What's the number?

[dunfree]

Fuck. The intersection is about 58

Ooof

its somewhere between 40 and 60

[Benny Profane]

Medicare pays for new knees and hips. I sat at a table full of early sixties Taos instructors, and they were all like, bring on 65, please. I need help. Don't know about ACL or Meniscus work, but, if it's serious, they might gently nudge you towards replacement at a certain age. Hell, my orthopedist in Vail who just retired told me, the last time I saw him, "just take care of it, no bumps, do PT, and just have it replaced at age 74 or whatever.". That's like a great auto mechanic saying, fuck, just buy a new car.

[sirbumpsalot]

Don't know WTF you are saying here, which is fine. You don't seem to be adding a whole lot -

$5M puts you in the top 1% of net worth. $125,000 in income is not exactly 1%.

Soc Security and Medicare bankrupt....so plan for it...those are "end of world" scenarios. Planning for end of world is a one time bet...because if it happens, your money, no matter how much you have is not gonna keep you safe and sound in your middle class lifestyle.

I know you are passing on info you got from some financial sources, I am just pointing out they are utlraconservative and unsound to plan for for the average person. Even the 4% rule is ultraconservative. Unless you are planning on leaving the bulk of your fortune to your heirs....

The advise you are passing on (2.5% withdraw) is akin to RE agents telling you its always a good time to buy.

[ötzi]

What does "enjoy experiences" ^^ even mean? And what does "rising wealth" have to do with it? The wealth axis is irrelevant to the chart, which really only shows that the ability to perform work in a set period of time diminishes, and that it diminishes more quickly if you are in poor health, which is obvious to anyone.

[dunfree]

What does "enjoy experiences" ^^ even mean? And what does "rising wealth" have to do with it? The wealth axis is irrelevant to the chart, which really only shows that the ability to perform work in a set period of time diminishes, and that it diminishes more quickly if you are in poor health, which is obvious to anyone.

“be aggressively outdoorsy in between rogering women 30 years younger than you”

which isn’t all of life, but seems a fair bit of peoples here plans. I visit an aunt in a nursing home; few there want to die because there are other things in life that bring them joy

[abraham]

“be aggressively outdoorsy in between rogering women 30 years younger than you”

.

[bennymac]

What does "enjoy experiences" ^^ even mean? And what does "rising wealth" have to do with it? The wealth axis is irrelevant to the chart, which really only shows that the ability to perform work in a set period of time diminishes, and that it diminishes more quickly if you are in poor health, which is obvious to anyone.

argument (from the guy who made the chart) is that people save excessively with the goal of enjoying experiences post retirement - but one should consider what those experiences are and the chances you are going to be able to do them/want to do them post typical retirement age. Nothing is promised.

He also argues that if you plan on leaving a bunch of money behind for your kids after you die they (your kids) are probably going to be at an age where that lump sum of money isn't life changing - why not give it to them when you are alive and when they are young - when that money will be more life changing and you can witness them benefiting from it - same goes for charity donations. Goal is to die with zero.

TGR is going to self select for a population who doesn't necessarily subscribe to that way of thinking (saving excessively and holding off on experiences for later in life)

[oldnew_guy]

argument (from the guy who made the chart) is that people save excessively with the goal of enjoying experiences post retirement - but one should consider what those experiences are and the chances you are going to be able to do them/want to do them post typical retirement age. Nothing is promised.

He also argues that if you plan on leaving a bunch of money behind for your kids after you die they (your kids) are probably going to be at an age where that lump sum of money isn't life changing - why not give it to them when you are alive and when they are young - when that money will be more life changing and you can witness them benefiting from it - same goes for charity donations. Goal is to die with zero.

TGR is going to self select for a population who doesn't necessarily subscribe to that way of thinking (saving excessively and holding off on experiences for later in life)

My wife is at the extreme end of this spectrum. “Why wait to do X until I am retired? Let’s do it now!” Let’s just say we balance each other out.

[bennymac]

Book is called "Die With Zero" - found it thought provoking but a lot of the thinking is stuff I already subscribe to. I was a big outlier in my family with my desire for enjoying life at a young age - still am. The 'protestant work ethic" idea taught to me by my parents was "if you're not in school you need to be at work / if you are not working you need to be in school". I saw family members save for retirement and then not get to enjoy any of it.

But I also recognise I was raised with a lot of privilege - two parents, stable household, never went hungry, clean clothes, and all the books I could read. A lot of us had chances of wealth and success better than 99% of the world - starting on third base - so reading books about how to spend wealth at a young age is definitely a privilege.

[petey_]

Health care in Canada is free? I wish people would stop saying stoopid things like that.

[bennymac]

We all know what that means even though it's not "free"

Call it free of bankruptcy risk

[Mazderati]

Healthcare where the baseline isn't choosing which finger you can afford to reattach.

[abraham]

Healthcare where the baseline isn't choosing which finger you can afford to reattach.

You got to choose?

[petey_]

We all know what that means even though it's not "free"

Call it free of bankruptcy risk

True that but there are some that think we're dirty Commies. Hell, I just bathed yesterday if you must know.

[Conundrum]

Is this typical for you guys? I could live very comfortably on $50/k yr in my (paid off already) house. What do you need the other $75k for? I'm not judging, just curious. Is it the kid costs, or are you assuming that would end?

In the 20 years I've lived in my 1,600 sqft home on .15 acres my prop taxes have gone from $300/yr to $3,600/yr. In another 20 at 1,100% increase, it seems like something to plan for. Or sell and move somewhere with lower taxes but as a perk Benny has pointed out in many threads, I'm living a block from a good hospital and that's important.

[ötzi]

I want to die before I run out of money, being old and broke is no joke, so "Die With Zero" isn't the plan here.

It's also not the plan to keep on trying to get more and more. The plan is to enjoy life as best I can and do something positive for society with what's left when I die (or 25 years later when the wife dies).

[LeeLau]

Health care in Canada is free? I wish people would stop saying stoopid things like that.

True. Free at point of delivery

[LeeLau]

I know you are passing on info you got from some financial sources, I am just pointing out they are utlraconservative and unsound to plan for for the average person. Even the 4% rule is ultraconservative. Unless you are planning on leaving the bulk of your fortune to your heirs....

The advise you are passing on (2.5% withdraw) is akin to RE agents telling you its always a good time to buy.

Agreed that even 4% is conservative

[petey_]

True. Free at point of delivery

Have you seen the parking rates at the hospital lately? My gawd it's terrible.

[LeeLau]

Have you seen the parking rates at the hospital lately? My gawd it's terrible.

I walk there like a good socialist

[Core Shot]

I want to die before I run out of money, being old and broke is no joke, so "Die With Zero" isn't the plan here.

It's also not the plan to keep on trying to get more and more. The plan is to enjoy life as best I can and do something positive for society with what's left when I die (or 25 years later when the wife dies).

Why do men die before their wives???









Because they want to

[ghosthop]

It's also not the plan to keep on trying to get more and more. The plan is to enjoy life as best I can and do something positive for society with what's left when I die (or 25 years later when the wife dies).

ice, do you care to speak about how did you and your wife make decisions about your children's inheritance?

My wife and I have time to figure that part out but I think it will make a difference how we invest our money. We have gotten advice from several friends that rather than leave our money to a just cause, leave everything to the kids and donate more of our time.

I think my number one goal in life is to build familial wealth and resources, not just monetarily. My wife has major career goals but also dreams of revolutionizing heart failure treatment in third world countries. It would be nice to do both.

[yeahman]

"Give your children enough money to do something, but not enough to do nothing."

George Clooney (as Matt King), The Descendants

[bennymac]

The most common time of receiving an inheritance is around age 60

One could argue that it would be better to give a lot of that money to your kids when they are in their 30s - not too late to not make a big impact but not so early that they might squander it.

[Cono Este]

I use the 80/20 rule. 80% of the millionaires I know inherited it. They are usually swooning over others who have a bigger house or plane, never quite happy. The 20% who make it themselves have the Midas touch, so they like working because it’s fulfilling. They also save and invest and never sell anything.

For perspective, I just went skiing with a guy who is set to inherit a billion dollar fortune. It was kind of a reunion trip, gold passes, they flew private from the west coast and I took spirit. But none of us would ever trade places with him because his cancer will eventually cut his life short. He shouldn’t even still be sking with us.

In fact, he’d trade places with any of us in a heart beat.




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