mickeyd
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Living the life that is guided by LBYM insures that one does not spend more than is available. Don't most REers live this way?
For the various folks talking of parents or parents in law running out of cash in their 90s and then having to shoulder the burden of paying for nursing home care - isn't Medicaid supposed to cover this.
With all our discussion here about withdrawal strategies, returns, AA's and such, has anyone run out of money or known someone who has or nearly has? I am assuming people take action as they see the inevitable and ward off disaster. I wonder sometimes if we worry too much or if the threat is truly real.
I, for one, do not think a $2 million house is frugal.... just sayin.....
Also agree that most smart planners would have several alternative mitigating plans that would prevent the actual event of running out of money. This is why I find the almost anal discussion of Firecalc scenarios of little use, especially for those in drawdown mode.
For the various folks talking of parents or parents in law running out of cash in their 90s and then having to shoulder the burden of paying for nursing home care - isn't Medicaid supposed to cover this. Perhaps not the nicest facility, but something (?).
Or are we already assuming that Medicaid is soon to be abolished?
The compararable program in Toronto would be pretty grim. I would rather pay for a better place for my mom.
I "worry" about money in that sense of identifying underperforming investments or overspending. I don't want to get to the point of near disaster and having to take drastic action. I think most of us here are that way, though it sounds like a few don't need to. I want to know as early as possible if I'm heading toward failure so I can cut back.
I wouldn't have gotten to where I am, ER'd before age 50 and living very comfortably, without managing my money well, and I'm not going to stop now.
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I wouldn't have gotten to where I am, ER'd before age 50 and living very comfortably, without managing my money well, and I'm not going to stop now.
I would try to get them to loosen up and enjoy life!Frugal to the point of cheapness. Great for us so not complaining.
You should be able to get her in a nice subsidized home and then subsidize her informally for extras?Other end is my mom. She was never frugal and actually a little frivolous and vain. She may very well run out of money. But she is 91 and has about 6 years of funding left. If she runs out, we will pay her nursing home bills which are quite high at about $85,000 per year.
I shopped for one for my bro in Toronto on Yonge north of Bloor. It would have been great, even for me. The key is to apply ahead of because of wait times.The compararable program in Toronto would be pretty grim. I would rather pay for a better place for my mom.
My market research was done in 2005 so it might have gone downhill in 10 years.Do we have any actual proof of this or just stories? Do they beat you every Saturday and twice on Sunday? Serve cat food just once per day?
I would try to get them to loosen up and enjoy life!
You should be able to get her in a nice subsidized home and then subsidize her informally for extras?
She's 91 with 6 more years of funding left. I don't think there is that much risk of her running out?
I personally think you have to worry enough to manage the risk. Sitting here today, there are a few things I cannot know: 1) how long DW and I will live, 2) how healthy we will be (imoldernu's sugar post is freaking me out right now...), 3) how reliable are our income sources in retirement. These constitute risks that require some consideration.
Risk is all about managing consequences and their associated probabilities. For longevity, I use the six-sigma tail value of age 100, plan for savings withdrawals to last at least that long. For income source reliability, I am arranging multiple sources, both pensions and savings, if one falters it won't take us down the tubes. For health, well, doggonit, I'm going to go and throw all the sugar we have in the trash. Oh, when DW gets home....
They bought it for $150,000 in the '70's. Nothing special. Poorly maintained and decorated. This is Toronto.
OK... that makes more sense...
Forgot about that in some HCOL areas....
Me too. It's especially fun to talk about money on this forum when the market is providing more spending money for us....
As far as obsessing about AAs, withdrawal strategies, and returns, for me, that's as much of a hobby as it is worrying. I like playing the numbers game. I'll look for a better credit card deal, CD interest rate, plane fare, and discounts. I do it more to feel good about finding these things rather than feeling like I have to or I'll run out of money.
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