❤❤

[@MarriageKidsandMoney]

Thanks for watching!

[@sman9774]

This is great - thank you. The thing that confuses me for Coast FIRE calculations like this is why leave out anticipated Social Security income. If I estimate my expenses at $80,000 (for example) and my wife and I estimate drawing $30,000 SSI (again, for example), wouldn't I put the difference in the annual expense section of $50,000 instead of the full annual expense? This greatly changes the outcome of what my Coast FIRE number should be. Some clarification on that would be appreciated. :)

[@MarriageKidsandMoney]

Good question! I'll look to add this to the calculator in the future. While it's not perfect math (FOR ENTERTAINMENT PURPOSES ONLY), take your projected social security income and subtract it from your "annual spending". You can get an estimate on SSA.gov You'll get to Coast FIRE a lot sooner with a pension, rental property income, social security income and / or a part-time gig in retirement. I hope that helps!

[@doubles1545]

I grew up hearing about funding issues with SSI, so I plan my retirement as if SSI won’t exist. Then, if I never get an SSI benefit (or if the benefit is reduced) I’m still OK.

[@MarriageKidsandMoney]

​ @doubles1545 At this point, I'm not sure what social security will look like when we retire (I'm 42). Based on conversations and projections, I'm planning on only receiving 80% of what is shown on my SSA.gov profile.

[@nelsonw9483]

How many people doing Coast FIRE actually get to RE? Unless you start at 18, you'll likely work till 65 anyways.

[@MarriageKidsandMoney]

This all depends on your definition of retiring early. After hitting Coast FIRE, my wife and I left our corporate careers and now work part-time. That part-time income covers our living expenses. We're not retired, but we sure enjoy our lives a lot more now.

[@autobotdiva9268]

fun

[@MarriageKidsandMoney]

My kinda fun!

[@michellekalapala3346]

Where can you enter a pension if you have one?

[@MarriageKidsandMoney]

While it's not perfect math (FOR ENTERTAINMENT PURPOSES ONLY), take your annual pension income and subtract it from your "annual spending". You'll get to Coast FIRE a lot sooner with a pension, rental property income, social security income and / or a part-time gig in retirement.

[@teddyruxpin7876]

10%? Ever heard of sequence of returns? 10% is all equities.

[@MarriageKidsandMoney]

Too optimistic in your opinion? I'd recommend adjusting your projected return based on your portfolio mix, your proximity to retirement and your comfort level. Again, this calculator is for entertainment purposes only and does not replace meeting with a financial professional who knows your situation best. Best wishes to you!