Confirmation We Might Be On The Right Track For Financial Independence!
Earlier this week, I posted our latest Quarterly Financial Scorecard, which indicated we could reach my definition of financial independence within three years.
Yesterday, I came across a retirement calculator recently posted by ESI Money that attempts to answer questions such as “When Can I Retire?” and “When Will I Be Financially Independent?”
While I think I have our financial situation fairly well mapped out, it’s always interesting to get another perspective, so I decided to plug our information and my thoughts about the future into the “When Can I Retire?” Calculator at ESI Money.
The calculator at ESI Money allows you to enter several key inputs, including:
- Your anticipated annual retirement spending needs
- The rate at which you expect your spending to increase
- The assumed annual withdrawal rate of your assets
- Any income you plan on earning in retirement
- How many retirement assets you own today
- The expected rate of return on those assets
- How much you expect to contribute to retirement assets in the coming years
- Your expected growth rate on those contributions
After entering in the required information, the calculator estimates how many years you have until you may achieve financial independence/retirement.
In our case, the ESI Money “When Can I Retire?” calculator indicated that:
Sounds about right to me!
Have any readers tried out this great tool from ESI Money? How long do you think you have until reaching your early retirement or financial independence goals?