{"text_format":"1","workbook":"xlsx","n_sheets":2,"sheets":["Prob_Failure","Directions"],"not_rendered":{"charts":0,"images":0,"macros":1,"external_links":0,"defined_names":0,"comments":0,"pivot_tables":0},"unopened":[],"bounds":{"document_bytes":16777216,"sheet_cells":100000,"rows_first":2000,"rows_last":500,"rows_between":2000,"halvings":0,"cell_chars":16384,"cell_head_chars":4096},"cells_cut":0,"cells_raw":0,"read":"whole","date_system":"1900"}

{"sheet":"Prob_Failure","index":0,"n_rows":32,"n_cols":5,"rows_kept":32,"cut":false,"hidden":false,"merged":[[0,0,0,3],[1,0,1,3],[2,0,2,3],[4,0,4,1],[4,3,4,4]]}
["Center for Economic Research and Forecasting"]
["Sustainable Spending Tool"]
["by Jeff Speakes"]
[]
["Inputs",null,null,"Outputs"]
["Age",25,null,"Savings/current income",{"$f":"1-B11/B7","v":0.30000000000000004}]
["Income (after-tax)",50000,null,"Consumption/Total Wealth",{"$f":"B11/E10","v":2.0348171917131841E-2}]
["Retirement Age",65,null,"Value of Social Security",{"$f":"ssvalue(B7, B6, B8, 100, 0.03)","v":118566.97744692401}]
["Current Financial Wealth",0,null,"Value of Human Capital",{"$f":"humancapital(B7, B6, B8, 0.03)","v":1601489.2586875993}]
["% Allocation to Equities",0.5,null,"Total Wealth",{"$f":"B9+E8+E9","v":1720056.2361345233}]
["Target Consumption",35000,null,"Probability of Failure",0]
["Desired Bequest",3000000,null,"Average Bequest",3693909.6405335246]
["Expected Equity Return",0.06,null,"Probability of Desired Bequest",0.48]
["Ratchet (1=\"Yes\", 0=\"No\")",1,null,null," "]
[null,null,null," "," "]
["Additional retirement annuity?"," "]
["   Initial annual amount",0]
[" "," "]
[]
[]
[]
[]
[]
[]
[]
[null," "]
[" "]
[" "]
[]
[" "]
[" "]
[" "," "]

{"sheet":"Directions","index":1,"n_rows":31,"n_cols":3,"rows_kept":31,"cut":false,"hidden":false,"merged":[]}
[]
["The purpose of FINSIM is to estimate the probability of maintaining a specified level of real consumption over your lifetime.  "]
["If the probability of failure is too high for comfort, you can adjust various \"dials\" to find a more sustainable plan."]
["The key \"dials\" are:  Target consumption, Retirement age, or asset allocation (% allocation to equities)"]
[]
["The inputs are highlighted in blue.  They include "]
[null," "]
[null,"Age","Current age"]
[null,"Income (after-tax)","Current after-tax annual income (put in expected income if not currently working)"]
[null,"Retirement age","Expected retirement age"]
[null,"Current financial wealth","This is wealth as generally defined; value of assets minus value of liabilities"]
[null,"% Allocation to equities","% Allocation of your assets to equities"]
[null,"Target consumption","Desired annual consumption spending"]
[null,"Desired bequest","Desired level of financial net worth at mortality (age 100)"]
[]
[null,"Ratchet (1=\"Yes\", 0=\"No\")","\"Yes\" means move real consumption higher as net worth reaches new highs; \"No\" means maintain the initial level of real consumption"]
[]
[null,"Additional retirement annuity?"]
[null,"   Initial annual amount","Include an estimate of retirement income outside of Social Security (for example, include a defined benefit pension payment, or life annuity), if any"]
[]
["The outputs are highlighted in green.  They include"]
[]
[null,"Savings/current income","This is the savings ratio as generally measured:  Savings divided by after-tax income; Savings is Income minus Consumption"]
[null,"Consumption/Total Wealth","Consumption is Target Consumption; Total Wealth is defined below"]
[null,"Value of Social Security","This is the present value of estimated future Social Security payments"]
[null,"Value of Human Capital","This is the present value of estimated future after-tax income"]
[null,"Total Wealth","Total Wealth is Financial Wealth plus the Value of Social Security plus the Value of Human Capital; it represents the current value of your financial resources"]
[null,"Probability of failure","This the probability that you will run out of money in retirement"]
[null,"Average bequest","This is the average value of financial wealth at age 100"]
[null,"Probability of desired bequest","This is the probability of achieving your desired bequest"]
[null," "]