I echo previous comments, excellent post. I found one of the hardest things in retirement was changing my mindset from accumulating wealth to starting to spend wealth. This manifested in several ways, including recognition that I could retire and no longer even needed to consider making more money. I am also fortunate and realize I will not meet my goal of spending my last nickel and then taking my last breath. The new decisions are giving our children some of our wealth before our death, when it can do more good for them.
Excellent post. I went the annuity route with part of my pension savings and the remainder I’m supposed to be doing a ‘draw down’ but switching from the saving to the spending mindset is a tough change to make. I’m looking forward to next weeks ‘what if’ newsletter.
Steve, good post. I agree we're all conservative on "the number", and probably don't spend enough on ourselves, our well-being. That being said, I've experienced many friends that have had some nasty experiences. One is an alcoholic that went through a divorce. Another had a 2nd husband die unexpectedly, and his kids are suing her for more inheritance. One friend has an aging parents who needs memory care, but siblings refuse to agree to pay in order to keep more inheritance. Another friend had siblings decide she "Is rich and doesn't need the money", so didn't follow the instructions in the will/trust. My point is just that there are many reasons to be extra conservative. I may do a post about this on my blog...
Great points, Wayne. I have also had friends that had to “bounce back” into the workforce from early retirements after both the dotcom crash and the GFC because of “sequence risk.” Looking forward to your drill down!
Similar kind of thinking fleshed out further in the book "Die With Zero" by Bill Perkins.
I echo previous comments, excellent post. I found one of the hardest things in retirement was changing my mindset from accumulating wealth to starting to spend wealth. This manifested in several ways, including recognition that I could retire and no longer even needed to consider making more money. I am also fortunate and realize I will not meet my goal of spending my last nickel and then taking my last breath. The new decisions are giving our children some of our wealth before our death, when it can do more good for them.
Excellent post. I went the annuity route with part of my pension savings and the remainder I’m supposed to be doing a ‘draw down’ but switching from the saving to the spending mindset is a tough change to make. I’m looking forward to next weeks ‘what if’ newsletter.
Steve, good post. I agree we're all conservative on "the number", and probably don't spend enough on ourselves, our well-being. That being said, I've experienced many friends that have had some nasty experiences. One is an alcoholic that went through a divorce. Another had a 2nd husband die unexpectedly, and his kids are suing her for more inheritance. One friend has an aging parents who needs memory care, but siblings refuse to agree to pay in order to keep more inheritance. Another friend had siblings decide she "Is rich and doesn't need the money", so didn't follow the instructions in the will/trust. My point is just that there are many reasons to be extra conservative. I may do a post about this on my blog...
Great points, Wayne. I have also had friends that had to “bounce back” into the workforce from early retirements after both the dotcom crash and the GFC because of “sequence risk.” Looking forward to your drill down!