Join Early Retirement Today
Reply
 
Thread Tools Search this Thread Display Modes
At the 'end' do you plan on spending to zero or leave a legacy?
Old 04-10-2014, 08:18 AM   #1
Full time employment: Posting here.
 
Join Date: Feb 2014
Posts: 731
At the 'end' do you plan on spending to zero or leave a legacy?

How close to zero do you plan for what will remain of your savings at the 'end' of their retirement?

Or, do you plan for a certain 'margin' based on longevity that will be passed on as your legacy to a surviving partner, family, or charity?
__________________

__________________
BBQ-Nut 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 04-10-2014, 08:27 AM   #2
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
pb4uski's Avatar
 
Join Date: Nov 2010
Location: Vermont & Sarasota, FL
Posts: 16,396
I think the reality is that SWR are likely to result in a residual. In our case we have kids so it will be passed on. However, I have told them if there is an inheritance then it is a result of estimating error, but I concede that isn't totally true.
__________________

__________________
If something cannot endure laughter.... it cannot endure.
Patience is the art of concealing your impatience.
Slow and steady wins the race.
pb4uski is offline   Reply With Quote
Old 04-10-2014, 08:29 AM   #3
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: 42,068
None of the above. I have no target amount at the end, I simply plan (and hope) to not run out of money before running out of us, as the plan also includes DW.
__________________
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 04-10-2014, 08:31 AM   #4
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
HFWR's Avatar
 
Join Date: May 2005
Location: Lawn chair in Texas
Posts: 12,964
I certainly hope to have some left, but I won't be eating Ramen noodles to make that happen.
__________________
Have Funds, Will Retire

...not doing anything of true substance...
HFWR is offline   Reply With Quote
Old 04-10-2014, 08:34 AM   #5
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
kcowan's Avatar
 
Join Date: Jul 2006
Location: Pacific latitude 20/49
Posts: 5,699
Send a message via Skype™ to kcowan
If we live to the median life expectancy, there will be a substantial legacy. If we are in the top 10% in longevity, especially with LTC issues, there will be none.
__________________
For the fun of it...Keith
kcowan is online now   Reply With Quote
Old 04-10-2014, 08:50 AM   #6
Thinks s/he gets paid by the post
RetireAge50's Avatar
 
Join Date: Aug 2013
Posts: 1,118
Barring death before age 90, perfect scenario (our plan) would be to have zero net worth living in a rental overlooking the water. Cola'd pensions and social security providing our needs.

Nest egg used in younger years to fund our wildest dreams. Children and grandchildren would have no use for inheritance as they took the same path.
__________________
RetireAge50 is online now   Reply With Quote
Old 04-10-2014, 09:25 AM   #7
Full time employment: Posting here.
 
Join Date: Jul 2011
Posts: 721
Using a conservative draw rate to prepare for possible LTC... and a pretty good likelihood of receiving an inheritance in the future, we'll likely kick the bucket with money left in there. Most will go to our children and some will go to charity.
__________________
panacea is offline   Reply With Quote
Old 04-10-2014, 09:27 AM   #8
Thinks s/he gets paid by the post
Dash man's Avatar
 
Join Date: Mar 2013
Location: Limerick
Posts: 1,668
We're expecting the kids won't be too disappointed, but they know we won't deprive ourselves to make their bank accounts fatter. We have and will probably continue to help them along the way, so even if we spend our last nickel they'll have gotten something.
__________________
Dash man is offline   Reply With Quote
Old 04-10-2014, 09:33 AM   #9
Recycles dryer sheets
 
Join Date: Oct 2010
Posts: 392
Our trust's purpose is to provide for each other's support during our lifetimes. If there is money left at the end, it goes to the kids equally, if not, sorry. We sat down and told them this. They all got expensive educations, that was our donation.

Likely the house will be left - which we ordered sold by the executor (so there will be no issues) and funds disbursed.
__________________
BellBarbara is offline   Reply With Quote
Old 04-10-2014, 10:08 AM   #10
Thinks s/he gets paid by the post
 
Join Date: Nov 2011
Posts: 2,356
The saver mentality is so ingrained it will be difficult to spend it down to zero.
__________________
GrayHare is offline   Reply With Quote
Old 04-10-2014, 10:19 AM   #11
Thinks s/he gets paid by the post
martyb's Avatar
 
Join Date: Nov 2006
Location: Bossier City
Posts: 2,182
Quote:
Originally Posted by REWahoo View Post
None of the above. I have no target amount at the end, I simply plan (and hope) to not run out of money before running out of us, as the plan also includes DW.

+1
__________________
“Change is the law of life. And those who look only to the past or present are certain to miss the future.”
-John F. Kennedy

“Hard work never killed anybody, but why take a chance?” - Edgar Bergen
martyb is online now   Reply With Quote
Old 04-10-2014, 10:22 AM   #12
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
audreyh1's Avatar
 
Join Date: Jan 2006
Location: Rio Grande Valley
Posts: 16,449
We hope to give plenty away BEFORE we die rather than after.
__________________
Well, I thought I was retired. But it seems that now I'm working as a travel agent instead!
audreyh1 is offline   Reply With Quote
Old 04-10-2014, 10:47 AM   #13
Thinks s/he gets paid by the post
powerplay's Avatar
 
Join Date: Oct 2008
Posts: 1,380
I expect there will be quite a bit left because my pension covers my living expenses. If there is a need for an extensive period of long term care then the leftovers may be quite reduced. I am not worrying about it. No children so I will leave some to charity and some to family members.
__________________
powerplay is offline   Reply With Quote
Old 04-10-2014, 11:16 AM   #14
Administrator
W2R's Avatar
 
Join Date: Jan 2007
Location: New Orleans
Posts: 38,823
There is no way that I would PLAN to end up with $0.00 . It's bad enough to be broke without having to acknowledge to myself that I consciously planned for that to happen.
__________________
Already we are boldly launched upon the deep; but soon we shall be lost in its unshored, harbourless immensities.

- - H. Melville, 1851
W2R is offline   Reply With Quote
Old 04-10-2014, 11:23 AM   #15
Moderator Emeritus
aja8888's Avatar
 
Join Date: Apr 2011
Location: The Woodlands, TX
Posts: 7,128
I want to be so broke at the end that someone will have to pay to get rid of my remains. It's my way of getting even for some crap (years of it) along the way.
__________________
aja8888 is offline   Reply With Quote
Old 04-10-2014, 11:33 AM   #16
Full time employment: Posting here.
 
Join Date: Sep 2012
Location: San Jose
Posts: 607
Single and no kids (and likely to stay that way), so no dependents to worry about. As I like to tell people, I'll probably spend my nonexistant kids' college money on a Ferrari or a Beechcraft.

I'm sure I'll give away some to the church or charities while I'm still living, but I'm not going to hold back spending anything just to leave some kind of legacy to anybody when I'm gone. My relatives are all grown adults who are responsible for their own financial well-being (and that of their kids, whom I'm not close to anyway), so I don't plan on leaving anything to family members, nor do I expect to receive anything from their estates if they die before me (which is highly likely, as my siblings are all significantly older than me).
__________________
LoneAspen is offline   Reply With Quote
Old 04-10-2014, 12:00 PM   #17
Full time employment: Posting here.
 
Join Date: Jun 2006
Posts: 926
Quote:
Originally Posted by GrayHare View Post
The saver mentality is so ingrained it will be difficult to spend it down to zero.
+1. I just cannot get my mind around the idea of spending down our savings now. We do plan on giving some to the kids every year after we are older rather than leaving it all to them when we die.
__________________
CW4, USA-(ret)
RN, BSN-(ret)
jclarksnakes is offline   Reply With Quote
Old 04-10-2014, 12:08 PM   #18
Thinks s/he gets paid by the post
robnplunder's Avatar
 
Join Date: Nov 2013
Location: Bay Area
Posts: 2,123
Quote:
Originally Posted by BBQ-Nut View Post
How close to zero do you plan for what will remain of your savings at the 'end' of their retirement?

Or, do you plan for a certain 'margin' based on longevity that will be passed on as your legacy to a surviving partner, family, or charity?

Loosely, I have $250k - $700k cushion just in case things don't work out (unexpected big expenses, prolonged equity market downturn, ...). Realistically, I think I will have over $1M leftover when everything is said and done.
__________________
Pura Vida
robnplunder is offline   Reply With Quote
Old 04-10-2014, 12:34 PM   #19
Recycles dryer sheets
 
Join Date: Dec 2013
Posts: 366
30 to 40 years left to fine tune, change perspective, or not, that is the hope anyway.
__________________
springnr is offline   Reply With Quote
Old 04-10-2014, 12:41 PM   #20
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
 
Join Date: Sep 2005
Location: Northern IL
Posts: 18,255
How can one 'plan' for this? Outside of buying a lot of annuities, and living on those plus SS/pension - that could be a plan to leave near zero at death.

My only plan was to have enough funds to reduce the chances that we run out of money even if we live to the outside range of LE. My plan may fail. Historically, it is more likely we will die with a substantial NW.

But it's the same plan - only the future which tell us which result we end up with.


-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 07:32 AM.
 
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2017, vBulletin Solutions, Inc.