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I know a widow who was left a millionaire many times over when her husband died at 62 . . . and she lived the high life . . . until it all ran out.
All the planning in the world can't overcome the inability (refusal) to live within a budget . . . even if the amount to be budgeted is over $10 million.
One way to run out of retirement funds that was not in the article is to make sure your adult children enjoy a lavish lifestyle on your nickel. Don't allow them to live in squalor by not having granite counter tops! Don't allow them to mix with uncool people by sending their children to public schools! Don't allow them to embarrass you or themselves by driving a Honda Civic or a Toyota Corolla!
One way to run out of retirement funds that was not in the article is to make sure your adult children enjoy a lavish lifestyle on your nickel. Don't allow them to live in squalor by not having granite counter tops! Don't allow them to mix with uncool people by sending their children to public schools! Don't allow them to embarrass you or themselves by driving a Honda Civic or a Toyota Corolla!
This is exactly why my mom struggles today. My dad didn't leave her 'rich' by any means but if she'd budgeted/invested she'd be fine today. However, I have one brother that she dotes on and spent thousands upon thousands keeping him financially solvent. This includes starting him in a business that failed. Paid his house and truck payments for months and they still got repossessed. She said that it would all be 'paid back' from the trust when she was gone but then she GAVE everything in the trust to him. He is executor and every time anyone mentions something she says, "Oh, yes, that goes to ________". Or his kids.
For the past three years she's had this brother's son and wife living with her. Now they have a one year old baby. They have never paid rent or helped with utilities. They DO buy their own food. They don't do a lot around the house although my nephew has done a lot outside the house. Well, the other day they nearly came to blows and Mom actually threw them out. It's not a great idea for people from such different generations to live together sometimes. Those 'kids' should have been out on their own a LONG time ago. Mom thinks that things should be done "her way" but the younger ones have their own ideas. When they cross hers there's hell to pay. I know she'll miss that baby but them, not so much. It makes me sad though because there's already enough rifts between family members and we don't need any more!
For the past three years she's had this brother's son and wife living with her. Now they have a one year old baby. They have never paid rent or helped with utilities. They DO buy their own food. They don't do a lot around the house although my nephew has done a lot outside the house. Well, the other day they nearly came to blows and Mom actually threw them out. It's not a great idea for people from such different generations to live together sometimes. Those 'kids' should have been out on their own a LONG time ago. Mom thinks that things should be done "her way" but the younger ones have their own ideas. When they cross hers there's hell to pay. I know she'll miss that baby but them, not so much. It makes me sad though because there's already enough rifts between family members and we don't need any more!
At least the grandson and wife left when asked or directed. Reading other C-D threads, in some localities the roommate has to be evicted in order to make them leave even if they are not paying rent. This also applies to adult children or other family members.
That they did not pay rent is whose fault really? Generations have lived together for hundreds of years. Freeloading is the issue there really. kind of like a married couple who goes broke ;its not marriage itself but the people involved.
One way to run out of retirement funds that was not in the article is to make sure your adult children enjoy a lavish lifestyle on your nickel.
My former SO may have finally learned this lesson, but way too late to do anything about it. The primary reason our relationship ended was the very strong codependency she had with her four adult children. To them, budgeting meant deciding how much money to ask Mom for. Not long ago heard from an old mutual acquaintance that she was not doing well, and was almost broke, but that they were still leaching off of her.
At least the grandson and wife left when asked or directed. Reading other C-D threads, in some localities the roommate has to be evicted in order to make them leave even if they are not paying rent. This also applies to adult children or other family members.
Luckily this isn't the case here. They have plenty of other family they can stay with. They are staying with his mom right now but they like that even less than living at Grandma's! It really was long past time for them to move to their own place but living here they just spent all their money on 'other stuff'. Mom should have done, with them, like I did with my daughter. She paid me rent every month and I put it in savings. When she was ready to move out I gave it to her. Mom told me that they DID offer to give her money now and then and she always said "No" so I can't fault them entirely.
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6th way to run out of retirement funds:
