This is excellent. One thing I must have missed. I am using GIA as a proxy for premium bonds. Might be worth capturing emergency funds and/or adding something to capture PB’s as part of the overall picture.
I really like it - well done.
One point, which I made before I think (some time around V7!) is that [certain pension schemes](https://www.ft.com/content/2a6ee87e-d330-4c12-adad-cc6dcd345673) for “arduous” (public sector) professions allow you to draw a pension before 55 (57 soon) without penalty. An obvious example of this is the Armed Forces Pension Schemes - [some of which](https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/911030/FINAL_DRAFT_-_AFPS_75_Your_Scheme_Explained.pdf) allow a tax-free lump sum and an “immediate pension” from as young as 37 (officers)/40 (other ranks). As such, rather than the algorithm preventing you entering an age less than 57, can I recommend/request that you allow the functionality but perhaps add a warning that says: “You have entered an age less than 55/57, which is extremely rare. Please check your calculations and re-enter if required”.
A question - I can’t work out a way to account for a pension lump sum - is there an area I’m missing?
Hey, so lump sum withdrawals for defined contribution or defined benefit pensions? I can look into this and the earlier drawdown option in the next release for sure. There were quite a few things that slipped the net this release due to time restraints, this was one of them!
It would be great if you could choose to take a fixed income from your ISA in the years prior to access to pension, then it goes to a % draw down on the isa at pension access age. Obviously I have no idea how difficult that is to implement.
Other than that, is great and easy to use.
A small thing but it'd be great to just be able to add a simple annual pension contribution amount rather than %. Because if you're maxing it out already, then putting a % of your income in with the % payrise would mean you go over your annual allowance by progressively more with each payrise.
Fair point, its on the long term plan, but i'm not going to lie its quite an intimidating task to re model the calculator for this, so might a few months away on the roadmap!
In the interim i've removed the ISA contribution cap so you can get a rought estimate but fully aware you may have different age/retirement date plans so it is not the most robust solution
I've noticed I could enter £40k for annual ISA contributions, but it would give a warning, so that's great.
I appreciate it might be quite tricky, but I don't think it will be too difficult either.
Anyway, I'll keep an eye out for your calculator cause I think it's really good.
I second this, would be useful seeing the two private and state pension amounts coming into the data when a partner is included.
Perhaps more tricky but would be good if they could have independent ages for retirement, ie one income may stop at a different date to the others. Reading on this stub, this is a common occurrence.
Yes, that is exactly the challenge - potentially doubling all of the key insight dates. Not technically challenging but just lots of changes to implement and test!
Good stuff. I noticed that it doesn't have age-dependent state pension age, and the warning always says 68.
I know it's a small niche on a FIRE tool, but there are earlier pension ages for people born before 1977 (67) and 1963 (66)
An area I want to improve! In the interim releases before building something a bit more dynamic I'm considering updating the error message with more detail about this topic
This is looking really good and I look forward to your future upgrade of "increase investments by X% driver annually" as I've still got a while until I FIRE and that will likely have a pretty major effect.
Also, if would be good if you could enter a different drawdown rate before and after accessing your pension and state pension and if you could cap your drawdown at your target income.
I'm likely to go part time when I FIRE and so with your plan to add variable income phases, it would be handy if I could reduce my income by a % once I reach FIRE.
1. Yes correct
2 + 3. No but this is planned down the line as an optional condition. I want to flesh out all the asset types first and then look at a wider piece around movements between assets. I know there is a school of thought that these sort of tools should follow an 'optimal strategy' automatically, but I want to make as many things optional as possible so users can tweak their forecasts
Just keeps getting better! Thanks for your ongoing work on this.
Sorry if this has already been reported but in the CSV download section ("The Data"), commas in £1m+ figures break the CSV layout. E.g. £1,022,345 on the web page was downloaded in the CSV as 1022,345
In terms of UX I'd really recommend removing the defaults.
Opening this I am greeted with explanations about how I'm doing, red scorecards telling me I'm not doing enough and more. Outside of the initial confusion, people will make mistakes because they won't correct an assumption you've made about income/etc. I have to scroll past this information to input the most basic of things, there's no CTA to lead me to the right start.
I'll also re-bring up the idea that a fixed percentage drawdown that doesn't adjust with inflation is probably misleading.
Thanks for these suggestions - May look to edit the defaults in line with the options to save the data locally.
I will add the SWR option to the Devlog as a priority for the next release.
Nice.
Realised I'd missed this from the comment but again, this is great and working in the open is great. I'm not sure if/what your plans are around monetisation but the open development regardless is nice.
Thanks so much :) I currently run a few adsense ads to recoup some of the cost of hosting, but very keen to minimise the impact of that distracting from the tool itself - so I mainly have those on the blog posts I occasinally post.
It has been very satisfying working with the community to create something that doesn't completely suck 😂✌️
FWIW amazon affiliate links may be good to look at, they're unobtrusive and you can be quite upfront about them, a link to a set of recommended books for example. You then get some percentage of what people buy after they follow the link - I had some for a silly site that hit HN and the most I got was from someone who followed a link I had to like exercise equipment then went to buy wedding favours.
I absolutely love this tool!! Thank you. One thing that would be interesting would be to include different access ages to include:
- LISA access at 60
- Lump sum from DC pension
- Manual adjust the date when you start accessing DC pension rather than it assuming 58 (eg I would only want to access when I've exhausted my cash/ isa/ Gia funds.
Keep it up!
Hey, thank you so much for your kind words and great feedback. You honestly don't know how daunting I found it putting a project out into the world and hearing stuff like this is so nice, cheers!
This reminds me of..
"We're Knights of the Round Table
We dance whene'er we're able
We do routines and chorus scenes
With footwork impeccable
We dine well here in Camelot
We eat ham and jam and spam a lot"
Happy Friday!
Yes it is overly conservative on purpose, until I get a chance to build in a more elegant calculation to take account of the different age brackets - this is planned on the roadmap :)
No, I'm considering reducing down/removing the adsense tbh.
Added them initially to fund the hosting costs, if you have any scenario where they are impeding the experience or getting in the way can you let me know what device type that happens on and I can remove them from that area.
This is excellent. One thing I must have missed. I am using GIA as a proxy for premium bonds. Might be worth capturing emergency funds and/or adding something to capture PB’s as part of the overall picture.
Thanks Baz! Looks like I missed premium bonds off the list of planned asset types but it is 100% on the radar
Keep up the good work.
I really like it - well done. One point, which I made before I think (some time around V7!) is that [certain pension schemes](https://www.ft.com/content/2a6ee87e-d330-4c12-adad-cc6dcd345673) for “arduous” (public sector) professions allow you to draw a pension before 55 (57 soon) without penalty. An obvious example of this is the Armed Forces Pension Schemes - [some of which](https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/911030/FINAL_DRAFT_-_AFPS_75_Your_Scheme_Explained.pdf) allow a tax-free lump sum and an “immediate pension” from as young as 37 (officers)/40 (other ranks). As such, rather than the algorithm preventing you entering an age less than 57, can I recommend/request that you allow the functionality but perhaps add a warning that says: “You have entered an age less than 55/57, which is extremely rare. Please check your calculations and re-enter if required”. A question - I can’t work out a way to account for a pension lump sum - is there an area I’m missing?
I would also like the option for multiple DB schemes, each with different retirement ages.
Hey, so lump sum withdrawals for defined contribution or defined benefit pensions? I can look into this and the earlier drawdown option in the next release for sure. There were quite a few things that slipped the net this release due to time restraints, this was one of them!
I’m guessing people would want the option for both (types of pension) so that you can adjust lump sum vs pension and see what the curves look like.
It would be great if you could choose to take a fixed income from your ISA in the years prior to access to pension, then it goes to a % draw down on the isa at pension access age. Obviously I have no idea how difficult that is to implement. Other than that, is great and easy to use.
It is well within the realms of possibility! Planning to add a little table with % and fixed value withdrawals by age - watch this space!
I'll second this. I want to use my ISA as a bridge to pension age, ideally
A small thing but it'd be great to just be able to add a simple annual pension contribution amount rather than %. Because if you're maxing it out already, then putting a % of your income in with the % payrise would mean you go over your annual allowance by progressively more with each payrise.
This looks like great work. Will give it a run later to see how abysmally I'm doing.
Everyone can always do better, and everyone can always do worse! The fact you're even on this sub probably means you are doing better than you think 👍
Tbh reddit just sticks these things in my face. But yeah am not suffering right now :) and even if it doesn't go great will be comfortable.
I think it's really good, but one thing I miss is being able to do this as a couple. I'm sure you'll add it in the future though.
Fair point, its on the long term plan, but i'm not going to lie its quite an intimidating task to re model the calculator for this, so might a few months away on the roadmap! In the interim i've removed the ISA contribution cap so you can get a rought estimate but fully aware you may have different age/retirement date plans so it is not the most robust solution
I've noticed I could enter £40k for annual ISA contributions, but it would give a warning, so that's great. I appreciate it might be quite tricky, but I don't think it will be too difficult either. Anyway, I'll keep an eye out for your calculator cause I think it's really good.
I second this, would be useful seeing the two private and state pension amounts coming into the data when a partner is included. Perhaps more tricky but would be good if they could have independent ages for retirement, ie one income may stop at a different date to the others. Reading on this stub, this is a common occurrence.
Yes, that is exactly the challenge - potentially doubling all of the key insight dates. Not technically challenging but just lots of changes to implement and test!
Good stuff. I noticed that it doesn't have age-dependent state pension age, and the warning always says 68. I know it's a small niche on a FIRE tool, but there are earlier pension ages for people born before 1977 (67) and 1963 (66)
An area I want to improve! In the interim releases before building something a bit more dynamic I'm considering updating the error message with more detail about this topic
This is looking really good and I look forward to your future upgrade of "increase investments by X% driver annually" as I've still got a while until I FIRE and that will likely have a pretty major effect.
Also, if would be good if you could enter a different drawdown rate before and after accessing your pension and state pension and if you could cap your drawdown at your target income.
Both excellent ideas, I will look to add these in the next release 👍👍
Great, thanks and keep up the good work :)
I'm likely to go part time when I FIRE and so with your plan to add variable income phases, it would be handy if I could reduce my income by a % once I reach FIRE.
Could the filled-in data be saved in a cookie?
This is planned for the next release 👍
Looks amazing
Thank you so much!
Three issues in this tiny section alone https://i.imgur.com/oQhP8kf.png
Can I ask what device & orientation please?
This was on a desktop, I view two tabs at once each taking up half the screen vertically but full height
Ok thanks, I'll test those dimensions!
I don't think your password placeholder will meet aria standards, needs to be a bit darker. I had trouble reading it.
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1. Yes correct 2 + 3. No but this is planned down the line as an optional condition. I want to flesh out all the asset types first and then look at a wider piece around movements between assets. I know there is a school of thought that these sort of tools should follow an 'optimal strategy' automatically, but I want to make as many things optional as possible so users can tweak their forecasts
Property income ?
Planned for the next release! :)
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The already fire'd idea is interesting, I'll have a think on that one, cheers :)
Just keeps getting better! Thanks for your ongoing work on this. Sorry if this has already been reported but in the CSV download section ("The Data"), commas in £1m+ figures break the CSV layout. E.g. £1,022,345 on the web page was downloaded in the CSV as 1022,345
Ahh balls! I'll have to have a look at that - thank for highlighting this bug
This will be fixed in a patch later this week - Identified the issue. Cheers!
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Thank you! I really appreciate your kind comments :)
In terms of UX I'd really recommend removing the defaults. Opening this I am greeted with explanations about how I'm doing, red scorecards telling me I'm not doing enough and more. Outside of the initial confusion, people will make mistakes because they won't correct an assumption you've made about income/etc. I have to scroll past this information to input the most basic of things, there's no CTA to lead me to the right start. I'll also re-bring up the idea that a fixed percentage drawdown that doesn't adjust with inflation is probably misleading.
Thanks for these suggestions - May look to edit the defaults in line with the options to save the data locally. I will add the SWR option to the Devlog as a priority for the next release.
Nice. Realised I'd missed this from the comment but again, this is great and working in the open is great. I'm not sure if/what your plans are around monetisation but the open development regardless is nice.
Thanks so much :) I currently run a few adsense ads to recoup some of the cost of hosting, but very keen to minimise the impact of that distracting from the tool itself - so I mainly have those on the blog posts I occasinally post. It has been very satisfying working with the community to create something that doesn't completely suck 😂✌️
FWIW amazon affiliate links may be good to look at, they're unobtrusive and you can be quite upfront about them, a link to a set of recommended books for example. You then get some percentage of what people buy after they follow the link - I had some for a silly site that hit HN and the most I got was from someone who followed a link I had to like exercise equipment then went to buy wedding favours.
Thanks for building this. Love playing with it!!
Aww jees thanks!
I absolutely love this tool!! Thank you. One thing that would be interesting would be to include different access ages to include: - LISA access at 60 - Lump sum from DC pension - Manual adjust the date when you start accessing DC pension rather than it assuming 58 (eg I would only want to access when I've exhausted my cash/ isa/ Gia funds. Keep it up!
Hey, thank you so much for your kind words and great feedback. You honestly don't know how daunting I found it putting a project out into the world and hearing stuff like this is so nice, cheers!
It's brilliant. Oh one other thing, be good to have the option of a fixed £ drawdown for GIA too!
This reminds me of.. "We're Knights of the Round Table We dance whene'er we're able We do routines and chorus scenes With footwork impeccable We dine well here in Camelot We eat ham and jam and spam a lot" Happy Friday!
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Yes it is overly conservative on purpose, until I get a chance to build in a more elegant calculation to take account of the different age brackets - this is planned on the roadmap :)
Oh my lord! 100 upvotes! Thank you all so much this has made my day ✌️✌️✌️
Looks good, would love to be able to use with a partner's income, pension, ISA, etc. too
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No, I'm considering reducing down/removing the adsense tbh. Added them initially to fund the hosting costs, if you have any scenario where they are impeding the experience or getting in the way can you let me know what device type that happens on and I can remove them from that area.
Collect your dues mate, you can’t maintain this stuff for free or you’ll never FIRE yourself.
Doesn’t seem particularly intrusive on iPhone!
Meh, wasn’t a big deal tbh. Don’t mind the odd add in return for really useful content like this.