How the hell are we supposed to retire?

qclabrat said:
Anyone here planning to leave significant amounts to their kids or someone down stream? I have an argument with MrsQ that the kids don't need a large inheritance from us and that we should spend like drunken sailors when in our 70s, 80s, and 90s.
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Don't under live!
This is a tough call, as spending early when 'young' - so can travel and enjoy events, may have a detrimental effect down the road.

Balance?

We don't need no stinkin' balance.

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Now that I'm long SOKS per DT....

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qclabrat said:
Anyone here planning to leave significant amounts to their kids or someone down stream? I have an argument with MrsQ that the kids don't need a large inheritance from us and that we should spend like drunken sailors when in our 70s, 80s, and 90s.
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This is a dilemma. It's also why we should revisit our wills every five years or so. Providing for your 20 year old offspring is different than for your 55 year old offspring.

The problem with drunken sailor spending is that you might still have big expenses. A few years in a nursing home can use up a lot of cash.

My kids are in their 20s, so I plan to leave them some... not enough that doing something stupid with it would ruin them. When they are older, I would change the will to give more.

As to downstream bequests, there is an efficient strategy here. Aim ROTHs and capital gain assets to your kids, and aim untaxed IRAs at tax-exempt charities. This sends most of your assets where you want them, and the least to the Infernal Revenue Service.
 
Fire Lord Jim said:
This is a dilemma. It's also why we should revisit our wills every five years or so. Providing for your 20 year old offspring is different than for your 55 year old offspring.

The problem with drunken sailor spending is that you might still have big expenses. A few years in a nursing home can use up a lot of cash.

My kids are in their 20s, so I plan to leave them some... not enough that doing something stupid with it would ruin them. When they are older, I would change the will to give more.

As to downstream bequests, there is an efficient strategy here. Aim ROTHs and capital gain assets to your kids, and aim untaxed IRAs at tax-exempt charities. This sends most of your assets where you want them, and the least to the Infernal Revenue Service.
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We've identified a financial custodian separate from trustee just in case of our simultaneous, untimely death.

If we aren't around and the kid decides to become a professional student, living in a van in Malibu, that's fine.

Gunna have to wait to get the gt3....
 
Come summer 2032 my twins should finish their 4th year of college and coincidentally I’ll reach full SS retirement age of 67. Eyes on the prize.

Now that my bride is back in the workforce, AND she landed a local BOE job with OMFG good bennies, my path is paving nicely. Live within your means people, but don’t forget to have fun!

Fun:
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@Dave Taylor

I invested my entire retirement savings account in an IPO with a ticker symbol DJT at the offering price of $40. I did notice today that it is down about $5 to $27. My question for you is should I average down or not. Please LMK.
 
John the Plumber said:
Your not serious....
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thegock said:
@Dave Taylor

I invested my entire retirement savings account in an IPO with a ticker symbol DJT at the offering price of $40. I did notice today that it is down about $5 to $27. My question for you is should I average down or not. Please LMK.
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I wonder if there is some diehard supporter that was actually dumb enough to do this.
 
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