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Old 09-30-2010, 08:59 PM   #21
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I've decided I'll crank up the spending a bit. A <3% SWR seems too low when I think of the things that have happened to my friends lately.

1) A few weeks ago, the DH of a friend with brain cancer told us that "treatment isn't working, nature will take it's course". She is 54.
2) A few days ago, a good friend died while on a European vacation. He was 53.

Having been widowed at 51 and now seeing friends going through serious health scares has brought this home to me . I have a few trips planned for this year & next .
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Old 09-30-2010, 09:21 PM   #22
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I've decided I'll crank up the spending a bit. A 3% SWR seems too low when I think of the things that have happened to my friends lately.
Almost forgot. Consider that your spending, especially if you have good health and long term care insurance, should go down as you age. You can't travel, golf, ride Harleys and such as often or at all when your 80. Should boil down to the basics then. As long as you are leaving enough for the essentials then, you can probably spend a little more now.
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Old 09-30-2010, 10:12 PM   #23
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I give this thread the fun idea of the week award.

A bucket list when you are not actually staring at the headlight at the end of the tunnel
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Old 09-30-2010, 10:57 PM   #24
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Almost forgot. Consider that your spending, especially if you have good health and long term care insurance, should go down as you age. You can't travel, golf, ride Harleys and such as often or at all when your 80. Should boil down to the basics then. As long as you are leaving enough for the essentials then, you can probably spend a little more now.
I've always been skeptical of the coverage for medications, as well as the LTC "exclusions"... and LTC policies 20 years from now will hopefully be far different from the ones that are so expensive (and unrealistic) today.

I also think this reduced-spending assumption is about as good as the "80% of pre-retirement income" thumbrule. Yes, financial advisors have a lot of anecdotal evidence of its existence. However it may not apply to the people who don't use financial advisors in the first place, and to the people whose only retirement assets are Social Security. People who ER in their 50s to a lifestyle of low-cost entertainment (whether or not it includes travel) may actually see their expenses rise with age because nothing else drops. My parents-in-law are exhibit "A" of that category.
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Old 10-01-2010, 12:09 AM   #25
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I've always been skeptical of the coverage for medications, as well as the LTC "exclusions"... and LTC policies 20 years from now will hopefully be far different from the ones that are so expensive (and unrealistic) today.

I also think this reduced-spending assumption is about as good as the "80% of pre-retirement income" thumbrule. Yes, financial advisors have a lot of anecdotal evidence of its existence. However it may not apply to the people who don't use financial advisors in the first place, and to the people whose only retirement assets are Social Security. People who ER in their 50s to a lifestyle of low-cost entertainment (whether or not it includes travel) may actually see their expenses rise with age because nothing else drops. My parents-in-law are exhibit "A" of that category.
For some reason I couldn't write clearly what I was thinking, but reading the above jogged it loose. I guess what I was saying is that if your planning included certain entertainment, travel or hobby spending, that may go down as you age. Maybe that's accounted for, but if not and you have a good handle on future health and care spending, it might be something you could squeeze out of the future budget to utilize today.

OK, that sucks too. If you didn't assume you will get to old and feeble in your 80s and 90s to spend money on fun stuff like you did in your 50s and 60s, it might be OK to steal that money and spend it now because it's not likely you would use it anyway. Having a good handle on your health care situation would make it even easier to justify.

Just had to stop tip toeing around the getting old and feeble part.
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Old 10-01-2010, 01:15 AM   #26
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My philosophy about money during my working life was to spend some and save some. I suspect it will be the same after I retire in December.
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Old 10-01-2010, 09:50 AM   #27
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Good suggestions.


If beer and BBQ are involved, count me in.


We'll meet up at Wahoos!
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Old 10-01-2010, 09:53 AM   #28
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I'll take care of the BBQ, you bring the beer...
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Old 10-01-2010, 09:57 AM   #29
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We have decided to spend a little more. DW's SIL died of cancer at age 58. Her husband had not retired, but was planning on retiring in a year or so. They had a grand European vacation planned. BIL realized too late that w*rk was not worth the wait.
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Old 10-01-2010, 09:59 AM   #30
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Wahoo!
There you go again taking the cheap route!
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Old 10-01-2010, 10:07 AM   #31
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TromboneAl's Thought of the day:

Hearing about people dying young is the best antidote to the tension
that retired tightwads feel when spending money.
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Old 10-01-2010, 10:08 AM   #32
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Wahoo!
There you go again taking the cheap route!
Maybe. Depends on what brand of beer they show up with...
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Old 10-01-2010, 12:08 PM   #33
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Leinies? Or a Blue will do?
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Old 10-01-2010, 12:18 PM   #34
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Leinies? Or a Blue will do?
How about a 2,4 of Blue, eh?
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Old 10-01-2010, 12:27 PM   #35
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Old 10-01-2010, 04:08 PM   #36
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We are taking our kids and grand kids on an Alaskan cruise. I told my son we would pay for the cruise and air fare, the booze was on them. He accused me of paying for the cheap stuff!
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Old 10-01-2010, 04:09 PM   #37
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How about a 2,4 of Blue, eh?
How 'bout some Elsinore, eh? Got a plan to get some free

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Old 10-01-2010, 04:13 PM   #38
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He accused me of paying for the cheap stuff!
The truth hurts, eh?
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Old 10-01-2010, 08:38 PM   #39
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We are taking our kids and grand kids on an Alaskan cruise. I told my son we would pay for the cruise and air fare, the booze was on them. He accused me of paying for the cheap stuff!
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Old 10-01-2010, 08:48 PM   #40
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Here's an old thread about what to spend money on....seems someone mentioned; sex, drugs and rock n' roll....
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That is correct - the consensus was spend your money on experiences.
For some reason, Dex's lyrics just don't do it for me.



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