Join Early Retirement Today
Reply
 
Thread Tools Search this Thread Display Modes
Old 04-11-2014, 02:57 PM   #41
Recycles dryer sheets
iam21177's Avatar
 
Join Date: May 2011
Posts: 159
Breaking even in the end would be ideal, but impossible to predict. I really hope not to die with millions though. I'm projecting things out to age 95. However, I do not intentionally plan to leave behind a legacy on purpose like for heirs.

My dad I guess you could say broke even. He died with $6.14. Yes, he left behind a pension that my mom now gets, but in his savings and in his retirement he left $6.14 at the age of 58. He spent all the retirement in the 6 years he had cancer and intended on using it all. So he succeeded in doing that. He even sold his car for cash 2 weeks before he died. He knew he was dying.

He could have left behind $10k so that his own kids didn't have to pay for his funeral though.
__________________

__________________
iam21177 is offline   Reply With Quote
Join the #1 Early Retirement and Financial Independence Forum Today - It's Totally Free!

Are you planning to be financially independent as early as possible so you can live life on your own terms? Discuss successful investing strategies, asset allocation models, tax strategies and other related topics in our online forum community. Our members range from young folks just starting their journey to financial independence, military retirees and even multimillionaires. No matter where you fit in you'll find that Early-Retirement.org is a great community to join. Best of all it's totally FREE!

You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with our members, see fewer ads, upload photographs, create a retirement blog, send private messages and so much, much more!

Old 04-11-2014, 03:48 PM   #42
Thinks s/he gets paid by the post
seraphim's Avatar
 
Join Date: Mar 2012
Posts: 1,492
The general expectation is our portfolio will be worth considerably more when we die than it is currently.
__________________

__________________
"Growing old is no excuse for growing up."
seraphim is offline   Reply With Quote
Old 04-11-2014, 04:45 PM   #43
Moderator Emeritus
 
Join Date: May 2007
Posts: 11,043
If I die with less money that I have now, I'll probably consider it a planning failure. I don't like the idea of getting poorer as I get older. Money may be the only leverage I have left!

And who knows, in 30 or 40 years, doctors might have found a way to give me another good decade or two. I would not want to turn down that opportunity because money is running low.
__________________
FIREd is online now   Reply With Quote
Old 04-11-2014, 04:54 PM   #44
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
REWahoo's Avatar
 
Join Date: Jun 2002
Location: Texas Hill Country
Posts: 42,102
Quote:
Originally Posted by FIREd View Post
If I die with less money that I have now, I'll probably consider it a planning failure. I don't like the idea of getting poorer as I get older. Money may be the only leverage I have left!
I might feel exactly the same way if I was also a kept man!
__________________
Numbers is hard

When I hit 70, it hit back

Retired in 2005 at age 58, no pension
REWahoo is offline   Reply With Quote
Old 04-11-2014, 05:33 PM   #45
Thinks s/he gets paid by the post
steelyman's Avatar
 
Join Date: Feb 2011
Location: Triangle
Posts: 3,218
I've lost relatives. The sadness is not what they did or didn't leave, it is that they are gone.
__________________

steelyman is offline   Reply With Quote
Old 04-11-2014, 05:43 PM   #46
Thinks s/he gets paid by the post
 
Join Date: Mar 2009
Posts: 1,433
While I profess to be a total return type investor I can see a real living on the dividends tendency developing. My mother worked for a brokerage house for nearly 50 years and had a solid never touch the principal mantra. Now I'm finding myself seeking refuge in this philosophy. However my DW and I would have to sacrifice somewhat to accomplish this plan at this point.
Not the worst problem to have, but I'm struggling a bit with the priorities. As I've done in the past I'll keep on moving ahead. Sooner or later I'll pull the plug and give the retirement thing a whirl.
__________________
Retired in 2016. Living off dividends / interest and a mini pension. Freedom.
foxfirev5 is offline   Reply With Quote
Old 04-11-2014, 05:44 PM   #47
Administrator
W2R's Avatar
 
Join Date: Jan 2007
Location: New Orleans
Posts: 38,877
Quote:
Originally Posted by FIREd View Post
If I die with less money that I have now, I'll probably consider it a planning failure. I don't like the idea of getting poorer as I get older. Money may be the only leverage I have left!

And who knows, in 30 or 40 years, doctors might have found a way to give me another good decade or two. I would not want to turn down that opportunity because money is running low.
Yes, if/when a longer life ever becomes available, I want to have enough money to be the first in line! What a dream come true that would be. BTW I agree; I really can't see myself ending up with a smaller portfolio than what I have now.

Of course, I am saying this from the viewpoint of the present market boom, and who know what may happen? Maybe I will be lucky to be able to afford lunch in my 90's.
__________________
Already we are boldly launched upon the deep; but soon we shall be lost in its unshored, harbourless immensities.

- - H. Melville, 1851
W2R is online now   Reply With Quote
At the 'end' do you plan on spending to zero or leave a legacy?
Old 04-11-2014, 06:08 PM   #48
Thinks s/he gets paid by the post
obgyn65's Avatar
 
Join Date: Sep 2010
Location: midwestern city
Posts: 4,061
At the 'end' do you plan on spending to zero or leave a legacy?

I expect to leave more than what I have right now. No heir. Thinking about setting up a trust fund or something similar. Turning 49 this year, still working so I don't have much time to reflect on this topic yet.
__________________
Very conservative with investments. Not ER'd yet, 48 years old. Please do not take anything I write or imply as legal, financial or medical advice directed to you. Contact your own financial advisor, healthcare provider, or attorney for financial, medical and legal advice.
obgyn65 is offline   Reply With Quote
Old 04-11-2014, 06:50 PM   #49
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
 
Join Date: Feb 2013
Posts: 5,326
I like the idea of continuing to save money in retirement and focusing on decluttering and downsizing, and not buying a lot of stuff. My main hobby these days is implementing sustainable living ideas.

I like leaving a cushion for emergencies and LTC, and what is left can go to the kids and our favorite charities.
__________________
daylatedollarshort is online now   Reply With Quote
Old 04-12-2014, 08:52 AM   #50
Thinks s/he gets paid by the post
DFW_M5's Avatar
 
Join Date: Sep 2003
Posts: 4,982
Not a plan, but would like to leave a legacy for my kids as they are in an economic environment today, which career wise is much less favorable than when I started working.
__________________
Doing things today that others won't, to do things tomorrow that others can't. Of course I'm referring to workouts, not robbing banks.
DFW_M5 is online now   Reply With Quote
Old 04-12-2014, 09:01 AM   #51
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
travelover's Avatar
 
Join Date: Mar 2007
Posts: 9,880
No desire to leave a legacy, but I want to have enough at the end so we can be guided out of this world in dignity. I've seen too many relatives parked in a hallway, slumped over in a wheelchair, smelling like pee.
__________________
Yes, I have achieved work / life balance.
travelover is offline   Reply With Quote
Old 04-12-2014, 09:28 AM   #52
Thinks s/he gets paid by the post
Tadpole's Avatar
 
Join Date: Jul 2004
Posts: 1,170
My spreadsheet has me spending my last penny on December 12, 2048.
__________________
Tadpole is offline   Reply With Quote
Old 04-12-2014, 12:02 PM   #53
Thinks s/he gets paid by the post
Rambler's Avatar
 
Join Date: Jul 2007
Posts: 2,247
Have always wanted to leave an inheritance for the kids. Recent comments of theirs have me re-thinking the situation a little, and DW furious and saying she's gonna spend every last red cent. Most likely, we'll end up leaving a good bit to them or some charity. I'd like it to be the kids, but as of this moment, they seem to be having attitudinal issues with the necessity of work, and having no sense of urgency to get on with life. If those issues continue, we'll end up buying a condo in Hawaii and a string of half million dollar diesel pushers instead.

R
__________________
Find Joy in the Journey...
Rambler is offline   Reply With Quote
Old 04-13-2014, 01:19 AM   #54
Recycles dryer sheets
 
Join Date: Dec 2012
Posts: 390
Quote:
Have always wanted to leave an inheritance for the kids. Recent comments of theirs have me re-thinking the situation a little, and DW furious and saying she's gonna spend every last red cent
+1. My feelings too. More so actions than comments. If can't help self, it shouldn't be my responsibility.
__________________
Elbata is offline   Reply With Quote
Old 04-13-2014, 05:49 AM   #55
Moderator
MichaelB's Avatar
 
Join Date: Jan 2008
Location: Rocky Inlets
Posts: 24,446
Our financial plan is to make the portfolio last. There'll be something left over for the kids, otherwise that means the plan didn't make it. Not sure how to make it to zero without going under. No plan can guarantee a 100% success rate.

As to the question of how long were going to live, we do what we can, but for the most part "hope for the best" is our plan.
__________________
MichaelB is offline   Reply With Quote
At the 'end' do you plan on spending to zero or leave a legacy?
Old 04-13-2014, 06:00 AM   #56
Thinks s/he gets paid by the post
obgyn65's Avatar
 
Join Date: Sep 2010
Location: midwestern city
Posts: 4,061
At the 'end' do you plan on spending to zero or leave a legacy?

If you keep annuities under $250k-300k, scatter all your CDs and munis among many different financial institutions to stay under FDIC limits, and live only on this and SS and PGBC or state- insured pensions, then you are approaching 100% success rate, correct?

Quote:
Originally Posted by MichaelB View Post
No plan can guarantee a 100% success rate.
__________________
Very conservative with investments. Not ER'd yet, 48 years old. Please do not take anything I write or imply as legal, financial or medical advice directed to you. Contact your own financial advisor, healthcare provider, or attorney for financial, medical and legal advice.
obgyn65 is offline   Reply With Quote
Old 04-13-2014, 10:56 AM   #57
Recycles dryer sheets
 
Join Date: Dec 2010
Posts: 391
I don't plan to leave anything. But probably will, since one cannot plan this. My planned horizon for spend till zero is most likely longer than we will live.
__________________
palomalou is offline   Reply With Quote
Old 04-13-2014, 12:06 PM   #58
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
 
Join Date: Feb 2013
Posts: 5,326
Quote:
Originally Posted by obgyn65 View Post
If you keep annuities under $250k-300k, scatter all your CDs and munis among many different financial institutions to stay under FDIC limits, and live only on this and SS and PGBC or state- insured pensions, then you are approaching 100% success rate, correct?
I think that would be good for all except the Zombie attack. I also like the idea of living on way less than our total retirement income, too. Many people here and other retirement forums seem to pull it off - paid for condos or houses and cars in scenic and pleasant low cost of living areas with inexpensive hobbies like painting, hiking, biking, playing a musical instrument, photography, gardening, camping, beach volley ball, kayaking and cooking. Sounds like a nice life to me and it wouldn't cost a fortune to live like that.

Everybody has their own investing style. Personally I would rather count on investments like TIPS and I bonds, Social Security, PBGC pensions, CD ladders, etc. and control my expenses than spend more and worry about the stock market or risk losing half my savings at my age due to poor sequence of returns.
__________________
daylatedollarshort is online now   Reply With Quote
Old 04-13-2014, 12:20 PM   #59
Thinks s/he gets paid by the post
 
Join Date: Jan 2006
Posts: 2,972
If I have more than 5-figures left when I die then I worked too long/saved too much. If I had kids then i'm sure i'd think differently but I don't so I want to spend every penny I worked for.
__________________
aaronc879 is offline   Reply With Quote
Old 04-13-2014, 12:49 PM   #60
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
 
Join Date: Sep 2005
Location: Northern IL
Posts: 18,265
Quote:
Originally Posted by obgyn65 View Post
Quote:
Originally Posted by MichaelB View Post
No plan can guarantee a 100% success rate.
If you keep annuities under $250k-300k, scatter all your CDs and munis among many different financial institutions to stay under FDIC limits, and live only on this and SS and PGBC or state- insured pensions, then you are approaching 100% success rate, correct?
Except it isn't really meaningful/useful to assign a 'success rate' to a plan that varies the withdraws to assure success. That is just a self-fulfilling act.

Mathematically, a 10% WR would also assure 100% success, as long as you make that WR a % of remaining portfolio.

Most people would put 'success rate' in the context of supporting an initial spending amount, inflation adjusted. Perhaps with some other stated 'adjustments'.

-ERD50
__________________

__________________
ERD50 is online now   Reply With Quote
Reply


Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
How long can you leave home and leave it empty? fh2000 Life after FIRE 123 12-29-2013 07:51 PM
Being hit by a bus: digital legacy clifp FIRE and Money 17 01-15-2012 03:11 PM
Geraldine Ferraro's legacy Htown Harry Other topics 0 03-28-2011 10:17 PM
Bush's Real Legacy Arc Other topics 66 11-01-2006 11:13 AM
A teacher's legacy Meadbh FIRE and Money 0 09-29-2006 12:17 PM

 

 
All times are GMT -6. The time now is 01:11 PM.
 
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2017, vBulletin Solutions, Inc.