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Old 02-10-2018, 07:27 AM
 
29,764 posts, read 34,848,700 times
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Quote:
Originally Posted by gunslinger256 View Post
does this make you wish you retired earlier?
Since they are 65 and retired they could have only been collecting SS for three years. They probably needed a minimum of 30 years or close to age 59 to qualify for their full pensions. Their strength are those fixed income streams and that usually has some sort of time stamp for full eligibility. They may have had employer provided health care in retirement if not they may have delayed til 65 for Medicare eligibility.

They have the old three legged retirement stool of pensions, SS and investments. The pensions and SS have fully kicked in and now their investments are no longer needed as part of their monthly income equation.

We are similar so I know the drill.
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Old 02-10-2018, 07:42 AM
 
7,977 posts, read 11,652,026 times
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I'm sure its been mentioned but if you have children 10,000 a year, an education fund for the grandkids......

I'll put a plug in for land trusts like the Nature Conservancy or small local ones
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Old 02-10-2018, 02:38 PM
 
Location: SC
8,791 posts, read 5,647,974 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!!!!!!
What percentage of their own money do you think people should donate to others? 10% 50% 80%? Of those funds not donated (those that people are selfishly keeping for themselves), how should they invest that money from the RMD if they don't think they will need it but want to minimize their taxes?
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Old 02-10-2018, 03:43 PM
 
6,353 posts, read 5,153,746 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!!!!!!
If you are absolutely certain that you have already saved all the money you will ever need and that you will never be dependent on public support, or on your children, neighbors, or church, then by all means give it away. I have not reached that point. So far I'm doing fine, but old age and illness are great equalizers.
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Old 02-11-2018, 03:55 PM
 
Location: Wooster, Ohio
1,036 posts, read 785,100 times
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Quote:
Originally Posted by Larry Siegel View Post
If you are absolutely certain that you have already saved all the money you will ever need and that you will never be dependent on public support, or on your children, neighbors, or church, then by all means give it away. I have not reached that point. So far I'm doing fine, but old age and illness are great equalizers.
I am managing the trust fund for my mother, who is in a memory care unit, so I know just how expensive that can be. If my father had not been such a wise saver and investor, my mother would be on Medicaid. I am able to continue to donate to mom's church, but on a much lower level than when dad was alive. I am also able to gift money from the trust to my sister, my nephew, and me each year. I put my money into the annuity that dad started in my name. My sister and nephew also have annuities, but I am unable to gift the money into their annuities, so I give them the cash without restrictions.

As for myself, I am pulling money out of my Deferred Compensation plan, paying the taxes, and putting it into a municipal bond fund. I still have 8 years to go before I have to face Required Minimum Distributions on my Deferred Compensation and Annuity plans. Although I had to rescind most of my 2017 Roth IRA contribution because I allowed my retirement income to become too high, as long as I keep my part-time job, I will be able to contribute to it in the future. Required Minimum Distributions of my Roth IRA will not occur until my nephew inherits it.

I do donate to my church, colleges, a couple of non-profits, and the NRA. I used to make political donations. My church seems to think I should give 10% of my gross income. The other recipients spend my donations on repeatedly requesting even more money. Even worse, they call and try to talk to me. That is why I have been giving them the local time & temperature number instead of my home phone.

None of these organizations manage their funds as well as I manage mine. If the Parable of the Talents were rewritten, these organizations would be represented by a fourth recipient, who spent the talents given him on hiring men to request more unearned talents from the giver.
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Old 02-12-2018, 12:35 AM
 
1,769 posts, read 2,440,325 times
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Quote:
Originally Posted by Larry Siegel View Post
If you are absolutely certain that you have already saved all the money you will ever need and that you will never be dependent on public support, or on your children, neighbors, or church, then by all means give it away. I have not reached that point. So far I'm doing fine, but old age and illness are great equalizers.

I don't have much saved at all. I give away A LOT of $$$ because I am not selfish and paranoid and see how others suffer and need help: as I once did as a starving college student. I also have friends who have had to declare bankruptcy due to medical expenses NOT covered by insurance. Guess what? You can't take it with you.
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Old 02-12-2018, 05:42 AM
 
29,764 posts, read 34,848,700 times
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Quote:
Originally Posted by LivingDeadGirl View Post
I don't have much saved at all. I give away A LOT of $$$ because I am not selfish and paranoid and see how others suffer and need help: as I once did as a starving college student. I also have friends who have had to declare bankruptcy due to medical expenses NOT covered by insurance. Guess what? You can't take it with you.
No you can’t take it with you but you may need it until then. Since I don’t know when our expiration dates are We will keep growing it in the hopes of being able to extend our warranty. Paying for health care yourself is expensive. There will also be all kinds of advances to enhance the quality of life as we age and they will come at a cost.
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Old 02-12-2018, 07:33 AM
 
Location: Somewhere in deep in Maine
3,658 posts, read 2,807,585 times
Reputation: 4436
Id be happy to take any money that the OP needs, of their hands and put it to good use.
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Old 02-17-2018, 11:52 AM
 
533 posts, read 248,505 times
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Would like some opinions, in view of the present uncertain conditions, is it better to take out unneeded RMD's from stock funds or bond funds. This is money which will not be reinvested but rather be used for fun money or a few luxuries.
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Old 02-17-2018, 12:04 PM
 
29,764 posts, read 34,848,700 times
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Quote:
Originally Posted by Nefret View Post
Would like some opinions, in view of the present uncertain conditions, is it better to take out unneeded RMD's from stock funds or bond funds. This is money which will not be reinvested but rather be used for fun money or a few luxuries.
Be mindful the RMD withdrawal will have on your asset allocation and will withdrawing it lock in gains or losses.

Many of keep several years of expected RMDs in cash/stable value or similar to minimize the question.

You could consider the cash outside of your asset allocation.

How you feed that pool of money is another discussion. Recent years has made it fairly easy as you could just take profits from equities to put in your RMD/emergency stash.
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