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I intend to convert all my money into travelers checks, and have them stuffed into my coffin. Who says you can't take it with you? The big question is, can you spend it when you get there?
Mr dad grew up in the depression, it impacted his life tremendously. He watched every dime and wouldn't think of splurging for a nice vacation or big car. My mother on the other hand was a childish woman who married a drunk and they spent money like two kids with a credit card. She died broke and my dad died with millions in his accounts. (They were divorced when i was a child.) two different people with two completely different attitudes about money. Where is there a middle ground of when to quit spending and yet have enough for retirement?
I had a friend who died last year. He was known to be tight with his money. I went to his viewing and in his jacket pocket a check in the amount of one million was visable. I asked his daughter about it, and she said he alway said he was going to take it with him, so they helped him.
They say when someone is at death's door people tend to be philosophical about the choices they made in life.
I suspect that many people wish they would have retired earlier and been more active and engaged in retirement. Many older people in retirement are too conservative with their money. In their effort to not run out of money before they die, they spend so much time pinching pennies and trying to figure out how to survive with low withdrawal rates from their 401k funds.
Because they are so tight with their money, many retired folks go to their death bed with more money in their 401k accounts in their 80s and 90s than they started with in their 60s.
I view this as lost opportunity. Think of the things they could have done when they were in good heath early in their retirement if they weren't so concerned about a 100% chance that their money would not run out.
Something to think about and discuss.
If I die a millionaire that will mean my plan worked and I was not a financial burden and didn't sell my life short being unable to afford medical care. Also my kids will have a contribution to their retirement and that will make us smile.
I think extreme frugal people with a lot of money might have some regrets that they didn't experience more to life in the latter stages as opposed to the death bed. They might have wished they could have travelled more, ate out more, dated more, socialized more, basically experience things that would have cost them money instead of sitting in a senior's home confined due to a lack of mobility or health reasons.
There are some who are life poor but cash rich. I will always remember that phrase by a poster here on CD. It's hard to strike a balance when you grow up poor.
I think extreme frugal people with a lot of money might have some regrets that they didn't experience more to life in the latter stages as opposed to the death bed. They might have wished they could have travelled more, ate out more, dated more, socialized more, basically experience things that would have cost them money instead of sitting in a senior's home confined due to a lack of mobility or health reasons.
There are some who are life poor but cash rich. I will always remember that phrase by a poster here on CD. It's hard to strike a balance when you grow up poor.
All well and good. One thing though. It is very rare to go from normalcy to death bed in a matter of days or even weeks. Normally it's a long slide from normalcy lasting months or years. Lack of funds during that period would be terrible.
I feel like this entire thread is like asking people who die in a car accident when they are 26 if they "regret getting a Master's Degree" or someone who owns a house on the beach in Florida that is never significantly damaged by a hurricane if they "regret paying all that money for insurance."
Seems like this line of thought is used to rationalize past deprioritizing of saving for retirement. Just like those who complain about 401K fees and financial advisors.
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