Ensuring enough money if live to be super old

[REWahoo]

Don’t know what infinite banking is.

It is a concept that boosts sales and commissions for life insurance salespeople. Can I interest you in a policy?

 

[MuirWannabe]

It is a concept that boosts sales and commissions for life insurance salespeople. Can I interest you in a policy?

A whole new way to ‘blow that dough’

 

[aja8888]

If I'm alive at 140, I'm sure I will be out of money and probably divorced (again ). My fallback plan will be to move in with my DD who will be only 105. She will be thrilled, I am sure.

 

[Involuntary Retiree]

But I am looking forward to qualifying for the Boston marathon over 130 age group at some point.

In order to qualify for the 130+ age group, I would have to use my 55+ age group times. Ha!

 

[RunningBum]

Don’t know what infinite banking is. But I don’t like limited banking or banks. So having an infinite amount of it sounds horrible.

But I am looking forward to qualifying for the Boston marathon over 130 age group at some point.

Right now they have an 80 and over category. That will only cover about half the population!

I had a friend who was 90 and walked up to 6 miles a day, I think he said. I thought about seeing if he could get his mileage up to walk a marathon, one that had a generous cutoff time. Wasn't too sure it'd be healthy though so I never asked. He also died a couple years later.

What, threadjack you say? This thread was jacked from the start.

 

[IBC_FriendOfNelsons]

@REWahoo why is making money in turn for value delivered a bad thing? Isn’t that something you do? I would gladly give you my commission. I’m here to learn and help. So far, I’ve learned there is more protectionism within your replies than honest and open discussion about the optional ways to reach FI. What is everyone afraid of?

 

[REWahoo]

@REWahoo why is making money in turn for value delivered a bad thing? Isn’t that something you do? I would gladly give you my commission. I’m here to learn and help. So far, I’ve learned there is more protectionism within your replies than honest and open discussion about the optional ways to reach FI. What is everyone afraid of?

We aren't afraid of anything, just want to keep this forum free from salescritters pitching the latest snake oil to make us all rich.

 

[pb4uski]

I know and have met a lot of rich people.... but I have never met a rich person who got rich buying whole life insurance. Enough said.

 

[MRG]

If I am around at 140 my plan, yes I have a plan for 200+, is to sell books on how I did it. I'll be the only one at 150. [emoji1787]

 

[6miths]

Hasn't the average lifespan trended downwards over the last few years for the first time in a very long time. If anyone is going to be able to live that long it will be the ultra-rich and they should have no trouble with finances as we all know that the rich get richer. Don't hold your breath.

 

[Sunset]

@REWahoo why is making money in turn for value delivered a bad thing? Isn’t that something you do? I would gladly give you my commission. I’m here to learn and help. So far, I’ve learned there is more protectionism within your replies than honest and open discussion about the optional ways to reach FI. What is everyone afraid of?

Well OP - if people live to an average of 140, then you will be very wealthy, making commissions off those life insurance policies as the policy rates were not created with people paying the fees for such a long time, easily over 120 years

 

[garyt]

I would like to see the article on that. I call BS.

Me too, maybe 100

 

[SecondCor521]

What is everyone afraid of?

<plonk!>

 

[NW-Bound]

I've also read articles that talk about the possibility of living to 150 or thereabouts. But I'm not worried about the finances of it, because along with the technology that will allow the longer lifespans will come technology that enables unlimited free energy, food production, and possibly even the holy grail of flying cars. So assuming the one happens, it will be evened out by the others. And by owning the entire market through my index funds I'll ride the golden wave of prosperity for however long I last.

Excellent point!

Even more, with unlimited free energy and food production, and with all the work done by robots, we will all get free housing, food, healthcare... The only thing to worry about is how to entertain ourselves, because life will be so safe it may become boring.

Didn't some places already experiment with universal income? Even the people who are broke will get plenty of support when every item of necessities becomes so abundant. Nothing to worry about.

 

[targatom2019]

I just want to live until 85 but if anyone wants my other 55 years then they can have it

 

[daylatedollarshort]

Excellent point!

Even more, with unlimited free energy and food production, and with all the work done by robots, we will all get free housing, food, healthcare... The only thing to worry about is how to entertain ourselves, because life will be so safe it may become boring.

Didn't some places already experiment with universal income? Even the people who are broke will get plenty of support when every item of necessities becomes so abundant. Nothing to worry about.

I'm not sue about the living to 140 part, but I'm onboard with robots and self sufficient living. Maybe I'll live in a3D printed $4K home some day, with inexpensive solar power and a permaculture yard -https://www.businessinsider.com/3d-homes-that-take-24-hours-and-less-than-4000-to-print-2018-9

 

[NW-Bound]

Wow!

If I will not be too broke, I prefer the 2,000-sf home for $20,000 instead of the 350-sf for $4,000.

If energy will be so cheap or even free, I should be able to cool and heat the larger home.

 

[marko]

@pb4uski I thought this was suppose to be a friendly group (per the terms I agreed to)

You may be sincere and legit but you need to understand that this group has been burned quite often by sincere and legit sounding new posters who turn out to be trolls. So forgive our wariness.

I've advocated a policy where new posters must wait in 'lurk' mode a week or two before being allowed to post which, at the least would give new members a chance to get a feel for the tone, cadence and decorum of this forum.

 

[braumeister]

We aren't afraid of anything, just want to keep this forum free from salescritters pitching the latest snake oil to make us all rich.

Yes, your "infinite banking" scam has been discussed many times on this forum over the years (as a simple search shows). Not worth going through it again.

 

[Dtail]

I guess I would live in a 120+ community playing Pickleball with 8 people on each side.

 

[Aerides]

@jazz4cash ...your comment sounds like the sarcasm they asked us not to express on this site. If you want to put down the Infinite Banking Concept which is designed to assist folks reaching their goals of Financial Independence, you need to be able to convey the FULL benefits of it and then explain to everyone why those things are not important. Otherwise, you are not serving this community with unbiased support and advice.

No, he doesn't "need" to do that. Folks are free to express opinions as fully or as sparsely as they wish. You've brought in a new concept and are a new member, so if anything the burden is on you to provide a little more data if you really want to push this "concept". (and probably...not the best idea anyway)

I'll start. The average life expectancy of someone born today in the US isn't 140 (as you waved at in your first post), not even close. The SSA calculator puts a female born this month at an average of 87. Average lifespan ticks up on average about 1 year every 5 years. So, 50 years from now, someone born in 2069 can expect to live to 97. Still not close to 140.

Most folks here are using numbers north of 90 to plan their retirement. 95 or 100 are common inputs in firecalc.

 

[IBC_FriendOfNelsons]

@pb4uski job well done on the work and the discipline to put yourself in a position to retire at 56 in 2012. I want you and others in similar positions to continue to thrive in retirement, though I want to make note of a couple things that you could consider. “Average rate of return” is not real rate of return, and within various windows of time the “average” is typically lower. Another consideration is, how does one adjust their “prudent 4%” annual withdrawal when their portfolio drops by the “26.6%” noted in this article? https://www.financialsamurai.com/historical-returns-of-different-stock-bond-portfolio-weightings/.
Lastly, so far I have been reading commentary from folks on here that believe I am a scum salesperson of life insurance policies. My goal is for everyone that wants financial independence to have it. Whole life policies are not just a financial windfall for dead people’s heirs. They provide financial certainty and freedom within the owner of the policy’s lifetime. A question (of many) for everyone to ponder that desires FI is, “is each dollar you utilize doing more than one job when put into whatever portfolio split you choose?”
The answer is “no”. Becoming Your Own Banker utilizing a whole life policy is the only vehicle that provides your hard earned dollars to perform multiple jobs...and tax-free, at that.

 

[IBC_FriendOfNelsons]

@harley I never said the market was a scam ...it is a business and stated what its “job” is.
Not even close to being the first to recognize this.

Btw, don’t “good manners” go for everyone...including you?

 

[RunningBum]

It starts with not being deceitful about life expectancy. You either lied about that or are clueless, neither of which makes the rest of what you say very trustworthy.

 

[NW-Bound]

... Becoming Your Own Banker utilizing a whole life policy is the only vehicle that provides your hard earned dollars to perform multiple jobs...and tax-free, at that.

Same as many others here, I am my own banker to manage my stash. Our chance for financial survival can exceed that of many insurers, when things get really bad.