Blogger Joe Udo says 25x expenses not enough for early-retirees

[MichaelB]

Must be terribly embarrassing for the cats.

 

[Nemo2]

Must be terribly embarrassing for the cats.

Mortifying....especially if they were Persians...since Persians always appear to be disdainful of any unsolicited contact with humans.

 

[ExFlyBoy5]

It is the Great Depression mind set. It will not change. In his mind he has everything he wants and needs. So I doubt spending anymore would increase his satisfaction levels.

This is my Dad. He has assets that he will most likely never spend down. He still banks some of his SS check and I don't think he's EVER touched anything from his investments outside of the RMDs. He just WILL NOT SPEND IT. I *finally* convinced him to let a commercial company clean off the roof and gutters every few months after I had an "incident" and refused to do it anymore. I think he seriously considered doing it himself instead (he's 89 years old!) before finally relenting. As an extra safe measure, I have padlocked the ladder to the fence to make it almost impossible to use it. It's just how he's wired and it will never change.

Also, all the great opinions on the bloggers and the meaning of being retired has convinced me that I will NEVER have a blog (retirement related, anyway!) Since I do have a rental property, I am sure the internet police would point out that I am not *really* retired!

 

[Nemo2]

I think he seriously considered doing it himself instead (he's 89 years old!)

A few years back my oldest friend's father, (up in Northern Ontario), fell off the roof, (into a snowbank luckily).......I said to my friend "What was a 90 year old man doing on the roof?".......he replied "That's what people are asking my mother".

 

[FUEGO]

This is my Dad. He has assets that he will most likely never spend down. He still banks some of his SS check and I don't think he's EVER touched anything from his investments outside of the RMDs. He just WILL NOT SPEND IT. I *finally* convinced him to let a commercial company clean off the roof and gutters every few months after I had an "incident" and refused to do it anymore. I think he seriously considered doing it himself instead (he's 89 years old!) before finally relenting. As an extra safe measure, I have padlocked the ladder to the fence to make it almost impossible to use it. It's just how he's wired and it will never change.

This will be my parents in another 10-20 years. I'm not sure of their portfolio size but I'm guessing $1.5-3M. "We're millionaires!" was declared many years ago and Dad still works FT while mom retired, started her pension, but still volunteers which often turns into fairly well paid temporary positions. SS x2 comes online in the next few years.

I can't imagine they will come close to spending pension + SS x2, and have told them as much. Combine that with the $60-100k+ they could withdraw from their portfolio and let's just say I'll probably be inheriting a non-zero sum eventually (but I wish they would spend it all if they can enjoy it!). I can't even persuade my dad to quit working. My mom says it's their fear over prescription drug copays and losing access to guaranteed issue health insurance that keeps him working (they pay "several hundred per month" for a variety of drugs). Explanations of the ACA and the fact that they would likely qualify for $10k in HI subsidies with just a basic bit of financial massage on their income streams does nothing to persuade them they could actually bridge the gap for one year till dad gets on medicare (I personally think there's zero chance ACA will disappear before 12/31/2017).

I can't get my dad to stop climbing on ladders. He'll probably do it till he falls or can't physically lift one foot above the other. I suggested now is a great time to find a quality trusted handyman when they offered to pay me significantly to do menial physical labor tasks around the house.

It's in the blood. But I'm working hard to overcome this in my own situation, hiring a plumber not once, not twice, but three times this year (!!) instead of sweating and suffering through work I don't particularly enjoy and can easily afford (it's literally in the budget to replace plumbing elements periodically). So far I've spent ~$300-400 above the cost of materials and supplies on the plumber's labor and I'm very happy with price paid vs. value received.

 

[Mulligan]

This is my Dad. He has assets that he will most likely never spend down. He still banks some of his SS check and I don't think he's EVER touched anything from his investments outside of the RMDs. He just WILL NOT SPEND IT. I *finally* convinced him to let a commercial company clean off the roof and gutters every few months after I had an "incident" and refused to do it anymore. I think he seriously considered doing it himself instead (he's 89 years old!) before finally relenting. As an extra safe measure, I have padlocked the ladder to the fence to make it almost impossible to use it. It's just how he's wired and it will never change.

Also, all the great opinions on the bloggers and the meaning of being retired has convinced me that I will NEVER have a blog (retirement related, anyway!) Since I do have a rental property, I am sure the internet police would point out that I am not *really* retired!

That is so funny as that happened to me this summer. I had to clean my dads house because if I wasnt he was going to do it by getting on a ladder put on truck bed to reach all areas. I got that done, but when I got home mine needed cleaned also. I paid a cleaning person $180 to do mine. Come to think of it, I paid him cash and I never asked for or got a receipt. Wanna bet Uncle Sam isn't getting his fair share of that, ha!

 

[Major Tom]

Also, all the great opinions on the bloggers and the meaning of being retired has convinced me that I will NEVER have a blog (retirement related, anyway!) Since I do have a rental property, I am sure the internet police would point out that I am not *really* retired!

As long as you make a good faith attempt to represent yourself honestly, to be authentic in your presentation, and not to be overly dramatic, I don't think you'd have many problems. There are forum members here with successful blogs, who receive little or no flak. I wonder why? Perhaps they're just being honest.

On the other hand, if you want to make lots of money from your blog, then be outspoken, make sure your site contains much braggadocio, and develop a thick skin. The choice is ours

 

[Helena]

This is my Dad. He has assets that he will most likely never spend down. He still banks some of his SS check and I don't think he's EVER touched anything from his investments outside of the RMDs. He just WILL NOT SPEND IT.

I'm not looking forward to the RMD. I like controlling my own finances.

The government will force me to withdraw more than I need.

More than that... there is a draconian IRS penalty if one doesn't withdraw the right amount [especially a burden for the elderly.]

I have always done my own taxes [which were relatively simple]... but I will probably need professional help [in more ways than one] once I'm subject to the RMD mandate.

.