NW-Bound
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
- Joined
- Jul 3, 2008
- Messages
- 35,712
If you get to zero, is the reverse mortgage not a way to let you keep goin'?
While working I saved for retirement. For me, that meant being able to continue living at the level of comfort that I had become accustomed to. Now that I am retired, I find that that "accustomed to" level is still comfortable. I don't desire more. I have no worries. The biggest issue with "Spending that dough" is that nobody knows whether our savings/investments need to cover the next 10 minutes or the next 40 years, let alone what the markets will do for the next 40 years. Better safe than sorry IMO. If I leave money on the table when I go (more than likely) I will have no regrets.
I’d rather die rich than live broke. I think my current plan strikes a good balance.
We plan to follow your plan. But, if one dies before they're 70, does the spouse still get spousal benefit? This concern will alter our decision to take pension at 100%, 50% or single life annuity with no spousal benefit. I assume if DH passes before 65 when pension kicks in, that's gone too. We had this discussion yesterday, so I'm not being sneaky with this question.Keeping with my plan. Discretionary built in, plus already upping the WR% for 8 years when in our 60's to hold off SS collection until 70.
We plan to follow your plan. But, if one dies before they're 70, does the spouse still get spousal benefit? This concern will alter our decision to take pension at 100%, 50% or single life annuity with no spousal benefit. I assume if DH passes before 65 when pension kicks in, that's gone too. We had this discussion yesterday, so I'm not being sneaky with this question.
If you get to zero, is the reverse mortgage not a way to let you keep goin'?
...When we’re in our 80’s we can re-evaluate loosening up the purse strings, but the current spending plan is pretty comfortable and despite all the planning, one never knows. I’d rather die rich than live broke. I think my current plan strikes a good balance.
Yes it is! The method of last resort. Even takes care of the onerous task of real estate sale.
Glad I’m not alone in the 16G 5S club! I’m hoping when the new models are announced next month the 64G 8 Plus will drop in price at least a hundred bucks so I can upgrade. The battery is shot which is no big deal unless I’m roaming around on foot somewhere. I didn’t know how bad the battery was until my last vacation to Bangkok and then there were a few days where I was sweating it since I was relying on mapping software to get where I needed to go.
I have two homes, and selling one would get me goin' for a few years. My kids would have to share one home instead of inheriting one house a piece, but hey, that's more than what I get in inheritance.
I hope it will not come to that though.
Me too. It really is the method of last resort, expensive and a long list of conditions and requirements. But better than a house with no food to eat or heat to warm or light to see.
You can buy a portable power bank for $20 and bring with you when you go on travel. It can recharge your phone twice each time it is charged full.
My spreadsheets typically have about 10 worksheets, and some worksheets have 600+ rows...and the work sheets are all cross-referenced. 43" isn't large enough to see the whole thing, but my 31.5" monitor helps!must be one hell of a spread sheet to fill up a 43 inch monitor.
I dont' know about you, but my 82-year old father is still travelling, upgrading his house, and would love to buy another car (but can't afford it due to all of the travel). He's still dating...I am not craving for anything now, so I don't know what I would want to blow dough on when I am 80.
Unless your house is a multi-million-dollar one, you do not live off it for very long anyway.
Let's say your home is $1M. How long do you live off that? Remember that without a paid-for home, your cost of living will be higher to pay rent, unless you move into a van down by the river.
It is sobering to realize how much money a comfortable lifestyle costs, even with no frills.
Thankfully, I didn't have to make that decision on my pension. The buyout offered was valued at a lot less than the worth of the guaranteed monthly payment. It's not a large pension, but it's not a trivial amount either.One of several reasons why I opted to take a pension annuity was to avoid feeling like we had to curtail spending because the market was down...or even in the toilet. There were other reasons...tax, financial, etc. but having a constant base income was definitely on the list of pros.
Yeah Baby!
All those years of self denial are over. Done. Gone with the wind like my job!
Now it's time for a little self indulgence -
Lobster Fettuccine Alfredo (with fresh Maine lobster) for supper tonight!