Poll:In broad strokes...

[SecondCor521]

Mostly interested in the opinions of people who have been FIREd for at least a little while (a few years).

I'm interested in what you're actually doing, not what your intentions are. My intentions five years ago were SWR, but I'm closer to Scottish style in actual fact after five years.

ETA: The poll answers are broad categories, so just pick the style you're closest to, or the last option if you're undecided.

 

[Car-Guy]

Keeping with the traditions of polls on this forum, no category really fits me so I can't vote.

I'm planning on having some left, but not a lot.... Probably somewhere between the 2nd and 3rd category on your poll. Maybe 20 to 30% of what I started with. However, if I don't start taking better care of myself, it might be closer to 80 to 90%.

 

[Mr. Tightwad]

I'm a Scrooge naturally, but am willing to spend now that money is plentiful.

But I still make twice what I spend.

So since I keep stashing cash, I chose Scrooge.

 

[Time2]

I hope to have more when I die, the $10M Firecalc has promised, OK, or maybe broke!

So far so good, I don't recall my exact numbers, I posted them on the forum a while ago, but after 2 years I have spent ~ $260k, but my portfolio is up ~ $340k. One more year of tuition and I'll be ending a $60k expense from my spending.

 

[Aerides]

Can you elaborate more on the definition of the Scottish Style - at least in terms of how you define it for this poll? I've never heard the expression, and a quick google didn't yield much help.

 

[unclemick]

ER 1993. Mentally 'unemployed' till I became 'a born again ER' via the fore runner to this and other forums. I voted Scottish style mainly cause that's what happened in spite of several historical dips which recovered in time.

Heh heh heh - Will probably leave some on the table as we are set in our ER habits and have no burning desire to 'upscale' significantly. But have drifted to 'less frugal' as time goes on.

 

[SecondCor521]

Can you elaborate more on the definition of the Scottish Style - at least in terms of how you define it for this poll? I've never heard the expression, and a quick google didn't yield much help.

Oh, it's a made-up phrase.

For that poll choice I was imagining someone like me, whose FIRE stash ends up growing over time because they spend below what they could. For example, I spend about 1% net from my portfolio, even though I think I could very safely spend 3% to 4%. I called it Scottish style because the Scots are notoriously frugal.

While a Scottish style approach is portfolio growth through passive neglect, an Uncle Scrooge style would be someone who actively works to grow the stash (for whatever reason) through deliberate effort.

 

[Dtail]

I picked Capital Preservation and would like to have the same monies as when I retired, even though the purchasing power will obviously be much less.
Just psychological and a first world problem.

 

[skyking1]

I'm not there yet but I do like bacon.
We will probably be gunning for Capital preservation, because we'll be self-insuring for LTC.
I would be tickled pink if I could achieve it.

 

[youbet]

I guess the "SWR" choice includes instances of running out of money? If you hit zero "on average" that would mean sometimes you end with money left and sometimes you "failed."

 

[youbet]

I'm not there yet but I do like bacon.
We will probably be gunning for Capital preservation, because we'll be self-insuring for LTC.
I would be tickled pink if I could achieve it.

I like "capital preservation" too, but I think it's tough to guarantee. Even with a low percent WR, FireCalc shows some instances of the real value of portfolios declining during portions of the decumulation years.

 

[Midpack]

I’ve been retired for almost 10 years and evidently we’re Scottish in that our portfolio is up 60%+ since I retired. But that’s largely due to how well the market has done in my first 10 years more than intent. Undoubtedly our portfolio will ebb and flow over the next couple decades. I’d rather die broke but NOT running out is a much bigger priority, and “unfortunately” we’re cursed with above average longevity, so we’re doomed to go poof with a larger than ideal residual.

 

[W2R]

Like others here, in this great market I simply have not needed to spend the WR percentage I had decided upon. I have had my SS and my mini-pension to spend, so for the past three years I haven't been withdrawing anything except my (small) RMDs. Guess I flunked out of BTD school! But I am happy and I get a certain glee out of saving money and still living my best retired life. I'm sure Daylatedollarshort and several others here could relate to that feeling!

Anyway, I voted "Uncle Scrooge" even though I have just been sitting tight and letting Mr. Market do his magic.

 

[MRG]

Probably SWR but I'm dead.

 

[SnowballCamper]

I voted Capital Preservation, because we're living at pension income level. But the capital is appreciating as it is in a 75/25 asset allocation. I do like bacon!

 

[aja8888]

Bacon for me, the rest are not a good fit.

 

[Scuba]

We have spent more than anticipated pre-ER because we moved and did a complete remodel of our new home. Luckily the market has done so well that despite living off our taxable portfolio since retirement almost 5 years ago, we have more than we started with.

 

[Jim59]

Avoided picking Scottish Style, not sure why it’s called that. My intention would to maintain at least 50% of the value of the portfolio I started retirement with.

 

[DayDreaming]

Oh, it's a made-up phrase.

For that poll choice I was imagining someone like me, whose FIRE stash ends up growing over time because they spend below what they could. For example, I spend about 1% net from my portfolio, even though I think I could very safely spend 3% to 4%. I called it Scottish style because the Scots are notoriously frugal.

While a Scottish style approach is portfolio growth through passive neglect, an Uncle Scrooge style would be someone who actively works to grow the stash (for whatever reason) through deliberate effort.

Would it make more sense to rename that option to "Scottish Style - spend whatever and don't worry about it because you have more than enough for your lifestyle"?

 

[HawkeyeNFO]

When in doubt, bacon and out...

 

[audreyh1]

We are fine with drawing down the portfolio over the long term, even down to half (inflation adjusted) of what we started with if necessary, but not all the way to zero as there may be some large lump sum needs near end of life.

I didn’t see where we would fit other than liking bacon.

Interesting - Jim59 from Glasgow is planning about the same.

Avoided picking Scottish Style, not sure why it’s called that. My intention would to maintain at least 50% of the value of the portfolio I started retirement with.

I see now that several people are comfortable drawing down to some lower % of the original, but not anywhere near all the way down to zero.

 

[jollystomper]

We are probably Scottish style, but not by choice or plan. With my pension we do not have a problem drawing down our portfolio, but our spending has been about 35-40% of what we expected so far (even counting the pandemic impact). Combined with the markets over the last 3 years our portfolio continues to grow.

 

[ER Eddie]

It's hard to say, because on the one hand, I see the virtue in spending your money down -- enjoying it while you're alive -- while having some portion at the end, to leave for family and charity. That would be somewhere between SWR and PWR.

But in practice, I spend what I feel like spending, and that turns out to be much lower than both of those. I have tried to get myself to spend more, but I seem constitutionally incapable of it. There is just not all that much I want, and I don't see any value in trying to stoke materialistic desires in myself, just to get my spending up in the hope that I'll enjoy my life more, because I have more/better stuff. I'm just not wired that way.


tldr: I like bacon.

 

[RetiredAt55.5]

I voted bacon.

Once I'm on Medicare, I go into BTD mode (well, it'll still be <= 4% SWR then, but BTD for me).

 

[Plantman]

They say you learn something new everyday. Today I learned I'm Scottish!