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$3000 could be a little or a lot in terms of percentages.
FWIW - this has nothing to do with love IMO. And I strongly suggest not just closing your eyes. In this area - ignorance is not bliss. Do you even know what you're invested in? Robyn
Bada Bing! Folks also need to remember when getting professional help it isn't just about how honest and trustworthy the person is but also how good they are. Honesty does not necessarily equal the results you want and could have gotten.
Bada Bing! Folks also need to remember when getting professional help it isn't just about how honest and trustworthy the person is but also how good they are. Honesty does not necessarily equal the results you want and could have gotten.
Also depends how in tune they are with you. It is easy to say you have a high risk tolerance when the markets are in your favor - often difficult/impossible when they're not. You have to figure out your "puke factor". The sooner - the better. Robyn
Also depends how in tune they are with you. It is easy to say you have a high risk tolerance when the markets are in your favor - often difficult/impossible when they're not. You have to figure out your "puke factor". The sooner - the better. Robyn
Easier to watch others get puked and be a commentator on investing and foolishness and not as easy to see puke on your own sweater. Maybe that's why Gold buffs are so quiet these days.
Easier to watch others get puked and be a commentator on investingith silv and foolishness and not as easy to see puke on your own sweater. Maybe that's why Gold buffs are so quiet these days.
I am not a gold buff. I do own what is for me a small dollar amount of physical gold that I have owned for quite a few decades. It is up since I bought it - down from its peak. Gold - for me - is disaster insurance. Like when my late grandmother was able to flee to this country and had silver coins and flatware sewn into the hem of her dress. Which paid her way. There's an old investment saying. Always own a little gold - and hope it never goes up . Robyn
I retired in 2014 at the age of 59, I am turning 61 in a few days. I built a new house and have zero debt. I have a small pension that pays all of my monthly bills and expenses. I have about 900K in savings consisting of three accounts, taxable, IRA and Roth IRA. If I took out 3%, that would be over $2,000 a month. At 66 I plan on taking my Social Security, since I just lost the ability to file a Restricted Application on my ex husband. This will give me even more income.
My question is, where or how do I spend $2,000 extra per month? I was a flight attendant and have no desire to travel. I rarely buy clothes and my house is newly furnished. I also have a new car.
I was extremely frugal in my life, so I don't know what to spend my money on. I am not complaining at all, but if I withdraw 3-4%, what do I do with that extra money? Do I just leave it in my accounts or try and find a way to spend it? I don't have any family to leave it to, it is going to animal shelters when I die.
You can certainly contribute to animal shelters now
Which will offset your additional income
Personally you are young
If you are in good health and have family with long lives expect to live even longer
You have no idea what might happen to you tomorrow that isn't anticipated...
I suggest saving and maybe investing if you are comfortable doing that so you have more assets to leave to charity but have available for yourself if necessary
I didn't take your poll, as we haven't taken any money as yet. We have been retired 8 years. Not sure what your point is, but my feeling is, it is their money, they saved it, they should do with it as they want.
We're in exactly the same boat -- Probably won't start taking anything out until RMD time (2-3-years away).
But, if we were withdrawing from our IRA's, I would balance each year against my earnings from the account for the preceding year, (and my income needs), up to a maximum of 5-6%.
Look it's your money, and setting the children's expectations for getting zero is a good way to go from a motivational standpoint, and certainly made sense in the Greatest Generation talking with their six children, but it would be such a boomer move if you actually blew your savings while you were in younger retirement and then left your expensive medical bills for your two kids and the taxpayer as you got older.
The smarty pant answer is I take my chance regarding letting taxpayer pay for it. But the real answer my networth is a lot more than I can spend. I have good ltc, good health care and a COLA pensions. My kids are really too poor to take care of us in this aspect. Thanks for your concern.
Or - there is worse. Like not being able to afford the kind of living situation and help you might actually want as you get older. For example - my husband and I would like to age in place using more help around the house - including home health aides if and when necessary - as opposed to ever going into an ALF or a SNF. If at all possible. That stuff is expensive.
I think one can do a good reality check by lurking on the Caregiver Forum from time to time. Where it seems that many seniors who are old/frail/sick/have run out of money are living in their kids' family rooms or similar. Must be very bad for the parents - and even worse for the kids and their families (people seem to do it - but don't seem very happy about it).
I think the OP - who is a child - not a parent - might be worried about this kind of thing. Robyn
I have the same plan as you. We are aging in place, I have the income to hire people to come taking care of us, same as my in laws. Nobody died broke in my family yet, even the poor ones. For our situation at the movement, I'm afraid it would the reverse, kids will live in our family rooms. They have not had time to accumulate wealth yet.
I have the same plan as you. We are aging in place, I have the income to hire people to come taking care of us, same as my in laws. Nobody died broke in my family yet, even the poor ones. For our situation at the movement, I'm afraid it would the reverse, kids will live in our family rooms. They have not had time to accumulate wealth yet.
I had one aunt who died broke (long sad story) - in her 80's. She wound up in a Medicaid bed in a SNF (not the nicest place in the world) the last few years of her life. My father and his sister gave my aunt's daughter (who didn't have money either) gifts so she could buy her mother some new clothes - pay the cable TV/phone bill - etc. I had another uncle who died poor - in his 90's (his wife survived him). He spent the last years of his life in a very crummy relatively low priced "Alzheimer's warehouse" (his wife cared for him at home as long as she could). Observing things like this has given me pause in terms of thinking about how much money one might need in one's "old age".
And your comment about the "kids" raises another interesting issue. With so many people living so long these days - 80's-90's - it's possible that some will have "senior kids" who need help as they get old (if they haven't planned for their retirement - have health issues - etc.). Robyn
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. Robyn
