Be careful. My father had a wonderful law practice and thought he would practice forever. God decided otherwise. He developed PSP, a bad form of Parkinsons, in his 70s and slowly could no longer practice. He had put my sibling on his accounts. Result: My mother and he became virtually penniless. I had to support them. My father lived in my home for the last six years of his life. For Indians, living in a daughter’s home is a cardinal sin. Until the end he would say “I am shameless. I am a beggar. I am living with my daughter”. Moral for me: Keep your money close to your chest. You don’t know when you will become disabled. Children and charity can wait until your death.
Yes, absolutely. I donate my money NOW to causes that really need it. I give financial gifts to family members when the money can go the furthest to better their life prospects rather when I die and they are older/more financially established and the money does not accomplish as much. I don’t want to be 80 with a pile of money that I can’t use up because I am too old to to experience all the world has to offer and that can no longer be given as effectively to my loved ones (for example, to help buy a house, spend more time with their kids when they are little, help pay for college so they don’t start out life in debt, etc.). I will probably still end up with extra since my calculations don’t include social security or the fact that I will likely want to work beyond 55, which will likely infuriate me on my death bed.
Here is how I read the question and why I say Yes.
My wife and I will have at least 6K/month in SS and almost certainly have the house paid off, so chance of being on the streets is close to 0.
So if we live well at the youngest point in our retirement where and when we are also statistically the most healthy vs. limit ourselves to some 4% and then things go off the tracks while we are in 80’s (of course if we make it that far) I think that is a reasonable risk to take.
It’s a risky strategy. I plan to have my normal expenses covered by pension and social security, with some investments that will cover inflation and assisted living if needed. I have no particular need or desire to leave a legacy to relatives or charity, but I hope my heirs receive a small legacy, because that means I didn’t run out of money.
Be careful. My father had a wonderful law practice and thought he would practice forever. God decided otherwise. He developed PSP, a bad form of Parkinsons, in his 70s and slowly could no longer practice. He had put my sibling on his accounts. Result: My mother and he became virtually penniless. I had to support them. My father lived in my home for the last six years of his life. For Indians, living in a daughter’s home is a cardinal sin. Until the end he would say “I am shameless. I am a beggar. I am living with my daughter”. Moral for me: Keep your money close to your chest. You don’t know when you will become disabled. Children and charity can wait until your death.
Yes, absolutely. I donate my money NOW to causes that really need it. I give financial gifts to family members when the money can go the furthest to better their life prospects rather when I die and they are older/more financially established and the money does not accomplish as much. I don’t want to be 80 with a pile of money that I can’t use up because I am too old to to experience all the world has to offer and that can no longer be given as effectively to my loved ones (for example, to help buy a house, spend more time with their kids when they are little, help pay for college so they don’t start out life in debt, etc.). I will probably still end up with extra since my calculations don’t include social security or the fact that I will likely want to work beyond 55, which will likely infuriate me on my death bed.
Here is how I read the question and why I say Yes.
My wife and I will have at least 6K/month in SS and almost certainly have the house paid off, so chance of being on the streets is close to 0.
So if we live well at the youngest point in our retirement where and when we are also statistically the most healthy vs. limit ourselves to some 4% and then things go off the tracks while we are in 80’s (of course if we make it that far) I think that is a reasonable risk to take.
Only if you are planning suicide.
It’s a risky strategy. I plan to have my normal expenses covered by pension and social security, with some investments that will cover inflation and assisted living if needed. I have no particular need or desire to leave a legacy to relatives or charity, but I hope my heirs receive a small legacy, because that means I didn’t run out of money.