Planning to spend more in the go go years?

[jkern]

I'm just planning to spend what we feel supports our lifestyle.

I'm not trying to spend more now just because we have more to spend. And I'm not worried about theoretical go-go and no-go ages.

When I was a lot younger I imagined being old and decrepit once I was in my 60s. Now that I'm in my 60s, I think I'm wiser and not trying to predict an age when decrepitude theoretically kicks in.

Perhaps it helps when I see the folks in their 70s, 80s, and even a few 90s around us doing wonderful non-decrepit things like travel, volunteering, hiking, surfing, golfing, etc.

I'm also not at all worried about "leaving too much money on the table". I believe in enjoying life at every age - young and old. And we spend what it takes to provide that enjoyment. If that means we have a lot left over when we pass, it won't be sad at all. We'll have lived a wonderful life.

+1

 

[W2R]

A quick search on the Web for attractions near Tomahawk, WI, reveals the following Big Bull Moose as a roadside display.

It is most likely not as crowded as the Mona Lisa at the Louvre. You can see it at this address: N8796 County Rd S, Tomahawk, WI.

I love the unexpected roadside displays one can accidentally find when traveling on country roads throughout America, like the Big Bull Moose.

Here's the raven at Ravenden, Arkansas (population 470). It's on the way from here to Springfield, on a somewhat isolated stretch of Arkansas highway 63, more or less in the middle of nowhere. The first time we saw it, we had been driving to the point of utter exhaustion and wondered what on earth we had encountered! Every time we made that trip afterwards, we always stopped at the Raven to take a picture and rest a bit. What a great landmark. I do not know what the purpose of the raven, if any, might be. But I like it.

 

[NW-Bound]

I'm just planning to spend what we feel supports our lifestyle.

I'm not trying to spend more now just because we have more to spend. And I'm not worried about theoretical go-go and no-go ages...

+1

However, people who want to spend more than the commonly accepted SWR of 4% want to justify it with the plan to spend less later on. And that's fine.

I used to think I would spend more, but it turned out that my increase in discretionary spending was not that much compared to the drop in spending elsewhere such as my children's college tuition and home repairs.

 

[NW-Bound]

I love the unexpected roadside displays one can accidentally find when traveling on country roads throughout America, like the Big Bull Moose.

Here's the raven at Ravenden, Arkansas (population 470)...

Is it not the town's mascot? Most towns do not have anything to explain the origin of the town's name, and in fact most town residents no longer remember or care.

 

[W2R]

Is it not the town's mascot? Most towns do not have anything to explain the origin of the town's name, and in fact most town residents no longer remember or care.

I found some information about this online, just now, at this link:

The town was established in 1883, and we've been told the name, originally Ravenden Junction, was inspired by the 19th century profusion of these large black birds along the Spring River.

The base of the statue offers this wisdom:

"The RAVEN was the first bird sent from the ark in search of land," and "The RAVEN has the reputation for DIVINE or MAGICAL powers."

Spooky!

 

[Teacher Terry]

The price of gas is why we only take trips closer to home now with the RV. If I am going to spend a lot of money I will take a cruise or go to Europe.

 

[NW-Bound]

Because of the cost of fuel for the motorhome, when I take it for a long trip I want to go experience something that I cannot get easily with the fly-and-drive approach. Gasoline for the RV is expensive, and I have to make it worthwhile.

Hence, I do not visit NYC, Boston, Chicago, or Philly, or places like those that I already visited by fly-and-drive. It would not make sense. Instead, I took the motorhome to Thousand Islands, then went down the Lawrence River to the Canadian Maritimes. People looked at my Arizona license plate, and said that I came a long way. Of course. Heh heh heh...

Another year, I took the motorhome to the boondocks of the Yukon and Alaska. In a small coastal town, I parked the motorhome between the town administration building and the town library for two nights over the weekend, and expected somebody to knock on the door to chase me away, but nobody did. Heh heh heh...

In Alaska, I was not the guy who drove the most distance to get there. I saw RV license plates from Georgia, the Carolinas, etc... But they could be full-timers, and spent 6 months to get there.

If I had more time, and also if both the motorhome and the toad did not develop mechanical problems, I would love to spend time in the Wrangell-St. Elias National Park. Absolutely no overtourism there. What tourists? There's hardly any local. Heh heh heh...

 

[MarieIG]

No. I am not planning on spending more in the first years of retirement. I have to get comfortable with not getting a paycheck. I actually don't need to spend a lot to enjoy myself, although DH can like expensive toys.

And again no. I have no fear whatsoever about not spending enough money later on. Cooking less - so out to eat more or high quality meal deliveries, having someone do maintenance we had previously done, perhaps paying for driving services. Treats for the grandchildren. More expensive, less mobile vacations (such as renting a beach house and having inviting all the kiddos; or booking and cruise and taking the kiddos.) Helping out with tuition expenses for the GC.

Finally, if we need to move into assisted care - I don't expect that to be cheap.

 

[RobbieB]

When I looked at what I spent over the last 12 months even I (blow that dough) Robbie took note. But then weddings, cars, home improvement, taxes, step daughter's college and moving cost lotsa dough.

And it ain't over yet, still got the landscaping to do. I'm well over 4% but not worried -

 

[aja8888]

A quick search on the Web for attractions near Tomahawk, WI, reveals the following Big Bull Moose as a roadside display.

It is most likely not as crowded as the Mona Lisa at the Louvre. You can see it at this address: N8796 County Rd S, Tomahawk, WI.

We have been to the Moose and had photos taken there. Also visited the pulp and paper mill on the big lake and went to a Saturday tour of the Harley Parts Plant in town.

Minocqua, a small town up north of Tomahawk, has some nice shops and a casino on the indian reservation (Lake of the Flames Casino). There are days to avoid at the casino....generally the weekend when the bus loads of blue hairs show up.

 

[NW-Bound]

I just looked it up, and the casino is actually called Lake of the Torches, which is in the town of Lac du Flambeau.

The casino allows overnight parking, which I would surely take advantage of if I should find myself wandering by in a future RV trek.

Not only that it is a lot more convenient and expedient compared to having to check into a campground just for a night, but it also helps the WR in my remaining years of "slow go". And I usually pay back by going into the casino for dinner, provided that it is not too smoky.

 

[Teacher Terry]

Been there and done that)

 

[RobLJ]

Ok, since I sparked this dialog, I will ratchet it up a little and ask where your indulgences are, more specifically where you know there was no way in hell you would have indulged yourself before due to that frugal gene we all have.

1. We're installing solar next month, which will push us up to a 3% withdrawal rate. And we're celebrating the 35th wedding anniversary with a 3 week trip to Ireland: two weeks hiking the Kerry Way in the extreme southwest and a week in Dublin.

2. I'm still working online for 9 months/year (average 15 hours/week). But I'm comfortable with a 5.5% withdrawal rate, perhaps starting next year if the gig ends then, until I start drawing SS in 5 years, from there a decline to 4% or slightly below.
I figure I have 10-15 years to enjoy travelling, so I'm OK with going over 4% for the next 5-7 years.

3. Once we're both drawing SS, it will be hard to spend 4% even with a lot of travel, even after contributions to grandson's college/& to both sons. Right now we're partly subsidizing my mother, but she's 85, and I don't think will last a decade--but I can be pleasantly surprized.
So yes, I do think there will be a point in a decade or so when the travel/expenditure budget will significantly decrease a la Benincke. If I'm lucky enough to be like my Oklahoma grandad, maybe that will be 15 years from now.

 

[ckelly78z]

I am waiting patiently for the go-go years to start at 54 years old. I still have a DS living/consuming at home that just graduated Diesel Tech school last week. I also a DD who is getting married in October, and living in our other house down the road, so many plans are on hold until we can see how much we actually have to spend. We have both been driving 15 year old, high mileage cars that are towards the end of their lives, and the house needs some updating as well, although I did just finish a complete bathroom rebuild myself.

 

[akck]

My original plan called for a significantly higher WR in the early years, with it reducing as retirement income streams kicking in (pensions & SS). I believe it averages in the 3-4% over the life of the projections. We’re currently on year 6 and income streams currently exceed monthly expenses. IRA withdraws go for travel which we upgrade air travel to first on flights over 3 hours (also take advantage of FF upgrades). I will add that we’ve gotten slack in our plan when DW inherited part of her father’s IRA (made it easier to upgrade trips). FWIW, we’ve been able to get mid-sized SUVs and larger on car rentals for the same or less than smaller vehicles.

For the most part, we’re certain that we’ll slow down spending in our late 70’s as travel becomes harder on us. We opted to keep our mortgage after retiring, so our expenses drop further in a few years.

 

[cnocmmz]

With the exception of those who simply hated their jobs, isn't that the point of ER? To have time to do stuff before we get too old?

We're at about 5% WR now with an expectation of it ramping down to ~3% in about 5-8 years.

I'll repeat something I've posted here a few times: An older man I met once told me: "You're 60? Just remember that even if you live to be 90, you only have 15 good years left--18 at best before you get sick, frail or just don't want to do all that good stuff anymore. Then you just want to stay home and read a book or watch TV" I'm 67 now. In 8 years I'll be 75 and happy to just still be here.

Yes Yes Yes...How true!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

 

[HI Bill]

+1 My 81-year old dad went to Greece last year, and is planning a trip to Ireland! Health does get in the way, especially if there are two octogenarians travelling, and he had to cancel one trip, and return early from another.

 

[HI Bill]

Children, and Grand Children would sure appreciate some financial help if you have extra $$ laying around...don't wait to spread it around, do it while you can see the results, and feel the love.

After reading about the nephew who was receiving a $500K+ inheritance at 18 and promptly dropped out of ROTC and college, I'm wondering how to implement such a thing. I have no kids, but lots of cousins with lots of kids. I don't want to inhibit their ambition and drive, but would like to help with their advancement. College funds?

 

[aja8888]

I just looked it up, and the casino is actually called Lake of the Torches, which is in the town of Lac du Flambeau.

The casino allows overnight parking, which I would surely take advantage of if I should find myself wandering by in a future RV trek.

Not only that it is a lot more convenient and expedient compared to having to check into a campground just for a night, but it also helps the WR in my remaining years of "slow go". And I usually pay back by going into the casino for dinner, provided that it is not too smoky.

Thanks for looking it up. I used to fish on the big lake up there 20+ years ago. (and camp, too).

We have been to the casino on day trips from Tomahawk. It's very small and cozy ad the hotel is pretty nice.

The area is absolutely beautiful (in the summer).

 

[DireWolf]

We'll have significant SS checks coming in down the road, enough that we could probably get by on living on SS + small pensions alone even at the age 62 amounts. If we delay till 65, we have it pretty nice, without needing our nest egg. And we still would have the house to tap if it ever came to that. So, yeah, I'm very comfortable withdrawing way more than 4% from our nest egg for the early years. Probably gonna be in the 5.5-6% range.

 

[joeea]

After reading about the nephew who was receiving a $500K+ inheritance at 18 and promptly dropped out of ROTC and college, I'm wondering how to implement such a thing. I have no kids, but lots of cousins with lots of kids. I don't want to inhibit their ambition and drive, but would like to help with their advancement. College funds?

Sure. Fund 529 plans for them.

Allowing them to graduate from college debt-free would be a terrific gift.

 

[Aerides]

After reading about the nephew who was receiving a $500K+ inheritance at 18 and promptly dropped out of ROTC and college, I'm wondering how to implement such a thing. I have no kids, but lots of cousins with lots of kids. I don't want to inhibit their ambition and drive, but would like to help with their advancement. College funds?

My niece and nephew both have college funds taken care of by their parents, but when they graduate HS I plan to "gift" them a small account in an index fund, that I will keep and add to each year, so they can watch it grow. They know we ER'd by saving and are somewhat intrigued.

It won't have an expiry date, nor a "you get this cash to spend" date but it will be basically their long term savings/retirement account, with the understanding that I'll transfer it to them (whatever that new total is) far down the road, hopefully after their 20's at least.

 

[audreyh1]

We have friends in their 80s that still travel. But it’s pretty much cruises now, preferably requiring no driving or public transportation on their part.

In their 70s they were still going on walking tours, and other more active trips.

 

[garyt]

That was our plan. However, we are now caring for an aging parent with Parkinson's and Alzheimer's. That has taken much of our time. So our go-go years are more like living in the groundhog day movie. We actually spend less than the normal plan. Hope we can go go when the time comes.

Same here with the aging parents thing. Makes me want to spend even more when we get the chance, but don't know if we'll have the guts to do it.

 

[NW-Bound]

We have never been on a bus tour, and don't think we will be on one.

When we get too old to travel on our own, may just go on cruises and stay on the ship when it's in port. Maybe just walk around the dock a bit.

Now, there's still the pain of airport travel, and there are problems business-class seats cannot solve.