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Winning?
Old 05-26-2016, 06:22 AM   #21
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Winning?

Hmmm winning eh?
My version of winning, leave the son & daughter a couple of million after a long well lived retirement together. As long as I get to do what I want to why wouldn't I want to leave the kids 'well heeled'? I am not adverse to the concept of a legacy.

Everything in moderation - seems all the relatives retiring ahead of us are buying $500k Florida houses with the pool in the cage. Not sure that is really necessary. My sisters $200 grand Florida ranch is really nice...

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Old 05-26-2016, 06:29 AM   #22
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Read about VPW - Variable Percentage Withdrawal method. It is designed to never run out of money but spend it all assuming you are good at predicting your end date.

https://www.bogleheads.org/wiki/Vari...age_withdrawal


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Old 05-26-2016, 06:30 AM   #23
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I once talked to a person who said he wanted his last check written, to the Funeral home, to bounce.

It reminded me of when I was a bartender. I met an American, working in Brazil (or somewhere in SA). He was a casket re-possessor. He would dig up caskets of people who did not pay for the funeral. Sell the body to the University, and salvage the casket. I think they re-lined them or something and resold them.

Either way, it provided incentive to pay the Funeral bill.
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Old 05-26-2016, 08:49 AM   #24
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My strategy is to be extra generous to my kids and grandkids while I can. If the time comes that I need help, I will expect them to return the favour. The odds are in my favour but you never know. A market meltdown combined with runaway inflation could wreck havoc on our plans. But we continue to live as if the future is similar to the present.

We have a 95% chance of our money holding out living to our life expectancy but if either of us end up in the top 10 percentile, it will be tight.
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Old 05-26-2016, 08:58 AM   #25
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Running out of money in retirement would be awful. So other than buying expensive annuities, the best solution for us is to leave a large legacy. Lucky daughter.

Both sets of in laws managed their retirement finances quite well. My in laws will likely leave a large multi million dollar legacy, while my mother has sufficient assets left to fund her nursing home costs for another 7 years. She is 91 so I think this will be sufficient, although she is in pretty good health.
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Old 05-26-2016, 09:00 AM   #26
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Quote:
Originally Posted by Shanky View Post
For the hypothetical Early retiree who wants to "finish" with just enough for a funeral and a party, what approach provides the best chance of achieving this outcome? Short of taking your self "out" when the bank account is almost gone, it seems a FireCalc 50% success rate would give the best mathematical chance of balancing the odds of outliving your money with leaving money on the table.

I sincerely hope the OP does not have children or other close relatives.

Otherwise, with this approach there's a 50% chance those people would be saddled with the cost of OP's care when his money runs out.
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Old 05-26-2016, 01:39 PM   #27
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It's a government program set up with certain income and assets limits, that will pay for your nursing home costs if you are not able to. Why do you use the word burden, how would this be any different then taking and trying to maximize an ACA subsidy?

My MIL was a hard working woman who developed dementia and spent close to 6 years in a nursing home. Her kids spent every penny of her money on those costs and took not one penny for themselves, didn't worry about sheltering any assets for those whole 6 years.At that time they had a 3 year look back for spend down.

So I don't think of her as a "burden" on society. Your kids will not have to pay your costs if you run out of money. Of course the term "lower standard of living" is very fungible, but I certainly wouldn't deny myself anything I really needed or felt was important because I was worried about paying for a nursing home.
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Old 05-27-2016, 10:32 PM   #28
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Of all the things I have to worry about, running out of money is not one of them.





Really the only 2 things can effect that - 1) Inflations runs rampant ( 10+ per year) But my invest profile will change to mitigate that 2) the world collapse and heads back to the stone age, of which we will be some of the 1st people who die so as not to worry.


If no materially changes, I see know issues of ever running out of money.
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Old 05-28-2016, 12:02 AM   #29
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Quote:
Originally Posted by Shanky View Post
For the hypothetical Early retiree who wants to "finish" with just enough for a funeral and a party, what approach provides the best chance of achieving this outcome? Short of taking your self "out" when the bank account is almost gone, it seems a FireCalc 50% success rate would give the best mathematical chance of balancing the odds of outliving your money with leaving money on the table.

I would ask those who have achieved this, but they are hard to track down.
Maybe because they either
- died early and left money on the table.
- lived too long and have no money so cannot afford internet.
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