SecondCor521
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
I want to withdraw the maximum amount possible (as per firecalc) and let that determine my standard of living which will be extravagant compared to how we live now as opposed to continuing to live like we do now and letting my assets grow to millions and millions for someone else to enjoy.
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As I said, I live well below my means now so I understand that mindset but I dont understand why people want to continue to do it after retirement.
Thoughts?
My approach is to take my current living expenses, my FIRE stash, and the 4% rule, and FIRE when those three variables line up. Depending on how accurate my assumptions and spreadsheets turn out to be, that's around age 49, or about 10 years from now.
There is the possibility of me inheriting something from my parents. It could be anywhere from $0 to about 15x my current FIRE stash, sometime between now and 20 years from now. If it is sooner and on the larger side, then I would end up in a situation where I would probably be FI immediately and be facing a 1% withdrawal rate. In that case I would probably still live way below my means. I will cross that bridge when I come to it.
I personally am planning on following, as best I can, the model where I rerun FIREcalc every year with my new portfolio balance and reduced life expectancy, and raise my spending accordingly. But beyond a nice standard of living, I'll probably start feathering my children's retirement, or becoming more involved in charities or something.
2Cor521