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Old 03-06-2017, 03:05 PM
 
Location: Texas
1,971 posts, read 1,375,830 times
Reputation: 6745

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This has me thinking, yes I withdraw about 4% with RMD, however, from the total investments, not just IRAs, itís around 2%.
Also, just because you are retired does not mean your investments with not grow, ours certainly have at a tremendous amount.
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Old 03-06-2017, 03:08 PM
 
Location: Los Angeles area
14,018 posts, read 17,744,100 times
Reputation: 32309
Quote:
Originally Posted by NancyDrew1 View Post
Spend it all and there is nothing left for the children. That's not right.

Life is only going to get worse for them

Not right? What is "right", exactly? Your stance is an individual philosophical position which cannot be generalized into a universal moral imperative.


I have no quarrel with your personal desire to leave a substantial inheritance to your children. However, all that a parent owes children is a good upbringing with adequate food, housing, and clothing, and love, a good example of being an honest citizen and a decent education up through age 18 at a minimum.


Whether life is going to get worse for any given person depends on so many variables that your generalized statement is entirely devoid of meaning.
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Old 03-06-2017, 03:08 PM
 
Location: Omaha, Nebraska
7,319 posts, read 4,164,649 times
Reputation: 18334
Quote:
Originally Posted by Midpack View Post
Many/most of them do know.

If is was as certain as you are, I might withdraw more. I'd love to 'die broke' - but it's not really possible.

...It's the ones who are withdrawing (much) more than SWR, without any plan I worry about...
Exactly. It's not like the money will just magically disappear when they die. Someone will get the use of it. And being too conservative when it comes to SWRs beats being too optimistic any day!

What sense is there in inflating your lifestyle if you don't need to or want to?
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Old 03-06-2017, 03:12 PM
 
10 posts, read 12,221 times
Reputation: 17
Back when my father use to get a paper check for Social Security, in his 70s, he would hold up to a year-or even more SS checks un-cashed, in a drawer thinking he was too much of a big shot to have to worry about running over to the bank to cash them. To me this is the same type of person who only withdraws 2% out of their portfolio each year. They think they are big shots.

(My father of course was a fool for doing this because many times his checks became invalid because they were so old after not being cashed for over a year and he got no investment return from the uncashed checks.)
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Old 03-06-2017, 03:19 PM
 
Location: SoCal
13,236 posts, read 6,340,776 times
Reputation: 9854
Heh Heh, I'm only withdraw 0% from my retirement portfolio but I have money eye outside that portfolio. I don't know how much I withdraw from that portfolio and don't care. Humble brag, humble brag, humble brag. Sue me, sue me, sue me. Rant over. Who cares really? It's my money and I can do what I want.
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Old 03-06-2017, 03:22 PM
 
Location: Los Angeles area
14,018 posts, read 17,744,100 times
Reputation: 32309
Quote:
Originally Posted by Yes I know View Post
Back when my father use to get a paper check for Social Security, in his 70s, he would hold up to a year-or even more SS checks un-cashed, in a drawer thinking he was too much of a big shot to have to worry about running over to the bank to cash them. To me this is the same type of person who only withdraws 2% out of their portfolio each year. They think they are big shots.

(My father of course was a fool for doing this because many times his checks became invalid because they were so old after not being cashed for over a year and he got no investment return from the uncashed checks.)

What an incredible leap of illogic to compare your father's putting his SS paper checks in a drawer with a person who has chosen to withdraw 2% out of his portfolio each year. The former was idiotic whereas the latter (while it may not be necessary) is at least not flushing money down the toilet.
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Old 03-06-2017, 03:25 PM
 
10 posts, read 12,221 times
Reputation: 17
Both my Dad and the people who only withdraw 2% a year are dumb because, you should spend the money now, you can't take it with you in death.
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Old 03-06-2017, 03:26 PM
 
1,190 posts, read 659,779 times
Reputation: 1021
Quote:
Originally Posted by brava4 View Post
Ha! I have a friend who says she is not leaving a dime to her kids. She has put them through school to masters level, one Law school, all are 35yr and older. She said enough!!!


But I can see if someone has much younger children, things could be much different for them.
She can do all that, and that's GREAT but there is no guarantee her kin will not need that money down the line. Health issues could arise at any time, mental or physical.

I would much rather have a nice life with all my needs being met -and- the satisfaction of knowing I've done the same for my loved ones. And hope they follow suit being good role models for their own children, and so on...
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Old 03-06-2017, 03:27 PM
 
1,190 posts, read 659,779 times
Reputation: 1021
Quote:
Originally Posted by jrkliny View Post
Not that I can see. My older daughter and family are doing just fine with government jobs that provide 100% security and will given them good pensions. My younger daughter is just turning 30 and pulling in a decent 6 figure income. I expect that within a few years she will greatly exceed my peak income. Unemployment is really low and salaries are decent for those with skills. That was hardly the case when I was that age.
I am glad they are doing so well
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Old 03-06-2017, 03:28 PM
 
Location: SoCal
13,236 posts, read 6,340,776 times
Reputation: 9854
@Yes I know, It's true but if you already spend money, what are you going to do? Lit up a fire to prove that you spend 4%.
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