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Old 02-09-2018, 07:56 AM
 
11,118 posts, read 8,523,617 times
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Quote:
Originally Posted by LivingDeadGirl View Post
You know, i've read the posts and i find many of them absolutely offensive. I look around at all the misery in the world, all the need, and I cannot fathom how anyone would wonder what to do with excess income. Are the folks complaining about excess income bragging? or are they seriously on another planet? For heavens sake: DONATE, help people, establish scholarships, pay for animal spay/neuter, buy LE and firefighter lunches!!!!!!
Only if it works with avoiding taxes and not counting as income.
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Old 02-09-2018, 10:01 AM
 
29,764 posts, read 34,848,700 times
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Quote:
Originally Posted by LivingDeadGirl View Post
You know, i've read the posts and i find many of them absolutely offensive. I look around at all the misery in the world, all the need, and I cannot fathom how anyone would wonder what to do with excess income. Are the folks complaining about excess income bragging? or are they seriously on another planet? For heavens sake: DONATE, help people, establish scholarships, pay for animal spay/neuter, buy LE and firefighter lunches!!!!!!
Excess income for many becomes wealth and if you are trying to build wealth there really is no excess income. Only investment capital.

If you aren't trying to build wealth then perhaps it is excess income. For us we have both investment capital and excess income which is used for along with other things charitable donations.

This dip for us is welcomed as we are still at this stage of the game able to invest a decent amount monthly so the wealth building opportunity is greater now than January 26. For retirees like us that is good!

Also the thread title was very clear and specific that it was asking the question of what to do with excess wealth. Thus the many comments about that.
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Old 02-09-2018, 10:06 AM
 
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Originally Posted by charlygal View Post
Wait, wait. Are people really upset over RMDs? QLACs to defer up to age 85? Don't people save the money to actually use it one day?

How common a problem is this or is this just "rich" people problems?
Often people save to make more money off of their money and in many cases the goal is intergenerational wealth creation and not spending.
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Old 02-09-2018, 03:31 PM
 
71,455 posts, read 71,629,249 times
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one of the problems with the retirement advice usually flung out in forums is the most important issue to be addressed is who are you investing for .

for some it is their income , for others who have pensions and low draw rates it can be legacy money for heirs . for others like myself we try to do both , but give more priority to our income .

the advice given has to be based on just who you are investing for
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Old 02-09-2018, 04:06 PM
 
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Originally Posted by mathjak107 View Post
one of the problems with the retirement advice usually flung out in forums is the most important issue to be addressed is who are you investing for .

for some it is their income , for others who have pensions and low draw rates it can be legacy money for heirs . for others like myself we try to do both , but give more priority to our income .

the advice given has to be based on just who you are investing for
The reality is that by your sixties you should know who you are investing for. If you don't it might be because you aren't really investing yourself but talking about what you would do if you could.
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Old 02-09-2018, 04:11 PM
 
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well i can't say at this point since 80% of all our income comes from it . if our time frame turns out to be like those who retired in 1907 ,1929 ,1937 ,1965 or 1966 than we are investing for ourselves . but if markets are average than it is ourselves and heirs
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Old 02-09-2018, 04:16 PM
 
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Quote:
Originally Posted by mathjak107 View Post
well i can't say at this point since 80% of all our income comes from it . if our time frame turns out to be like those who retired in 1907 ,1929 ,1937 ,1965 or 1966 than we are investing for ourselves . but if markets are average than it is ourselves and heirs
You know who you are investing for what we don't know are the parameters that will guide how it all plays out.
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Old 02-09-2018, 04:19 PM
 
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well until we are a lot farther in to our retirement we can't say what will be left . so i have to say at this point we are striving to maintain our income . but if markets and inflation are not worst case then it may be heirs too .
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Old 02-09-2018, 04:51 PM
 
29,764 posts, read 34,848,700 times
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Quote:
Originally Posted by mathjak107 View Post
well until we are a lot farther in to our retirement we can't say what will be left . so i have to say at this point we are striving to maintain our income . but if markets and inflation are not worst case then it may be heirs too .
True. Again with us being pension and SS based our variables are not as great. What this week has shown me is that new money is going into Wellington and Strategic Income( Until I am told otherwise). That's another story which I have told before. The tax sheltered is what it is and the Trowe will just sit as composed with cash going in and that's it.
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Old 02-09-2018, 08:07 PM
 
Location: North West Arkansas (zone 6b)
2,672 posts, read 2,008,103 times
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Originally Posted by dothetwist View Post
We realized last year that we are never going to spend down our savings/IRAs, etc. We now contribute 50% of our income to charities (I have a large pension plus we have SS). At some point when we are older (65 now), we will start to give our savings to charities as well. I would rather be alive and see my money go to good deeds, rather than have charities waid for bequests after my death.
does this make you wish you retired earlier?
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