Little surprise on withdrawals

[Out of Steam]

Quote:

Originally Posted by ncbill 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.

[Teacher Terry]

Many people advise not to make any major changes for a year. It really depends on your situation. Personally I knew that I couldn’t afford to stay in Reno if I had to rent and it’s 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 it’s 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 don’t have to sell a property that they are inheriting. To me that’s ridiculous.

[zippy2020]

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."

[HI Bill]

Quote:

Originally Posted by palomalou ...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.

[Koolau]

Quote:

Originally Posted by H2ODude Withdrawals? Pasht. Covid killed our travel, the only thing able to make substantial dent in the portfolio. Then DW diagnosed with Alzheimer’s last May (and is progressing what appears to be quickly). So I’m just sitting here on the computer and she’s, 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 we’re 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 Hound’s liking. I know care here in our house may exhaust my ability but I’ll hang in as long as I can handle it. We self insure for LTC but don’t 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; we’re at the point that no matter how hard we try the grandkids will likely graduate debt free from college. It’s nice to not have finances be an issue with this situation, it’s also a big lesson that money ain’t everything. Love R E K’s song “Road Goes on Forever and the Party Never Ends” but it damn sure does. Robbie’s got the right idea; we would be blowing it as we could but now can’t. I’d 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.

[audreyh1]

Quote:

Originally Posted by HI Bill 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.

[Chuckanut]

I’m lucky to have two kids who enjoy being part of my
Life and who want me as part of theirs. They’re 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.

[Out of Steam]

Quote:

Originally Posted by Teacher Terry 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.

[Out of Steam]

Quote:

Originally Posted by Buckeye 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.

[N02L84ER]

Quote:

Originally Posted by Out of Steam 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.