When Is A Retiree Considered Wealthy?

[PatrickA5]

I'm assuming Lorenzo the pool boy will have some good ideas.

Ha! That was exactly the "pitch" the lawyer made when I went to an estate planning seminar. Fortunately, we don't have a pool.

 

[Time2]

Exactly within a few percent is my estimate. Since most of the "savings" was in my fairly large IRA, the RMD amount is up a bit as when you get older, the IRS requires you take a bigger percentage draw each year. Throw in the "single' penalty and I about pay double in Federal tax this year.

Cheaper than remarrying!

 

[aja8888]

Cheaper than remarrying!

No new flames on the horizon.....

And even if one did come my way, I would not marry again.

 

[Sixteen Tons]

Universal definition of wealthy:
I am poor, the person who has $1 more than me is wealthy!

 

[W2R]

No new flames on the horizon.....

And even if one did come my way, I would not marry again.

For some couples, like Frank and me, that can be a great decision. We have been completely devoted to one another for over two decades, but neither of us wants to marry. We have each "been there, done that" (he's a widower and I'm a divorcee). But now that we are older, we don't want the financial entanglements that we each experienced in marriage. We also have no desire to live together and we are not religious and basically nobody cares if we marry or not.

We do like the caring, emotional commitment aspects of our relationship but that doesn't require the state to be involved. All of our friends and relatives treat us as though we were a married couple, so I guess we just froze our relationship in the "going steady" phase.

 

[aaronc879]

For some couples, like Frank and me, that can be a great decision. We have been completely devoted to one another for over two decades, but neither of us wants to marry. We have each "been there, done that" (he's a widower and I'm a divorcee). But now that we are older, we don't want the financial entanglements that we each experienced in marriage. We also have no desire to live together and we are not religious and basically nobody cares if we marry or not.

We do like the caring, emotional commitment aspects of our relationship but that doesn't require the state to be involved. All of our friends and relatives treat us as though we were a married couple, so I guess we just froze our relationship in the "going steady" phase.

If you don't need the financial benefits of being married than I see no reason to do so. Glad you found something that works well for both parties.

 

[W2R]

If you don't need the financial benefits of being married than I see no reason to do so. Glad you found something that works well for both parties.

Thanks! It is working really well for both of us. So many marital arguments are over money, and we just don't have them since his money is his, and mine is mine.

 

[Romer]

This fact has been gnawing at me of late. I assume I'll go first and DW will be "rich" (scratch that) in possession of a lot of taxable financial vehicles. Even if she doesn't think she's rich, the IRS will thinks so. I need a plan. Scratch that. SHE needs a plan.

That is the main reason I have been doing Roth conversions. If I pass first she will have Survivor SS. I expect everything else to be in a Roth by then. She will have little to no taxes to pay.

If the SS $$ are more than STD Deduction, she will at least be in the 50% taxable range in the 10-15% tax bracket

Based on family histories. I expect both of us to live another 20+ years into our 80's. 88-95 is when our family has typically passed.

 

[Dtail]

No new flames on the horizon.....

And even if one did come my way, I would not marry again.

Same comment many women widowers/divorcees state.

 

[W2R]

Same comment many women widowers/divorcees state.

So true! Like me.

Don't know if I ever mentioned it, but Frank and I met on an online matchmaking site. On our first date I told him I never wanted to marry, share money, or live with someone, but that I thought we could still be deeply emotionally committed to one another, which is what I wanted. So I was the one who suggested all this.

Luckily he was inordinately concerned about gold diggers, so he liked my ideas.

 

[Dtail]

So true! Like me.

Don't know if I ever mentioned it, but Frank and I met on an online matchmaking site. On our first date I told him I never wanted to marry, share money, or live with someone, but that I didn't think this limited one's emotional commitment to the other person which is what I wanted. So I was the one who suggested all this.

Luckily he was inordinately concerned about gold diggers, so he liked my ideas.

You both have an atypical arrangement, but it sounds like it is working out great, so keep it up.

 

[Koolau]

That is the main reason I have been doing Roth conversions. If I pass first she will have Survivor SS. I expect everything else to be in a Roth by then. She will have little to no taxes to pay.

If the SS $$ are more than STD Deduction, she will at least be in the 50% taxable range in the 10-15% tax bracket

Based on family histories. I expect both of us to live another 20+ years into our 80's. 88-95 is when our family has typically passed.

Yep, we did the Roth thing and now have no tIRA's left. But that 401(k) still looms (already doing RMDs.)