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Old 06-02-2014, 02:22 PM
 
29,774 posts, read 34,856,103 times
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Inheritance aside we are each blessed with a generous pension and SS benefits. We have a nice nest egg we are still contributing to and will have more to contribute when I hit 70 in less than four years. Barring unforeseen circumstances we have no intention of ever being without a sold nest egg. Why create the vulnerability. We have survivor options for our pensions and a reasonable nursing home plan. I can think of no reason to just draw down for the sake of being without. Is that really a goal?
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Old 06-02-2014, 03:08 PM
 
Location: WA
5,394 posts, read 21,388,001 times
Reputation: 5889
We will spend to keep us secure and happy and is no goal or plan to change our life to leave or not leave something.
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Old 06-02-2014, 03:16 PM
 
Location: Toronto, Ottawa Valley & Dunedin FL
1,409 posts, read 2,354,075 times
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We will spend much of our assets if we live long enough, i.e., into our 90's. I doubt frankly that we'll do that, not with genetics and current issues. Our son will get something I think.
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Old 06-02-2014, 03:17 PM
 
2,925 posts, read 3,048,112 times
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Quote:
Originally Posted by cdelena View Post
We will spend to keep us secure and happy and is no goal or plan to change our life to leave or not leave something.

Exactly ! I worked hard to earn a living and to be able to enjoy my retirement. If I don't leave a penny I couldn't care less, my kid can earn his own money and plan for his retirement. If there's something left when we're gone, he's welcome to it, but I will not deny myself anything I want just to leave something behind. One of the dumbest things older folks can do is to use their retirement funds to pay for their kids education or to buy them a house (or the down payment). Once you're retired it's not easy to replenish your funds, even with investments.
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Old 06-02-2014, 03:27 PM
 
29,774 posts, read 34,856,103 times
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Sorry but I don't want to be 85 vulnerable and broke. Yikes reasoning that I can't afford the miracle cure but could have with greater fiscal restraint could be a big regret. I want the security plus with greater ROI as the amount increases I could still spend and keep the principal intact.
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Old 06-02-2014, 03:39 PM
 
26,304 posts, read 12,839,724 times
Reputation: 12550
I have advised my father to spend it all. He worked for it. If I get some, I do, but really....why should I? I didn't earn it. If he wants to give me money he could do that while alive. The only way I expect to get anything is if he dies earlier then he expects.
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Old 06-02-2014, 03:40 PM
 
Location: Nescopeck, Penna. (birthplace)
12,351 posts, read 7,503,405 times
Reputation: 15950
I never married and had kids, but a number of people have reached out to me (and vice versa) along the way. In addition, most of my pleasures aren't particularly expensive, and part of my retirement financial strategy involves renting out part of the property in which I live.

My Dad was an independent dairy farmer -- everyone expected him to outlive my mother, who had several health issues; but as things turned out, he developed an incurable condition, and she lingered for several years in assisted living. By the time she passed on, the only thing left from the operation, and not included in the estates, was land, which the heirs sold and split the gain.

So, while nothing is guaranteed, I'm not likely to fall into a situation where I'm quickly depleting my retirement nest-egg; and there's a possibility I might outlive some of the people mentioned in the first paragraph, in which case, I hope to at least "say thanks" somehow. We'll deal with the issues as they arise, and be thankful for the people we belong to.

Last edited by 2nd trick op; 06-02-2014 at 04:09 PM..
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Old 06-02-2014, 03:47 PM
 
Location: NYC
2,905 posts, read 1,583,756 times
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Assuming I don't die unfortunately early, I will leave the same thing behind as my parents left behind: the house & probably a small amount of money to be split among a 2-3 heirs. I will spend the most of the money I earned during my working years for my senior lifestyle security & a bit of fun.
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Old 06-02-2014, 03:59 PM
 
Location: Kalamalka Lake, B.C.
3,044 posts, read 4,013,008 times
Reputation: 3898
The old man always said that he'd pile it up on the lawn and torch it.
Judging by the wisdom of his investments, he's about to succeed!

I'm ASTOUNDED by my generations inability to at LEAST set up an education fund for their kids, tax protected AND you get the principal back, albeit without interest.
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Old 06-02-2014, 04:09 PM
 
Location: Florida
2,291 posts, read 4,944,698 times
Reputation: 5236
I wish to spend my last dollar and take my last breath at the same time....the possibility of that happening are slim and none.

If there is something left my heirs will get it..if not...oh well.
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