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View Poll Results: Would you pull the plug with portfolio success rate of 90% to 85 and 75% to 95 years
Yes 68 43.04%
No 90 56.96%
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Old 08-18-2012, 04:24 PM   #61
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I like to see 100% success rate to forever, even though I do not think I will live to the 90s (heck, if I croak in my early 80s, it will not surprise me). Additionally, I am of the same thinking as Bernstein when he says that there is too much unknown in the future to try to pinpoint any precise spending level with any calculator.

My reason is simply a psychological one: I do not want to see my net worth drop significantly. Nope! Once a millionaire, always a millionaire! In fact, it would drive me insane if I get down to, say, 1/2 of what I have now. I need plenty of margin to make sure it does not happen.

And then, if you play with FIRECalc until you get 100%, it will tell you that there just might be a chance, just might be, that you will end up with so much money before you die. I just love this! Outside of FIRECalc, nothing or nobody ever tells me that I had a chance to die a multi-decamillionaire. That's all I got to believe in. Heck, the chance that FIRECalc is right is a lot higher than my winning the lottery (I've got to buy a ticket first though).

PS. I never tell my children this. They may just quit working, and just hang out waiting for me to expire.

"Old age is the most unexpected of all things that can happen to a man" -- Leo Tolstoy
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Old 08-18-2012, 05:26 PM   #62
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Originally Posted by NW-Bound View Post

PS. I never tell my children this. They may just quit working, and just hang out waiting for me to expire.
Heck with my kids I'd worry whether they might expedite things along... hey dad ski jumping would be a lot of fun... wanna try it?

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Old 08-18-2012, 06:59 PM   #63
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Originally Posted by Live And Learn View Post
One of the ideas I toy with is working longer so I can travel more later.
Another approach is to splurge a bit right now and do some traveling. Not everybody's w*rk and situation will allow that, but for most people it is an option.

One approach is to live your life severely below your means for the purpose of ringing the bell on a calculator that says you can't spend your money. Then when you retire, you can do all the things that you refused to spend money on while you were w*rking. Hopefully you live long enough, and your health supports your travels.

Our approach includes an element of 'eat your desert first' in that we are taking some vacations and doing some travel now. I know a few too many people that retired and were taking a dirt nap within three years.
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Old 08-18-2012, 08:34 PM   #64
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Originally Posted by Texas Proud View Post
Yes, the cash needs after I would say 80 goes down from what I can see...

My mom traveled a LOT when she was in her 60s and even 70s.... one year she was traveling more than she was at home (and not a move to someplace and live there for awhile, really traveling)....

Now, her life is within 3 miles of where she lives if we (not just me, but all my siblings) do not take her anywhere... she does not want to take a plane anywhere... so the expensive trips stopped a long time ago...
This example by far demonstrates the biggest risk to me, that we wait for the numbers to tell us we're a slam dunk to get to some old age and suboptimize the years we can really enjoy life in order to achieve that. The chances are not great that we'll live to 95 and even much smaller than that, that if we do, they will be high quality years. I'm not looking to "exist", I'm looking to live!

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