Die With Zero? Hell No

Bill Perkins offers a radical goal: use your money to create the richest life possible, and aim to die with zero dollars left unspent. I’m told it doesn’t literally mean hit zero, just maximize experiences. I hope the book’s readers don’t take the title as a goal.

“Die with Zero” also advocates for intentional gifting to children or charities while you are alive. I agree, but for those trying to cover life’s what ifs during retirement (like the risk of LTC or survivor income) with their life savings that also presents a risk. 

We gift to our family and charities, but not by spending assets except via a portion of RMDs. They will receive the bulk as a legacy. 

Experiences over things for  sure, but not by betting on the timing of your ultimate departure. The experiences Connie and I have had since retiring have been wonderful. I would like to do it again and to keep going.

Perkins is a poker player, and former derivatives trader. In short, he is a risk taker and has plenty of money to put at risk. I suspect that is not the case for most – nearly all –  retirees. 

The goal should be enjoyable and fulfilling experiences with sustained confidence in lifelong financial security. You can do both, we have done both. We set aside money just for the purpose of experiences. At the same time meaningful experiences don’t always require spending money as some in the HD community have expressed. 

Our experiences range from cruising on the Queen Mary II to walking among penguins on the Falklands, touring the Holy Land, kissing the Blarney Stone, walking across the Little Big Horn, standing in a gas chamber at Auschwitz, walking on Hadrian’s wall, and on Omaha beach, visiting every capital in Europe, and many more plus visiting every state in the Union. 

But we never considered doing any of that by using up our assets. Yes, our pension and SS income allows us more flexibility, but nevertheless, I would never seek to spend down our assets to zero or even close. That seems even a harder choice for those relying on accumulated assets for all their income. In fact, it’s a considerable risk in my opinion. 

Seek those experiences, but don’t play an all-in-bluff on yourself.