W2R
Moderator Emeritus
I am more worried about running out of time.
Me, too. The older I get, the more I wish I was immortal somehow.
I am more worried about running out of time.
Still hoping to die broke, though we know the odds are against it...
DH has concerns similar to those of OP. he hates to "deplete" all the money we worked so hard to save for 30 years.
If you think you are covered, you likely will be fine. You can't control catastrophe, so barring catastrophe ( in which case we are all in the same boat), LBYM and stay flexible with your budget/spending.
Sorry to elicit such concerns for you or anyone else. If I do achieve the 'die broke' objective it won't be as you fear, it would be with a SPIA covering at least our basic expenses if necessary, and we'll also want to leave a bequest for charity/family. But there may be no portfolio beyond that. There's no real chance of 'living under a bridge eating crunchy* cat food' at the end.I know that is often said, by many others here, and it is said lightly at times. So, the following is not meant as any sort of criticism at all. Still, I have to say it.
We don't like to think of death and our last year on earth, but I am imagining how it might be if nearly broke. Most likely I would be physically and mentally deteriorating at that point, perhaps bedridden, and quite helpless and vulnerable, perhaps all alone in the world and being cared for by a minimum wage worker who could care less about me.
Imagine knowing that one was nearly broke under such circumstances. I would be terribly distressed, worrying about who would feed me if I was broke. Perhaps they would even throw me out by a dumpster if I could not pay for my room and care, or at least I would worry about that in my helpless state. Even if close to death, one still does not know exactly when the Grim Reaper will come.
Honestly, I do not hope to die broke. It sounds like a miserable way to go.
Sorry to elicit such concerns for you or anyone else. If I do achieve the 'die broke' objective it won't be as you fear, it would be with a SPIA covering at least our basic expenses if necessary, and we'll also want to leave a bequest for charity/family. But there may be no portfolio beyond that. There's no real chance of 'living under a bridge eating crunchy* cat food' at the end.
And as I said, the odds of actually making it work out are remote at best.
Again, sorry...
*Sarah in SC's recommendation.
I think there are distinct differences in how one defines "dying broke". My view of the term is by the time DW and I expire we will have spent virtually all our savings and have almost nothing left for our heirs once the bills are paid from our estate.
W2R's view of "dying broke" is far more frightening: running out of money while it is still needed to buy the necessities of life - even if that is to simply pay someone to feed me and change my diaper.
I like my view better.
Sorry to elicit such concerns for you or anyone else. If I do achieve the 'die broke' objective it won't be as you fear, it would be with a SPIA covering at least our basic expenses if necessary, and we'll also want to leave a bequest for charity/family.
That's exactly our plan, hopefully out at age 75 or more if then (annuitization hurdle, blah, blah, blah...). If all goes well, we'll never buy one, but as a means to die broke without running out, a SPIA is hard to beat as far as I can tell.With a decent portfolio you can hold SPIA's as a later in retirement Plan B purchase.
A dislike of seeing your net worth go down never wears off. OTOH, it pales in comparison to the fear of having to return to work to prevent that from happening.... I don't know if its a fear of running out of money or simply a numbers thing where I don't want to see NW go down. Hopefully this is a common trait among among early retirees that eventually wears off.
A dislike of seeing your net worth go down never wears off. OTOH, it pales in comparison to the fear of having to return to work to prevent that from happening.
....About w*rk, well, we had all done it before, so it should be just like old hat. No? Why be afraid?
After tasting freedom, who desires to return to prison?About w*rk, well, we had all done it before, so it should be just like old hat. No? Why be afraid?
After tasting freedom, who desires to return to prison?
Let me know if you still feel that way after meeting your new cellmates.Prison is not such a bad place, as they house you and they feed you.