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Old 03-07-2017, 01:06 AM
 
6,253 posts, read 4,731,924 times
Reputation: 12839

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Quote:
Originally Posted by American Expat View Post
Everyone will justify what they want to do in the end and some may have no choice but to burn through their money. We would like to leave each kid at least $1M, that is our wish.

I gave my kids the education and knowledge of how to succeed in life. By the time they retire, I have no doubt they will already have several million in assets.
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Old 03-07-2017, 06:00 AM
 
Location: Colorado Springs
4,837 posts, read 4,954,521 times
Reputation: 17303
I haven't read the whole thread but for some people the security of saved money far outweighs the joy of spending.

We read all the time stories of the retired janitor/teacher/book keeper who lived in near poverty and died with several million dollars in the bank.

I'm not interested in how much money anybody else has acquired. In the end, we're all equal.

Just ask Steve Jobs how much it mattered that he had unlimited funds.
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Old 03-07-2017, 06:18 AM
 
5,822 posts, read 13,317,177 times
Reputation: 9290
We live off of our pensions, SS. Pensions provide more than enough for our lifestyle, we travel, purchase what we want and owe no one. Our required FRA is put into a brokerage account each year. Should we require the $$ eventually, it will be used then otherwise left to heirs. We are not bragging, just fact.
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Old 03-07-2017, 06:28 AM
 
71,550 posts, read 71,730,589 times
Reputation: 49156
Quote:
Originally Posted by Vision67 View Post
I haven't read the whole thread but for some people the security of saved money far outweighs the joy of spending.

We read all the time stories of the retired janitor/teacher/book keeper who lived in near poverty and died with several million dollars in the bank.

I'm not interested in how much money anybody else has acquired. In the end, we're all equal.

Just ask Steve Jobs how much it mattered that he had unlimited funds.
there are 3 kinds of people who have money .

the first type enjoys having the money more than the things money buys . it represents security ,power and independence .

the 2nd type enjoy having money for the things it buys . they like to spend it more than save it

the 3rd type are interesting . they like the things money buys , they like saving it but for them they like making it best. these are the people that are still doing the deals and growing business's and just love the art of the deal more than the money . they just like winning .

Last edited by mathjak107; 03-07-2017 at 06:47 AM..
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Old 03-07-2017, 07:30 AM
 
Location: Somewhere in deep in Maine
3,658 posts, read 2,810,658 times
Reputation: 4436
I have only a 0.00000083 draw off my pension fund.
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Old 03-07-2017, 07:41 AM
 
Location: Columbia SC
8,965 posts, read 7,737,941 times
Reputation: 12169
Quote:
Originally Posted by ChessieMom View Post
Wow. There is no such thing as a "rightful inheritance" for any one. You're saying that parent should leave an inheritance because the children are going o take care of them in their old age? That's absurd.
I agree.
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Old 03-07-2017, 09:02 AM
 
Location: Los Angeles area
14,018 posts, read 17,737,509 times
Reputation: 32304
Quote:
Originally Posted by leastprime View Post
This is a poor reason to ban OP.
In fact, IMO, the Gen X , Y, and Millinum generations, May be forced to seriously look at 2% SWR.
YMMV
We don't know the reason the OP was banned. It may have had nothing to do with this thread.
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Old 03-07-2017, 09:09 AM
 
Location: Haiku
4,071 posts, read 2,572,689 times
Reputation: 5996
Quote:
Originally Posted by Yes I know View Post
I enjoy reading the posts on the various investment and retirement boards. But I find most posters live in their own little world.

A common thing is for the retired folks to brag to anyone who will listen how conservative they are in their retirement fund withdrawals. They are absolutely convinced that withdrawing 4% inflation adjusted per years is so 20th Century. They brag about how conservative they are and only pull out 2% a year. ( 2% is the new 4%)

Don't they know that they won't have as high of standard of living in retirement and will likely die with most of their retirement money sitting in their account?
It is far more complicated than what you are laying out here.

We are withdrawing in the low 3% range and that will go down to 2.5% when I start SS but we don't live frugally, we pretty much live as we did before retirement. No we don't have a ton of money but we just don't feel the need to go out to dinner every night or buy a new car every 3 years or whatever. This was true before retirement and is the same after. We are very happy with our situation.

I am not determined to spend it all, either. I have no problem with dying with money in the bank. It will go to our favorite charities and I am 100% fine with that.

One other factor in low withdrawal rates: Long term care is a distinct possibility for any of us. In fact statistically you are more likely to need it than to not need it. LTC insurance is a bad deal if you look closely at it so we don't have it. Instead we self-insure which means we have budgeted within our retirement plan to have to pay for LTC in the future. So if we need it, it will be covered. If we don't, well, more money for the charities.
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Old 03-07-2017, 09:12 AM
 
Location: Los Angeles area
14,018 posts, read 17,737,509 times
Reputation: 32304
Quote:
Originally Posted by GrandviewGloria View Post
Is THIS what retirement is like? People talking in retirement plan/account/strategy acronyms, all day long? This, on top of all the cutesy acronyms and abbreviations for ailments and treatments - and on top of all the medications named to sound like they're your new best friends? (Abreva, Boneva, Spiriva, Januvia...).

If that's the case, then I won't let anybody my age anywhere near me! Oy! It wants me want to jump off a cliff, listening to all that.
........................
The financial aspects of retirement are one of the three or four main themes which come up again and again in the Retirement Forum. That should hardly be surprising.

If that doesn't interest you, why even click on a thread about it? Most thread titles are descriptive enough that we can tell in advance what the subject matter is. It is absurd to come into a thread on a particular topic and complain that you don't want to hear about it! It is analogous to going into a thread on vegan food and complaining that you are sick of hearing about vegan food.
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Old 03-07-2017, 09:34 AM
Status: "Re-edit status" (set 17 days ago)
 
Location: Was Midvalley Oregon; Now Eastside Seattle area
4,170 posts, read 1,895,955 times
Reputation: 3200
Quote:
Originally Posted by Escort Rider View Post
We don't know the reason the OP was banned. It may have had nothing to do with this thread.
No we don't. OPs previous posts are fairly mundane.
In fact, the OP, is just an opinion from his observation and has garnered many pages of replies. That is good. In one interpretation his observation is absolutely correct. Nothing wrong in that.

Last edited by leastprime; 03-07-2017 at 09:48 AM..
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