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Old 01-17-2023, 04:23 PM   #41
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Now watching my octogenarian in-laws trying to keep up with their ranch house with large yard/garden.

Our current plan is to give up the single-family house (or at least one with exterior maintenance) at about age 75, though my wife occasionally suggests doing it sooner.
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Old 01-18-2023, 10:05 AM   #42
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Many people advise not to make any major changes for a year. It really depends on your situation. Personally I knew that I couldnít afford to stay in Reno if I had to rent and itís very important to me to paint, decorate, etc the way I want. Second our real estate market was on fire and I knew that I could get top dollar for my home and that prices were probably not going down much in Reno because itís such a desirable place to live. If I had waited for a year I would have paid 50k more for my condo and not gotten that much more for my house.

It really pays to look at your individual situation. Plus too many memories in the house. While I have tried to make things easy for my kids to inherit I am not going to sacrifice my happiness so that they donít have to sell a property that they are inheriting. To me thatís ridiculous.
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Old 01-20-2023, 06:07 PM   #43
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I worked for an independent semi-retired CFP for a while. It was quite eye-opening, in many ways.

One of the many things he said that stuck with me was, "I spend my time with half my clients trying to rein in their spending. The other half I have to encourage them to spend money!"

Being a prudent, cautious saver can make for a comfortable and sometimes early retirement - but it can be very hard to drop those old habits and learn to "kick back and relax."
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Old 01-20-2023, 08:10 PM   #44
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...I always ask two questions before most spending:
1. Is it truly necessary?
2. Do I REALLY want it?
I ask two questions, too.

1. Can I afford it?
2. Is it something I'll enjoy?

Instead of trying to save $, I'm trying to spend $, within reason. My current greatest fear is dying before I get to spend much of my accumulation. One of my family friends just died this week, less than five weeks after finding out he had cancer....at age 67. We saw him in the spring, and he looked health and happy. You never know.
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Old 01-21-2023, 02:10 PM   #45
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Withdrawals? Pasht. Covid killed our travel, the only thing able to make substantial dent in the portfolio. Then DW diagnosed with Alzheimerís last May (and is progressing what appears to be quickly). So Iím just sitting here on the computer and sheís, well, in the other room. Only thing beyond food and utilities is a bit of wood now and then for me to go out in the shop and build something. Sold her BMW so got that cash and insurance reduction. After expenses weíre pushing about 5-6k INTO the investments from SS and pension. We have nothing that we care to blow dough on. My Porsche is only 3 yo, house and furniture is all to our and the Bassett Houndís liking.

I know care here in our house may exhaust my ability but Iíll hang in as long as I can handle it. We self insure for LTC but donít see that as that big a bite of the stash. May bring help in if it fits the conditions. Money has sort of lost its allure to me; weíre at the point that no matter how hard we try the grandkids will likely graduate debt free from college. Itís nice to not have finances be an issue with this situation, itís also a big lesson that money ainít everything. Love R E Kís song ďRoad Goes on Forever and the Party Never EndsĒ but it damn sure does. Robbieís got the right idea; we would be blowing it as we could but now canít. Iíd trade the whole portfolio to restore her failing brain. Cheers!
I'm so sorry to hear of your situation. I went through Alz with both parents. It's important to get some sort of respite care to allow you to get away occasionally - even if only for a couple of hours. In each of my parents' cases, there was a crisis which let us know that home-care was no longer possible and a care facility was required.

Hoping for the best outcome for you and DW. Blessings to you.
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Old 01-21-2023, 03:30 PM   #46
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Originally Posted by HI Bill View Post
I ask two questions, too.

1. Can I afford it?
2. Is it something I'll enjoy?

Instead of trying to save $, I'm trying to spend $, within reason. My current greatest fear is dying before I get to spend much of my accumulation. One of my family friends just died this week, less than five weeks after finding out he had cancer....at age 67. We saw him in the spring, and he looked health and happy. You never know.
Yeah, once retired with a decent nest egg, it’s more about prioritizing your spending. We don’t try to save or limit ourselves to necessities only. What’s the point? Instead we focus on spending on our priorities and getting what we feel is good value for the money spent. Quality matters to us, so we often spend up for quality on the important things.
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Old 01-21-2023, 04:47 PM   #47
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Iím lucky to have two kids who enjoy being part of my
Life and who want me as part of theirs. Theyíre out of town so I am on a plane every few months. Or I plan a road trip and include them as a stop. Either way it works. I figure the kids will get my home and whatever is left from my investments.
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Old 01-22-2023, 10:48 AM   #48
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Many people advise not to make any major changes for a year. It really depends on your situation.

My wife is clear that she would sell our house almost immediately, probably to move near our daughter, if I died or became disabled.
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Old 01-22-2023, 10:51 AM   #49
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It's not just big rent increases to worry about anymore. It's having the owner turn it into an Airbnb unit and the housing inventory is gone.
Living in a rented single-family house or other place owned as a single unit has always seemed like an unstable situation to me. The owner is very unlikely to want to move their kid into your unit in a 100 unit apartment complex.
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Old 01-22-2023, 03:21 PM   #50
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My wife is clear that she would sell our house almost immediately, if I died or became disabled.
I would also. I have thought about what I would do if my spouse was no longer here ever since we purchased this house, so it is not like it would be making a big decision immediately after the loss of a spouse.
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