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Old 10-05-2017, 10:54 AM   #41
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Originally Posted by pb4uski View Post
Exactly... I usually have to prompt people to " let's go sit on the deck" or "let's go sit in the living area" to get them out of standing around the kithen island.
Just hand out dish towels and they will scatter
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Old 10-05-2017, 11:00 AM   #42
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Originally Posted by Luck_Club View Post
....
Many in my family have a hard time spending, and live on less than their pensions and social security. It is funny to watch these relatives who have plenty of money wear tattered clothes, when they have brand new ones un-opened in the drawer, they are saving.

....
hmmm, have you been looking in my sock drawer ?
I have a few dozen unopened socks in packages, waiting for when my current old socks get 2 holes in them (top and bottom) .

DW bugs me about it, especially as if we visit someone and I take off my shoes

I also have 30 year old t-shirts that I wear.

You are making me think I should be more harsh and throw out the shirt when they get holes, or the collar wears out from rubbing on my neck.

I guess "Waste not Want not" was really drilled into me.
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Old 10-05-2017, 11:05 AM   #43
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I also have 30 year old t-shirts that I wear.
Mine aren't quite that old, but I've likely got 15-20 that I've never worn......put the same ones on time after time, and regularly say about the new ones "I really should start wearing some of these".
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Old 10-05-2017, 04:57 PM   #44
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OP here: Honestly, and I mean this sincerely and want to make perfectly clear: I don't consider my friend a sinner for not delving into his nest egg. And, heaven forbid, I don't think this makes him a criminal.

I'm very sorry if this is what I implied to you via my post.

It could be simple like Occam's razor, in that nothing is being implied, and as Gayl sums it up:

OTOH: if OP just discussing how people are unaware of what SWR actually is then he has a point.
But if he is happy living off his pensions/SS, why should he concern himself with WR/SWR?

I would not assume he is clueless in this regard, he just has no reason to actively think about it. Maybe he figures it is a back up plan, or to leave to heirs or charity, or maybe fund comfortable care in old age.

It's a little bit like if I have a full tank of gas, and am making some short errands, I don't concern myself with thinking about where the gas stations are. It doesn't mean I don't understand the concept of needing to fill the tank, I just don't need to concern myself with it at this time.

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Toss the old stuff
Old 10-05-2017, 05:37 PM   #45
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Toss the old stuff

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Originally Posted by Sunset View Post
hmmm, have you been looking in my sock drawer ?
I have a few dozen unopened socks in packages, waiting for when my current old socks get 2 holes in them (top and bottom) .

DW bugs me about it, especially as if we visit someone and I take off my shoes

I also have 30 year old t-shirts that I wear.

You are making me think I should be more harsh and throw out the shirt when they get holes, or the collar wears out from rubbing on my neck.

I guess "Waste not Want not" was really drilled into me.
Seriously, use the new ones.

My Uncle had a massive stroke, and I'm the designated care coordinator (responsible one). Anyways while getting clothes to take him in the rehab center, I came across dozens of unopened clothes. T shirts, Underwear, Socks. The reality is he will never be able to use any of them again, which is sad but true.

So march into your sock drawer and throw out all those old socks 1 one hole and failed elastic and wear the new ones, you've earned it and you never know.
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Old 10-05-2017, 05:54 PM   #46
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My pension is very modest, and I'm too young for SS, so we are spending from the investments. However, even though we are spending more than we did when I was working, we are only at a 1.4% WR. I am working on ramping up the spending beyond my former comfort zone for better travel and other things. We are going to replace a car, and I agreed for DW to get $1300 worth of extra goodies that I really did not think we needed, but she wanted. Today she said she wants us to get a new computer for Christmas to ourselves. Again, I do not think we need it, but with the market hitting record highs, it is hard to argue that we can't afford it.
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Old 10-05-2017, 07:20 PM   #47
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I know I'm a money hoarder who also saves peace & Morgan dollars. But this thread brings up a really important topic. Many people don't know what an SWR is. 2 prong problem: (1) recognizing that the max SWR is (IMHO) between 3-3.5% (2) a mind set shift from a saver to a Spender
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Old 10-05-2017, 07:38 PM   #48
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I know I'm a money hoarder who also saves peace & Morgan dollars.
I remember back in the early 60's as a young boy, I could still get silver dollars at the bank for a paper dollar bills. (hey, paper money were actually silver certificates back then) Pretty sure all I could get in those days was Peace dollars but I may have got a few Morgans. I can also remember getting some Franklin and Walking Liberty half's, Mercury dimes and an occasional Buffalo nickel in regular change back in those days too. That actually started my interest in coin collecting that has turned into a lifelong hobby.
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Old 10-05-2017, 09:34 PM   #49
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What is currently considered a "safe" withdrawal rate? Is there a formula?
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Old 10-05-2017, 10:16 PM   #50
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Yes... live on 4% of your beginning of year balance and you are guaranteed to never run out of money.
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Old 10-05-2017, 10:43 PM   #51
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Originally Posted by kcowan View Post
On our European trip, we have been consciously spending more, like ordering the most expensive wine by the glass and staying more upscale (like The Imperial Palace in Annecy).

I must admit that it is not natural but we are liking the results so far. OTOH we decided that the cost of laundry in the hotel was more than we could handle. And we have enough clothes to get to our apartment in Nice.
Oh yeah forget hotel laundry. Per piece! Sometimes it's not easy, but we usually find a laundromat. Tourist office is a good source.
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Old 10-06-2017, 06:09 PM   #52
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Quick dry/wool. Wash with soap or shampoo every night in the shower. Never worry about clothes again. You can get decent looking kakis and golf polos. I donít like going places that require more
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Old 10-06-2017, 06:27 PM   #53
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What is currently considered a "safe" withdrawal rate? Is there a formula?
Hehe, nothing is "safe", not even a safe. They all can be cracked.

Just good fodder for discussion, nothing else.
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