I'd Like to Hear About Some Real Life Implementations of ESP for Retirement
Just wanted to say that I really like ESP. I'm hoping some retirees can chime in with their success stories about how they've successfully used ESP. Who has followed the recommendations year after year and has it worked out as you expected? (I guess I'm looking for some stories on "projected" vs. "actual" results.)
I tend to organize my finances in terms of discretionary spending, so this software really works for me. For example, I have everything taken out of my paycheck (pre-tax, post-tax contributions, savings, taxes, mortgage, etc.) so that all that ever hits my checking account is my discretionary spending amount.
ESP is great because it tells me the maximum I can spend every year to maintain my consumption. Interestingly, when I first set up ESP, it told me to spend much more than I wanted to this year and next; so I "tuned" my standard of living index up to 250/year for the seven years before I reach age 60 and can tap into my retirement funds. This drove down my spending and increased my savings for 2015 and 2016, which reflects my plan of saving like crazy so that I'll have more to spend seven years after that. I really like ESP's flexibility.