Spending to zero or leaving a legacy...
We took some time to talk with our kids so they have some idea of what to expect. Our plans were based on living to age 84, as a recently as a few years ago, that looked to be sustainable, with some room to maneuver, just in case. They're aware and comfortable with what we're doing, and have come to appreciate what we call frugality, but others may think of as "cheapness". The monies we have saved through not gifting or paying their bills, will likely pay off in the "end".
The last two years have made a difference, not so much in our available finances, but in what has happened to our expenses. I've posted in some other threads about a "Phase II" in lifetime planning for expenses in the later years. Now that we're getting nearer to age 80, the concept has even more meaning.
I'll back up a bit to compare my thoughts at age 60 to those of today. A bit of a reality check. It was invinceability then. A world of exploration of places,hobbies, sports, social life and general interest thing that I never had time for before.
And so it was... Everything we hoped to do, we did. The greatest part of all this, is that we can still do whatever we want. the money isn't a problem... our health isn't a problem, though we have the normal aches and pains of people our age.
So what's the difference? Basically we don't have as many "wants", or "have to's". We're not planning the trips, the parties, the "fixing up" of the house, the new cars, etc, and many times, staying home and eating frozen pizza is a lot more comfortable than going out to the local restaurant. Travel miles are less than a third of what they were 10 years ago. We don't eat as much food, and have enough clothing and household goods to last another 20 years.
The beverage bill has gone down enough to support the single 4PM martini, and we haven't been to a lounge or bar in 15 years.
Lest you think that a boring life, it's our life, and "thank you" we're quite happy. We do have some 90 year old neighbors who still go on international cruises and eat out almost every night, and bless them for that. It's not for us.
So how do you figure an end game?... Our genes run out @ age 80 maternally and about 53 paternally. Both families, almost exactly the same... both of us had brothers who died at 50 and 53. We don't consider this a part of the plan, but an interesting side note.
So we live on SS and savings with a limted nest egg. The nice part is it's growing and we feel safe.
So, while I try not to give advice, next week, I'll be talking with one of my sons and his DW who are 55, and think they can't retire. I know his financial situation, and they'll be very safe, with substantial pensions and savings. We'll talk about the expectations and realities of being older. I want them to have the happiness that we've had, with more than a quarter century of retirement, and not spend the next 10 years in stressful positions. At age 55, the safety cushion is the ability to go back to being gainfully employed.
"At the End" is an interesting expression. To do it all over again, if I were 60, I think I'd spend a lot of thinking about what I might expect to be doing at age 80 and later.
