Your timing is awesome. I’m meeting with my financial planner this afternoon. My retirement starts January 2024 and all of my expenses will be met with pension and SS. I don’t need to tap into my investment accounts for my fixed and some discretionary costs. I’m such a saver, I’ve struggled with a scarcity mindset being a virtue rather than holding me back from really enjoying my retirement! I’m going to start now by hiring someone to shovel me out of 10 inches of snow!! Time to plan for a trip in February or March to a warm, relaxing retreat to break up winter!
Why, why, why don't any of the other financial advisors or planning programs provide this message? I use an online tool and am always frustrated with the definition of success being based on having all of your principal, or more when you pass. I understand the idea that if you live off the interest it will last forever. Problem is, I won't. I love the idea of dying with zero, but that seems to be cutting it a bit close. RMDs seem to be a big problem if most of your saving is in pre-tax accounts. The "obvious" solution is ROTH conversions. I challenge that and say to just spend more in the beginning when you're healthy, knock down the balance and then when the big scary RMD days come, they become what you live on instead of a burden. Would love to have someone second that plan.
One of my favorite UA-cam comments of all time! The answer is to evaluate spending every year in light of what a successful life looks like. Too many people implement Roth conversion instead of traveling, spending more on what matter most, etc. You raise a great point. Check out this article and let me know what you think: www.kitces.com/blog/helping-clients-decisions-financial-plan-emotional-balance/
Your timing is awesome. I’m meeting with my financial planner this afternoon. My retirement starts January 2024 and all of my expenses will be met with pension and SS. I don’t need to tap into my investment accounts for my fixed and some discretionary costs. I’m such a saver, I’ve struggled with a scarcity mindset being a virtue rather than holding me back from really enjoying my retirement! I’m going to start now by hiring someone to shovel me out of 10 inches of snow!! Time to plan for a trip in February or March to a warm, relaxing retreat to break up winter!
Go plan that trip guilt-free! This is so common for most retirees.
Why, why, why don't any of the other financial advisors or planning programs provide this message? I use an online tool and am always frustrated with the definition of success being based on having all of your principal, or more when you pass. I understand the idea that if you live off the interest it will last forever. Problem is, I won't. I love the idea of dying with zero, but that seems to be cutting it a bit close. RMDs seem to be a big problem if most of your saving is in pre-tax accounts. The "obvious" solution is ROTH conversions. I challenge that and say to just spend more in the beginning when you're healthy, knock down the balance and then when the big scary RMD days come, they become what you live on instead of a burden. Would love to have someone second that plan.
One of my favorite UA-cam comments of all time!
The answer is to evaluate spending every year in light of what a successful life looks like.
Too many people implement Roth conversion instead of traveling, spending more on what matter most, etc. You raise a great point.
Check out this article and let me know what you think: www.kitces.com/blog/helping-clients-decisions-financial-plan-emotional-balance/
🤘