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Old 03-29-2015, 09:55 PM
 
3,274 posts, read 3,697,053 times
Reputation: 5438

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Quote:
Originally Posted by Vision67 View Post

That guy became the biggest screw off I've ever known.

His attitude was "Why work, I've got it made." He received $200 per month from his family for expenses and he was usually broke.
Well, I agree with him. There's no need to work. $2M invested in a fairly conservative portfolio will yield about 5% a year, and if 3% of that is reinvested annually, that still leaves a juicy $40K. But if I were in that situation, I'd do something I love to pass the time - maybe even use my hobby to make a few extra $. I sure wouldn't sit around playing video games all day
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Old 03-30-2015, 12:32 AM
 
Location: Purgatory
6,322 posts, read 4,762,782 times
Reputation: 9765
Spend and enjoy!!
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Old 03-30-2015, 03:12 AM
 
71,643 posts, read 71,777,271 times
Reputation: 49240
Quote:
Originally Posted by Slowpoke_TX View Post
LTC insurance should not be purchased prior to age 60 - you won't need it before then.
big mistake waiting . you save nothing by waiting. the amount yiou pay in is the same by a certain age. what you end up with by waiting is a huge premium to deal with through retirement.

it also becomes more expensive if things happen health wise . we waited and one day i was diagnosed as diabetic in the year we finally applied.

that cost us an extra couple of hundred bucks a year.

you may need it early on too. my co-worker at 55 fell off a ladder . he broke his hip and had a stroke during hip surgery.

all you do by waiting is risk not being able to qualify and making the premium unaffordable..
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Old 03-30-2015, 06:53 AM
 
753 posts, read 706,683 times
Reputation: 1175
When I was on the phone recently with my fee only financial planner I mentioned to him that it was still my goal to die broke.

There was dead silence....

Then, he quietly said "You're gonna have to work pretty hard to do that ma'am..."

Good news...

I have lived frugally all my life. When hubby and I were married we continued it. We scrimped and saved went without ... we did this all our lives and in the end, his exposure on that 38 yr job gave him cancer and finally killed him last fall.

Life is too short. Last week my neighbor fell. I called her an ambulance, and expected she'd be home the next day. She died 11 hrs later. Her car is in the driveway and her place sits empty. She lived her life to the full and there were no flies on that lady!
Not bad.

So I will go ahead and enjoy what was meant to be enjoyed by us both during this time in our lives...

Will I feel guilty if I run out of money before I die? NO I won't. I am insured up the wazoo as my planner says. Bases covered as much as they can be...

Challenge accepted and my goal is still the same. I might send my kids a postcard from Tahiti. And if there's anything left then they are welcome to it. But it will get messy as that is what they DO- but at least I won't have to listen to it.
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Old 03-30-2015, 06:54 AM
 
1,780 posts, read 2,167,698 times
Reputation: 5877
Spend baby, SPEND!!!

I earned it. I intend to spend it.
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Old 03-30-2015, 07:06 AM
 
753 posts, read 706,683 times
Reputation: 1175
Quote:
Originally Posted by RosemaryT View Post
Spend baby, SPEND!!!

I earned it. I intend to spend it.

YUP yup yup...
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Old 03-30-2015, 07:22 AM
PDD
 
Location: The Sand Hills of NC
8,774 posts, read 14,874,703 times
Reputation: 11886
Thanks for posting this 68551

"(Treat us well and we will be happy to leave what is left to you, treat us poorly and we will leave it all to the dog!!!)"

Anybody with parents should pay close attention to this.
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Old 03-30-2015, 08:05 AM
 
3,492 posts, read 4,958,642 times
Reputation: 5383
The sad thing is the few people with bloated retirement accounts today got there by an American economy that was roaring on the backs of unionized labor until the outsourcing of jobs drove prices down. The result was lower prices and lower wages, but the lower wages were just hitting the newer entrants to the work force. The baby boomer generation was able to live off the wealth created by the greatest generation and managed to completely destroy it for the generations after them.

Yes, live it up, leave nothing for your children, your generation sure as hell didn't leave a properly functioning economy.
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Old 03-30-2015, 08:18 AM
 
Location: USA
7,778 posts, read 10,145,649 times
Reputation: 11715
My parents had 3 children. 2 boys and a girl. They helped us all financially throughout the years. My older brother died in his forties, then they helped his widow and 3 children. My other brother moved faraway and when he came for visits, our parents paid for his plane ticket. I lived with them for a few years when they were in their nineties. Everything they owned was put in my name. I think my mother engineered it in case she died and my dad married someone else. I never expected it.

My brother became difficult to get along with after a few years, especially with me. He had no idea about the finances. After both our parents were gone, he was surprised there was nothing for him. He and his wife are both spendthrifts, but her brother is extremely wealthy and gives them money often and when he buys a new car, he ships them his old one.

My brother has not talked to me in years. He used to phone often. He likes to talk and once asked me not to say anything... to just listen. I soon began dreading his calls.
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Old 03-30-2015, 01:01 PM
 
5,947 posts, read 2,292,594 times
Reputation: 2225
My mother occassionaly tells me that she is leaving me some money, not a huge amount but enough I could use. I tell her that it won't do me much good as I hope not to collect an inheritence until I am 90 myself. As long as she can live comfortably and still take her trips it does not bother me that she has some set aside for her kids. She is closer to 90 then to 80 and can still live on her own and travel to me that is the legacy or memory I want her to leave me. My siblings think the same as well.

My mother told me exactly what I would inherit and although I am only a couple of years away from retiring that amount has no place in my retirement plan, it is her's and her's alone to spend as we wishes and my wish is she is able to spend and enjoy for years on end.
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