AUTHOR: Charles Ellison on 8/2/2025 FIRST: Jonathan Clements on 8/2 | RECENT: Rick Connor on 8/4
Comments
I use the Fidelity Wealth Planner tools. I am happy with it, and I am starting to use it, along with my Fidelity wealth planner, to model Roth conversions before I reach RMDs in 10 years. Do any of the retirement tools noted offer better planning tools?
I am struggling with spending money in retirement. I guess it goes back to growing up dirt poor, with my parents strugging to make ends meet. I always just wanted to be in a position where i could buy a new refrigerator, furnace, car or what not if it needed to be replaced. I am thankfully in that postion and don't stress over those expenditures. My wife and I are 64 and both retired. Thru prudent saving/investing starting around 18 y/o, we now have a "liquid" net worth around $4MM and other real estate investments worth around $1.5MM in equity. (no debt) Some of the RE spins off cash. We both decided to go ahead and start SS a few months ago. I may not make it to 80, but my wite may make it to 100.. We currently spend about 75% of the cash our investments spin off and SS. We do not have to draw down on the capital, and will not need to for the foreseable future. If i need to replace something/spend money on something needed, it's not a problem psychologically.. We are home bodies with 4 dogs, and don't care to travel much. I have a problem actually spending money on frills, such as an upgraged tv, back up generator to have on hand "just in caser it is needed", nicer clothes etc. My wifes car is fairly new, but my primary driver is her hand me down 2007 Honda, but I do a have a couple older sports cars..Bottom line is I do not want to spend money unless absolutly need to. I do want to leave some money for our daugher to ensure her retitement is financially sound. I am just wondering why I afraid of spending more money and loosen up.
Thanks for the timley article. I will be 63 in June in my wife will be 63 in November. I have been retired for 5 years, and my wife will finally retire June 1 of this year. We will be able to use my old employers medical credits to bridge us for 2 years to get us to Medicare/65. We would loose our dental and vision when she retires. Do you have any thoughts on how we can get some level of coverage for each "reasonably"?
Being a retired engineer I like your thought process. Maybe I missed it but did you consider RMDs? Maybe draw further down now on taxable on IRA / 401 k distributions now vs when you have to take them which may push you into a higher tax bracket, vs delaying your wife's SS benefit to age 70? Also the on line planning tools several mention, do these offer modeling benefits vs what my wealth planner at Fidelity can offer using their Monte Carlo modeling?
Comments
I use the Fidelity Wealth Planner tools. I am happy with it, and I am starting to use it, along with my Fidelity wealth planner, to model Roth conversions before I reach RMDs in 10 years. Do any of the retirement tools noted offer better planning tools?
Post: Recommendations for Retirement Planning Tools
Link to comment from August 2, 2025
I am struggling with spending money in retirement. I guess it goes back to growing up dirt poor, with my parents strugging to make ends meet. I always just wanted to be in a position where i could buy a new refrigerator, furnace, car or what not if it needed to be replaced. I am thankfully in that postion and don't stress over those expenditures. My wife and I are 64 and both retired. Thru prudent saving/investing starting around 18 y/o, we now have a "liquid" net worth around $4MM and other real estate investments worth around $1.5MM in equity. (no debt) Some of the RE spins off cash. We both decided to go ahead and start SS a few months ago. I may not make it to 80, but my wite may make it to 100.. We currently spend about 75% of the cash our investments spin off and SS. We do not have to draw down on the capital, and will not need to for the foreseable future. If i need to replace something/spend money on something needed, it's not a problem psychologically.. We are home bodies with 4 dogs, and don't care to travel much. I have a problem actually spending money on frills, such as an upgraged tv, back up generator to have on hand "just in caser it is needed", nicer clothes etc. My wifes car is fairly new, but my primary driver is her hand me down 2007 Honda, but I do a have a couple older sports cars..Bottom line is I do not want to spend money unless absolutly need to. I do want to leave some money for our daugher to ensure her retitement is financially sound. I am just wondering why I afraid of spending more money and loosen up.
Post: Living It Up
Link to comment from November 30, 2024
Thanks for the timley article. I will be 63 in June in my wife will be 63 in November. I have been retired for 5 years, and my wife will finally retire June 1 of this year. We will be able to use my old employers medical credits to bridge us for 2 years to get us to Medicare/65. We would loose our dental and vision when she retires. Do you have any thoughts on how we can get some level of coverage for each "reasonably"?
Post: Juggling for Retirees
Link to comment from January 21, 2023
Being a retired engineer I like your thought process. Maybe I missed it but did you consider RMDs? Maybe draw further down now on taxable on IRA / 401 k distributions now vs when you have to take them which may push you into a higher tax bracket, vs delaying your wife's SS benefit to age 70? Also the on line planning tools several mention, do these offer modeling benefits vs what my wealth planner at Fidelity can offer using their Monte Carlo modeling?
Post: Some Now More Later
Link to comment from November 16, 2022