Live for today

[kumquat]

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.

I am a lot older than that. Firecalc suggests that even if I live to be really old, my kids will be really happy when the inevitable happens. Screw the kids, [-]I am[/-] we are about fill the bucket.

 

[Koolau]

I'm sorry to hear of your recent reminders of our mortality, kumquat. Life is so unpredictable - at least in the short term.

I struggle with the same thinking you are going through. Do I hold on in case I live a really long time or do I open the purse strings a bit and live now? I vacillate between the two schools of thought.

One thing that consoles me is that I've built in lots of back ups to my ER plan. With that in mind, I've been tending toward the open purse strings lately. DW and I just went to a "free" Senior fair and watched a cook-ware demonstration. She fell in love with the product and was hinting that she wanted to purchase a set. Though it's not in the "budget", I encouraged her to go ahead as she has never had a good set in her life. "If not now, when?" I asked her. (It wasn't cheap!)

By the way, we've more or less told our kids that we'll leave them a small token (if possible) but the rest goes to charity - if we don't spend it all which is our goal.

Let the good times roll!

Reminds me of my favorite version of the song by that name. Harry Nilsson died quite young (54??), so I think this song has an added urgency to it. YMMV

YouTube - Let the Good Times Roll - Harry Nilsson

 

[Dawg52]

I'm sorry to hear of your recent reminders of our mortality, kumquat.

Let the good times roll!

Ditto that!

 

[RonBoyd]

Screw the kids, [-]I am[/-] we are about fill the bucket.

Let me Google that for you:

"confronting ones mortality" - Google Search

Sample insight:

Like virtually everything else in life, growing old has both an "Up" side and a "Down" side.

The "Down" side of aging is that the light at the end of the tunnel seems to get brighter and brighter each day. One's time on earth, thought to be infinite when young, becomes increasingly more fragile with the passing of years.​

The "Up" side of liver spots is that what is important in life become clearer to you, and as a corollary, that which is unimportant loses its ability to influence. At times it is embarrassing for me to reflect on what I used to find concerning or worrying; life becomes simpler as the sand runs through the hourglass.​

 

[W2R]

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.

Sounds like a good idea. Maybe something like 3.5% would allow you to enjoy life a little more right now, assuming there are things that you want and yet have been doing without.



3.5% would be cautious enough that you would not be denying your normal, apparently very frugal, outlook on spending.

So, whatcha gonna get?

 

[kumquat]

So, whatcha gonna get?

Not sure. [-]Un[/-]fortunately, we have pretty much everything we want. We're open to suggestions.

 

[Martha]

Not sure. [-]Un[/-]fortunately, we have pretty much everything we want. We're open to suggestions.

How about a nice trip this winter away from the frozen north. Want to meet up in Texas?

 

[travelover]

......... We're open to suggestions.

Leisurely travel. I've never regretted a dime that I spent on travel. Spoil yourself with a customized trip.

 

[kumquat]

Good suggestions.

How about a nice trip this winter away from the frozen north. Want to meet up in Texas?

If beer and BBQ are involved, count me in.

Leisurely travel. I've never regretted a dime that I spent on travel. Spoil yourself with a customized trip.

I just got back from the Barret-Jackson auction in Vegas (maybe next time I'll buy something). Off to PV for a couple of weeks in November. Then??

 

[W2R]

Not sure. [-]Un[/-]fortunately, we have pretty much everything we want. We're open to suggestions.

Imagine how fresh and pleasant your house would seem with new paint, new carpet, new landscaping... I'm spending around $10K renovating and fixing up my house and property to sell. Now, I am thinking, "Why didn't I do this before, so I could enjoy it?" I am thinking of doing all this before moving into my next house (if it needs it), plus putting in new appliances.

Do you [-]need[/-] want a new car?

 

[bbbamI]

Here's an old thread about what to spend money on....seems someone mentioned; sex, drugs and rock n' roll....

http://www.early-retirement.org/forums/f28/suggestions-on-how-to-spend-more-money-49360.html

 

[dex]

Here's an old thread about what to spend money on....seems someone mentioned; sex, drugs and rock n' roll....

That is correct - the consensus was spend your money on experiences.

 

[Purron]

Not sure. [-]Un[/-]fortunately, we have pretty much everything we want. We're open to suggestions.

Donate to charity.

 

[Sarah in SC]

Customized travel -ditto Nothing better than splurging on a private guide somewhere.
Spending on your hobbies, whatever they are.
Spending on your home

Those of us in the accumulation pre-FIRE stage also struggle with this--how much should we withhold on pleasure now to live later. The balance is individual. But I can say in our case, despite the cost of our boat, I know she's worth it to our present and future selves.

 

[kumquat]

Here's an old thread about what to spend money on....seems someone mentioned; sex, drugs and rock n' roll....

http://www.early-retirement.org/forums/f28/suggestions-on-how-to-spend-more-money-49360.html

Why didn't I think of that?

 

[bbbamI]

Why didn't I think of that?

..........

 

[Khan]

Not sure. [-]Un[/-]fortunately, we have pretty much everything we want. We're open to suggestions.

I very much enjoy giving away money to causes and organizations and individuals.

 

[Purron]

I very much enjoy giving away money to causes and organizations and individuals.

This is one of the many things I admire about you Khan.

 

[friar1610]

That is correct - the consensus was spend your money on experiences.

My wife and I have said this for years. We'd rather live somewhat modestly day to day and then splurge for a cruise, a nice vacation, a weekend in NYC going to plays, etc.

I've been reading more and more lately how "experiences" bring you more satisfaction than "stuff." I think my wife and I figured that out a long time ago.

 

[flyfishnevada]

We have a good COLA'd pension, so we won't run out of money, but we decided that anything beyond that is getting spent. If we do this right, the kids won't get much when we go. My mom and dad have some money from inheritances (not millions or anything) and we have already determined that if they leave any to us, were going to spend it. You can't take it with you. Any money we give our kids will be given while we are alive so we can see them enjoy it.

Not sure. [-]Un[/-]fortunately, we have pretty much everything we want. We're open to suggestions.

Bucket list! Make one and start tearing through it. I have all kinds of travel and experiences on it. Some pretty conventional, some not. How about Rock and Roll Fantasy Camp, Air Combat USA, or survival school (you know, like Survivorman)? They are on mine. I also have have stuff like drink in a real English/Scottish/Irish pub, enter a no-limit Texas hold'em tourny and take a swim in all four oceans (2 down). I even have go to a nude beach and go nude, but I have since done that. Life is short! You will regret the things you didn't do much more than trying something out of your comfort zone. You might just find you like it. We did and go to a nude resort every year, now.

Honestly, I came up with my list after a brush with death due to diverticulitis. Another few hours and my colon would have abscessed and then who knows? A friend drying suddenly at 47 just impressed the importance of it all the more. His wife is full of regrets over the stuff they never got to do. they thought they would have many happy years in retirement, but he died 5 years short.

Go crazy. If you want to buy something buy it. How about Corvette, a Harley, or a 55 Chevy? A grand piano? A kick-butt gaming computer, a home theater, an iPad? Buy something and do something new. Buy a boat and take up fishing or waterskiing or a guitar and learn to play (did that one too).

Even if you don't want to spend a lot of money, there are plenty of things you can do. But since you do, have fun!!

 

[Moemg]

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 .

 

[flyfishnevada]

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.

 

[Emeritus]

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

 

[Nords]

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.

 

[flyfishnevada]

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.