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51 points•karmanyaahm•7 days ago•71 comments•
I made a financial planning tool in a couple hours that can model various stages of life and potentially guide job searching and work timelines.

71 comments

sschueller7 days ago
> Based on the available data, the percentage of the U.S. population that can realistically achieve FIRE (Financial Independence, Retire Early) is very small, likely less than 1% to 3%. This figure represents those who can both meet the strict financial criteria and successfully execute the plan to retire decades before the traditional age.

According to Gallup polling, only 1% of Americans in their early 40s are retired, and just 6% of those in their early 50s have left the workforce. [1]

Nice if you can do it. Most of us will never be able to.

[1] https://www.investopedia.com/what-percentage-of-people-achie...

bulbar7 days ago
"Only"? I think that's quite a lot.
vincnetas7 days ago
in the US, local governments (counties, cities, school districts) rely heavily on property taxes because they have limited other revenue-raising powers. In the EU, the picture is almost the opposite: property taxes are a minor funding source, and national governments raise most of the money through labour, consumption, and income taxes. This makes quite difficult to grow old in USA in a sense that you cant just reduce your consumption and live of the savings. You need to move to cheaper area leaving all your life behind. Most important thing that you have at the end of your life. Your memories your friends and places that you are used to. So you need to keep working to be able to stay where you are.
goalieca7 days ago
You can look to Canada for high income taxes, high property taxes, and high sales tax. We also have high usage fees and parking fees.
QuiEgo6 days ago
Also, heath care costs if you don’t have insurance through an employer are a huge drag on FIRE, especially since you’ll likely need more medical care going into your 40s and 50s before you can get Medicare.
sublinear7 days ago
I honestly don't even understand why someone would want to retire early. You're just leaving money on the table and setting yourself up for mental health problems.

If you think working is worse for your mental health than not working, you need to pick something else to do.

sschueller7 days ago
Because the thing you may want to do doesn't pay the bills. Anything from playing music, making art or even building cool electronic things doesn't pay bills most of the time.

I have built many exciting things, many open source, none have brought in enough to cover my day to day.

tasuki7 days ago
> You're just leaving money on the table

LOL. Of course you're leaving money on the table: that is the whole point! Many people have hobbies they'd rather be doing than working. It's ok to leave money on the table. Especially so if you don't see anything meaningful to buy with the extra money.

fishtoaster7 days ago
If you like this, I highly recommend https://projectionlab.com/ for scenario-modeling your future income and retirement.

It's been discussed here a number of times and I've been a happy customer for years.

https://news.ycombinator.com/item?id=36849502 https://news.ycombinator.com/item?id=26969173

Espressosaurus7 days ago
I'll second that. I tried the trial for a few months then started paying money for it. At $100/year I've found it useful for modeling and gaming out different scenarios for retirement thresholds.

Nothing's certain, but if you like to play with data and you don't want to build the whole damn thing yourself, it's useful.

Still waiting for them to get support for options.

vincnetas7 days ago
"How long do i have to work, until i can force others to work for me"

or alternative "... until i have saved up enough to last me till death"

But most of the time usually its the first option because no one wants to downgrade their ways of live when getting old.

And the problem with the first one is that as more and more people want to do that, who is going to work for them? the opressed youth :)

hnfong7 days ago
> And the problem with the first one is that as more and more people want to do that, who is going to work for them? the opressed youth :)

If only youth unemployment isn't a serious issue in modern societies.

In reality, maybe AI robots.

tonyedgecombe7 days ago
From each according to his ability, to each according to his needs.
snemvalts7 days ago
For those who don't want to run random python scripts locally https://engaging-data.com/fire-calculator/
krupan7 days ago
Is this the same project, or a different project that does the same thing. I took a quick glance at both and the descriptions are very similar
siliconc0w7 days ago
Don't forget the unbounded liability that is the US healthcare system!
dyzone7 days ago
Don't forget the unbounded liability that is the human condition!
ceasesurthinko7 days ago
Don’t forget the unbounded liability of AGI: your job disappears before you can accumulate the capital you need. On the bright side, you’re retired. Really simplifies the spreadsheet.
bulbar7 days ago
Which is identical everywhere in the modern world, while only in the US it's easy to become bankrupt from having to rely on the health care system.

Read the full thread on Hacker News →

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