having to update retirement age and current age
Posted: Fri Aug 23, 2024 1:37 pm
I retired 8 years ago. At the time, along with all the other parameters, I entered a certain amount as my "annual spend" and the inflation rate (which I updated more recently).
I set the annual spend to adjust with inflation, i.e., if I set aside $100k for year 1 and inflation is 2%, I assumed the system would consider my requirements to be 102k in year 2, and much more in year 8 (especially with the more recent 2-year inflation blip).
The problem is that I have to keep updating my retirement age each year. Thus, I have to manually calculate what my equivalent spend amount would need to be each year as well. Am I missing something? Is there a way to "set and forget" a target spend amount to achieve the same buying power without having to modify it yearly?
I set the annual spend to adjust with inflation, i.e., if I set aside $100k for year 1 and inflation is 2%, I assumed the system would consider my requirements to be 102k in year 2, and much more in year 8 (especially with the more recent 2-year inflation blip).
The problem is that I have to keep updating my retirement age each year. Thus, I have to manually calculate what my equivalent spend amount would need to be each year as well. Am I missing something? Is there a way to "set and forget" a target spend amount to achieve the same buying power without having to modify it yearly?