The closer I get to retirement, the more I am adopting a mindset of avoiding the excess accumulation trap. I'm currently 53 and I was planning to work until 65, but I am now planning to move that up to 62, maybe even 61 if I can swing it. I watched my parents work until they were too sick to enjoy life and then both died at a relatively young age. I don't want that to be me. I've worked hard and saved well, so I want to enjoy the fruits of my labor while I still have ample capability to do so. I know I'll never be rich and that's fine with me. I just want to be comfortable and be able to take 2 or 3 nice trips every year. I am also planning to delay SS until 70, which will be nice income insurance later in life. Good video!
@@paulturner4419 I don't agree with that. It doesn't make any sense to pay penalties to retire early, you're just throwing away money that you've saved. If you want to retire early (before age 59.5) you need to plan for it by putting some of your retirement savings in a taxable acct, a Roth, etc. some type of vehicle that allows penalty free withdrawals. It never makes sense to throw money away on penalties, in my opinion.
I am 73. We are still very much in the "go-go" years. Too many years lost, but enjoying now. We still try to be careful, we don't want to go broke. But spending freely. As you get older you realize that this is not a dress rehearsal. Go for it guys....
I have used similar thinking when planning my retirement. We both retired at 58. Me in 2020 and my wife in 2022. I calculated our retirement income based on our bring-home pay for the years leading up to retirement. Our"plan" is to spend as much as we want, within reason of course, until we are 70, and then adjust based on our health. If we are both still healthy, we will continue our "high level" spending for another 5 years and then reevaluate. Realistically speaking, we should be slowing down by age 75. By delaying SS until age 67 or 70, undecided so far, we will have a guaranteed income of close to $80k going forward. That's in today's dollars of course. If we still have a sizable retirement fund available at age 70, I want to fully fund college accounts for grandkids, give kids cash, and otherwise get that money into use while it can do the most good for our family. Holding on to $5 million until I die at 92 doesn't really appeal to me.
For most people who live into their 90s, the last decade or more is characterized by a steady experience of diminishment - of energy, cognitive acuity, curiosity and tolerance for the new and novel - even for those in nominally good health. This guy makes a lot of sense.
Retiring soon. Something to think about as I plow through my spreadsheets and simulations. Like anything else, best approach is a balance between dying with the most amount of money possible, and spending it all well before you die. Dying with 0 feels reckless, but retiring with more than I have now feels like a waste. I think a good compromise is dying with 0 with an offset. I have had 2 older family members die that had no money and required a substantial amount of my money to settle their affairs. Their dying with 0 left me and others holding the bag making heartbreaking decisions about funeral expenses.
This is the most logical approach. My father did it, retired at 52 lived it up till he was about in his mid 70s and lived off of social security from then on. People normally don’t spend much when they hit their mid 70s, we have seen that with grandparents and parents. Die with zero or owe the bank some, there isn’t a money compartment in a coffin, and who wants to be the richest person in the cemetery?
I’m 77 years old, retired 18 years. We have had five weeks of skiing this season which wasn’t cheap and we have plans for several more cycling holidays in the next few months. If we had taken your approach we wouldn’t be able to afford it. Not only would we miss out on great experiences we would miss out on activities that keep us fit and healthy and hopefully give us long and active lives.
100% agree. People make the mistake of assuming you will be too old or too frail, and thus can’t enjoy. Your age has nothing to do with happiness and enjoyment. Memories matter, but more is important is your current state of mind. Obviously we all die and we all get to the point where we can’t do, but those points are variable and hard to predict. People tend to have ageism when younger, we tend to feel younger than we are when older. I do like the approach of spending down the portfolio on fun stuff, rather than saving it for long term care or the relatives however.
You may not realize it, but you actually DID take this approach because you retired at 59, which is far earlier than most people. The average retirement age is 65 if I'm not mistaken, and it's increasing, so you actually did retire early by common standards. Also, I suspect your portfolio is still growing, in spite of your spending, which would further demonstrate why this video is a good message for a lot of people.
Eric, Really find your videos informative - concise with excellent presentation material to drive the point home. Retired at 60 and just turned 70 and it's been very rewarding. I have found that I enter my 70's my mindset is more "non-deferral" vs when I was in my 60's. Putting something off another year like I did in my 60's is now less of a consideration.. Have also enjjoyed your RMD videos.
When I run my Monte Carlo simulator, I ask it to solve for the biggest monthly spend today that leaves a minimal estate at 95. That way, I know how much I can enjoy now without impacting longevity risk. I do agree that there is a significant risk that people early in retirement will under consume out of fear of longevity risk. "Yeah I didn't take a good vacation this year but at least I'm now less likely to run out of money". No easy answers.
This is a very good video and counter ideas to the "traditional" viewpoints. We need to have more of these types of videos and thought exercises to test what's really important to us. In addition to enjoying memories longer, life is finite... so you have to ask yourself, how much is your life worth?
Great video with some excellent points - especially the value of gifting continuously and enjoying the benefits of that, rather than at the end of life. This video rings true with me. I chose my retirement date based on the intersect of wealth, health and time. As Eric has pointed out here and elsewhere, the ‘retirement smile’ is real and retirement may not be as expensive as expected. Most of what my wife and I enjoy doing in retirement (apart from travel, which is fully discretionary) is relatively inexpensive as the cost of those activities are largely already sunk costs. …your mileage may vary.
Regarding long term care insurance, You referred to it as a known and planned expense. The problem is the premiums are not guaranteed and can be increased at any time. If they raise it a lot and you decide to cancel, you've lost everything you paid into it. That's not a known expense. We strongly considered buying ltc insurance several years ago but didn't because of this.
Good info... I'm turning 66 next month. I'm really thinking hard to retire after I finish my bridge project next year... but will travel more soon once we get our Camper Van. We'll use our 401k and collect social security check at 70. 😊
Interesting video. I worked until 65 happily and as a single person w/out kids. Now starting to enjoy my nest egg at 68, by traveling, working sporadically and giving to charities. I have not yet taken Social Security. Can you develop the “die with zero” approach and what it means for when to take Social Security? I presume the author would vote for early rather than later, as will be my case.
I think many of the people who delayed retirement despite having more money than they needed did so because they enjoyed their work, derived substantial satisfaction from it, and their work colleagues were their community of friends. Even with good health, these people may be less happy with their new free time than they were at work.
You could split the difference. I'm still working some but at traditional retirement age. I would have to say that without a doubt the 5 vacations we took leading up to 2017, a year before my daughters wedding were the most memorable of dozens that preceded them. They included Cruises with Scuba diving as well as 2 stay and dive trips in the Western Caribbean. Previously we have had Eastern Caribbean Cruises, some with diving and many other vacations including Florida {diving in the Keys}, countless Disney trips, Jersey Shore, Lake George, Niagara Falls, and many others. You don't have to stop working 100% to have memorable experiences! I already feel like they wouldn't be as enjoyable now and I'm not really that old!
Great video. The main problem with this approach is the same problem with the traditional approach - you just never know. You don't know how the market will behave, you won't know how long you will live, you don't know what your health will be. So at the end of the day you just don't know which approach will yield a better result for you. Yes, tomorrow is not guaranteed, but at the same time you could find yourself at 80 with pretty decent health and fully capable of enjoying a lot of fun stuff - and no money.
Love your videos! Too many people out there playing the "Safe" route and it's almost too safe to the point of becoming a failure. Everyone I've spoke to or worked with on my plan has me working until 56 just so I can have enough growth in order to spend $100k a year and increasing until I'm 80 which is absurd! My health won't last that long LOL. I need to plan on enjoying my life while I can, not when I can't feed myself.
Very thought provoking video Eric! Looking forward to our mid-year review. May need to reevaluate our monthly spending targets upward and enjoy things sooner.
The best Retirement EYE OPENER / Advise !! More peoples can retire this way instead of fixate on $1M or 4% RULE !! Majority of us avg American would NOT be able to retire if we follow those RULEs. Thank you
Turning 62 next year. Opened an annuity about 10 years ago and have a pension. Wife also has pension. On top of that I have a healthy IRA and Roth IRA. With pensions, SS and annuity I will be making what I make at work when I turn about 63.5. Will be done by then. I fully agree with going early if you have saved enough. When I first started working in the late 80s I worked with a gentleman who was close to retiring. Had accumulated 6 weeks of vacation and left right before Thanksgiving. His vacation would bridge him into the next year. Well, lo and behold, he had a stroke right after Thanksgiving and never had chance to enjoy all the wealth he accumulated. So, be smart people . An extra $50 per month is worth 0 if you are dead
I understand from a health perspective I would be more active at 35 on a trip to Europe but I know that at my current age (61) I would appreciate and probably actually enjoy it more now.
The reason the graphs are like what they are is because the number one fear people have of retiring is running out of money. This is another dilema of time vs money.
I'm 62 & retired and I've never fully owned a home. Nor do I plan to ever, fully own a home. Storing money in a home seems like a terrible idea to me. I've got cash out refinances planned for age 72, 79 & 86. At age 95 (if alive), I've got a reverse mortgage planned. Die Broke!
The book you reference is built off a 1997 publication called Die Broke. Most retirees need to be reminded that a dollar spent earlier in life provides a better long term positive psychological impact. That applies to the retiree and their heirs. The retiree is better served by spending more money earlier in retirement and his heirs are better off getting the inheritance now and not 20 years from now. I think the average age for inheritance is about 61. At 61, you probably have most of what you need but receiving that money at 31 will have a more impactful effect. As for an annuity, they are a very hard sell for the majority of investors. In the end, if you are really running low, just reverse mortgage your home and Die Broke. Peace.
I’m predicting I’ll need more or about the same amount of income when my health declines. More money for paid caregivers or to live in an assisted living facility. There aren’t very many reliable long term care insurance.
Ask yourself: what is the minimum amount per year you would need to live with dignity? Plan for that to increase due to inflation. Find a way to cover that with income guaranteed by someone else that can only increase, like Social Security, Pension or Annuity income. Insure for the added burden of LTC, and reserve for the help you will need as you age. Arrange for guaranteed inheritance or give it away while you are alive. The rest is your “FUN” number. spend it while you are young enough to enjoy it.
4:55 why does the green curve start to lose track with the red curve even _before_ green’s retirement age? I would assume the wealth would be exactly the same at the green dotted line. Is the supposition that they would actually intentionally cut back on their work before they retire ?
Your spending may go down as you age, but as in the case of both my parents it went through the roof balistic in their final years, ---- on nursing homes! and thats where our inheritance went. If they hadnt saved a huge amount for the end we would either have had to support them or just let them sit all day in their own pish in awful state run (council) homes.
While I agree with the premise that earlier in life typically you enjoy better health with limited financial resources and that this ratio flips as you age, it does not follow that increased financial resources equate to "richer" experiences and better memories. Money can't buy happiness. Sure, my wife and I might enjoy flying business class rather than economy and staying in nicer hotels as we get older, which is why we're waiting until age 70 to take social security. Being cosseted, however, in my experience at least, isn't what provides really lasting memories. Beyond a certain threshold, more money has very little utility. That's what Warren Buffett claims, anyway :-)
Advising to spend it all and avoid intergenerational wealth building via trusts. Just as the rich do. Talking us out of it. They do not want competition in future.
These models (and many other retirement models) treat the investor as a free agent whose happiness quotient is purely a function of age in relation to time. In fact, the saver may be married to an intransigent harridan who behaves as a control officer for purposes of preserving the working era status quo. In this scenario, there is no possibility of reducing expenses or experiencing a mutual “enjoyment of memory dividends.” There is only the prospect of one spouse haranguing the other in the manner of a petty tyrant for failure to engineer a seamless, no sacrifices transition into retirement.
Some of my fondest memories are when I had a great investment or saved money on great deals, not when I blew it on expensive overpriced trips, guess its Millionaire next door VRS Die With Zero
A large number of retirees are single. More become single every day. At some point, almost every retiree will be single. So why do retirement videos almost always concentrate on married couples?
Love your show, but you have not seen the real reasons why... You're young, youre analytical, but you dont have the wisdom of being old yet... Dying is awful. In our 60's we start to see people age and suffer. Each decade that follows, it gets worse. You see someone that was once full of life, now crapping the bed and unable to recognize you. They suffer like this for sometimes years. That's what we see. That's what we fear. and that's why we harbor money, out of fear. We hope desperately that our money will help us escape that awful thing we call death.
I think that’s the concept of dying with zero though, to enjoy your life while you are in good health. Death is certain, but our health isn’t, so enjoy your money while you still can?
The closer I get to retirement, the more I am adopting a mindset of avoiding the excess accumulation trap. I'm currently 53 and I was planning to work until 65, but I am now planning to move that up to 62, maybe even 61 if I can swing it. I watched my parents work until they were too sick to enjoy life and then both died at a relatively young age. I don't want that to be me. I've worked hard and saved well, so I want to enjoy the fruits of my labor while I still have ample capability to do so. I know I'll never be rich and that's fine with me. I just want to be comfortable and be able to take 2 or 3 nice trips every year. I am also planning to delay SS until 70, which will be nice income insurance later in life. Good video!
I think some people should consider taking 401K early and paying the 10% penalty. Which is only about 1-2 year’s compounding
@@paulturner4419 I don't agree with that. It doesn't make any sense to pay penalties to retire early, you're just throwing away money that you've saved. If you want to retire early (before age 59.5) you need to plan for it by putting some of your retirement savings in a taxable acct, a Roth, etc. some type of vehicle that allows penalty free withdrawals. It never makes sense to throw money away on penalties, in my opinion.
I am 73. We are still very much in the "go-go" years. Too many years lost, but enjoying now. We still try to be careful, we don't want to go broke. But spending freely.
As you get older you realize that this is not a dress rehearsal. Go for it guys....
I have used similar thinking when planning my retirement.
We both retired at 58. Me in 2020 and my wife in 2022.
I calculated our retirement income based on our bring-home pay for the years leading up to retirement.
Our"plan" is to spend as much as we want, within reason of course, until we are 70, and then adjust based on our health. If we are both still healthy, we will continue our "high level" spending for another 5 years and then reevaluate. Realistically speaking, we should be slowing down by age 75.
By delaying SS until age 67 or 70, undecided so far, we will have a guaranteed income of close to $80k going forward. That's in today's dollars of course.
If we still have a sizable retirement fund available at age 70, I want to fully fund college accounts for grandkids, give kids cash, and otherwise get that money into use while it can do the most good for our family. Holding on to $5 million until I die at 92 doesn't really appeal to me.
For most people who live into their 90s, the last decade or more is characterized by a steady experience of diminishment - of energy, cognitive acuity, curiosity and tolerance for the new and novel - even for those in nominally good health. This guy makes a lot of sense.
This was your best video. When is enough enough?
It's not enough that I need to regret my misspent youth, now I need to worry about a misspent retirement?
Retiring soon. Something to think about as I plow through my spreadsheets and simulations. Like anything else, best approach is a balance between dying with the most amount of money possible, and spending it all well before you die. Dying with 0 feels reckless, but retiring with more than I have now feels like a waste. I think a good compromise is dying with 0 with an offset. I have had 2 older family members die that had no money and required a substantial amount of my money to settle their affairs. Their dying with 0 left me and others holding the bag making heartbreaking decisions about funeral expenses.
This is the most logical approach. My father did it, retired at 52 lived it up till he was about in his mid 70s and lived off of social security from then on. People normally don’t spend much when they hit their mid 70s, we have seen that with grandparents and parents. Die with zero or owe the bank some, there isn’t a money compartment in a coffin, and who wants to be the richest person in the cemetery?
Did your dad need long term care? If so, how did he pay for it?
@@larryjones9773
Can be paid by Medicaid.
@@larryjones9773 Medicaid
I’m 77 years old, retired 18 years. We have had five weeks of skiing this season which wasn’t cheap and we have plans for several more cycling holidays in the next few months. If we had taken your approach we wouldn’t be able to afford it. Not only would we miss out on great experiences we would miss out on activities that keep us fit and healthy and hopefully give us long and active lives.
100% agree. People make the mistake of assuming you will be too old or too frail, and thus can’t enjoy. Your age has nothing to do with happiness and enjoyment. Memories matter, but more is important is your current state of mind.
Obviously we all die and we all get to the point where we can’t do, but those points are variable and hard to predict. People tend to have ageism when younger, we tend to feel younger than we are when older.
I do like the approach of spending down the portfolio on fun stuff, rather than saving it for long term care or the relatives however.
You may not realize it, but you actually DID take this approach because you retired at 59, which is far earlier than most people. The average retirement age is 65 if I'm not mistaken, and it's increasing, so you actually did retire early by common standards. Also, I suspect your portfolio is still growing, in spite of your spending, which would further demonstrate why this video is a good message for a lot of people.
Eric, Really find your videos informative - concise with excellent presentation material to drive the point home. Retired at 60 and just turned 70 and it's been very rewarding. I have found that I enter my 70's my mindset is more "non-deferral" vs when I was in my 60's. Putting something off another year like I did in my 60's is now less of a consideration.. Have also enjjoyed your RMD videos.
When I run my Monte Carlo simulator, I ask it to solve for the biggest monthly spend today that leaves a minimal estate at 95. That way, I know how much I can enjoy now without impacting longevity risk. I do agree that there is a significant risk that people early in retirement will under consume out of fear of longevity risk. "Yeah I didn't take a good vacation this year but at least I'm now less likely to run out of money". No easy answers.
Just watched this again. Two thumbs up for the content and delivery!
This is a very good video and counter ideas to the "traditional" viewpoints. We need to have more of these types of videos and thought exercises to test what's really important to us. In addition to enjoying memories longer, life is finite... so you have to ask yourself, how much is your life worth?
Great video with some excellent points - especially the value of gifting continuously and enjoying the benefits of that, rather than at the end of life. This video rings true with me. I chose my retirement date based on the intersect of wealth, health and time. As Eric has pointed out here and elsewhere, the ‘retirement smile’ is real and retirement may not be as expensive as expected. Most of what my wife and I enjoy doing in retirement (apart from travel, which is fully discretionary) is relatively inexpensive as the cost of those activities are largely already sunk costs. …your mileage may vary.
Regarding long term care insurance, You referred to it as a known and planned expense. The problem is the premiums are not guaranteed and can be increased at any time. If they raise it a lot and you decide to cancel, you've lost everything you paid into it. That's not a known expense. We strongly considered buying ltc insurance several years ago but didn't because of this.
Good info...
I'm turning 66 next month. I'm really thinking hard to retire after I finish my bridge project next year... but will travel more soon once we get our Camper Van. We'll use our 401k and collect social security check at 70. 😊
I totally understand this idea and I advocate it to all my friends and family. 👍. Keep being awesome.
Giving money to children who are not financially responsible will stunt their maturation.
Giving money to children when they are over 50 isn't as helpful as it could be.
There's a best time window sometime between 18 and 65.
Interesting video. I worked until 65 happily and as a single person w/out kids. Now starting to enjoy my nest egg at 68, by traveling, working sporadically and giving to charities. I have not yet taken Social Security. Can you develop the “die with zero” approach and what it means for when to take Social Security? I presume the author would vote for early rather than later, as will be my case.
Very interesting. A different perspective to consider. Thank you for this thought provoking video
I think many of the people who delayed retirement despite having more money than they needed did so because they enjoyed their work, derived substantial satisfaction from it, and their work colleagues were their community of friends. Even with good health, these people may be less happy with their new free time than they were at work.
You could split the difference. I'm still working some but at traditional retirement age. I would have to say that without a doubt the 5 vacations we took leading up to 2017, a year before my daughters wedding were the most memorable of dozens that preceded them. They included Cruises with Scuba diving as well as 2 stay and dive trips in the Western Caribbean. Previously we have had Eastern Caribbean Cruises, some with diving and many other vacations including Florida {diving in the Keys}, countless Disney trips, Jersey Shore, Lake George, Niagara Falls, and many others. You don't have to stop working 100% to have memorable experiences! I already feel like they wouldn't be as enjoyable now and I'm not really that old!
Thanks Eric. Very interesting approach and a lot to consider.
Great video. The main problem with this approach is the same problem with the traditional approach - you just never know. You don't know how the market will behave, you won't know how long you will live, you don't know what your health will be. So at the end of the day you just don't know which approach will yield a better result for you. Yes, tomorrow is not guaranteed, but at the same time you could find yourself at 80 with pretty decent health and fully capable of enjoying a lot of fun stuff - and no money.
Very thought provoking and interesting. Well done.
Really love the positive and simplistic explanation of this Vlog. Thank you and wish all retires present and future the best 😊
Thank you, these videos add a great outlook
Love your videos! Too many people out there playing the "Safe" route and it's almost too safe to the point of becoming a failure. Everyone I've spoke to or worked with on my plan has me working until 56 just so I can have enough growth in order to spend $100k a year and increasing until I'm 80 which is absurd! My health won't last that long LOL. I need to plan on enjoying my life while I can, not when I can't feed myself.
Very thought provoking video Eric! Looking forward to our mid-year review. May need to reevaluate our monthly spending targets upward and enjoy things sooner.
The best Retirement EYE OPENER / Advise !! More peoples can retire this way instead of fixate on $1M or 4% RULE !! Majority of us avg American would NOT be able to retire if we follow those RULEs. Thank you
Turning 62 next year. Opened an annuity about 10 years ago and have a pension. Wife also has pension. On top of that I have a healthy IRA and Roth IRA. With pensions, SS and annuity I will be making what I make at work when I turn about 63.5. Will be done by then. I fully agree with going early if you have saved enough. When I first started working in the late 80s I worked with a gentleman who was close to retiring. Had accumulated 6 weeks of vacation and left right before Thanksgiving. His vacation would bridge him into the next year. Well, lo and behold, he had a stroke right after Thanksgiving and never had chance to enjoy all the wealth he accumulated. So, be smart people . An extra $50 per month is worth 0 if you are dead
Another solid video.
Lots of provocative ideas on this channel. Subscribed.
I understand from a health perspective I would be more active at 35 on a trip to Europe but I know that at my current age (61) I would appreciate and probably actually enjoy it more now.
Another profoundly interesting and informative video. So, maybe safety second? Or third?
What a great video. An excellent approach and view of time and worth! Love it. Great content. Thank you!
Thank you!
An annuity is good if you are sure you can cover inflation because that annuity payment never changes and becomes worth less and less each year.
Great video!
This was very good!
Thanks Eric, always good.
The reason the graphs are like what they are is because the number one fear people have of retiring is running out of money. This is another dilema of time vs money.
Great book! Yes, I agree 100%
It was thought provoking
Great thoughts!! Thanks
I'm 62 & retired and I've never fully owned a home. Nor do I plan to ever, fully own a home. Storing money in a home seems like a terrible idea to me.
I've got cash out refinances planned for age 72, 79 & 86. At age 95 (if alive), I've got a reverse mortgage planned.
Die Broke!
Carrying debt or giving money to a landlord in retirement is a terrible idea to me.
Great !
If I knew when I were going to die, I'd have an easier time figuring out when to retire.
The book you reference is built off a 1997 publication called Die Broke.
Most retirees need to be reminded that a dollar spent earlier in life provides a better long term positive psychological impact. That applies to the retiree and their heirs. The retiree is better served by spending more money earlier in retirement and his heirs are better off getting the inheritance now and not 20 years from now. I think the average age for inheritance is about 61. At 61, you probably have most of what you need but receiving that money at 31 will have a more impactful effect. As for an annuity, they are a very hard sell for the majority of investors. In the end, if you are really running low, just reverse mortgage your home and Die Broke. Peace.
I’m predicting I’ll need more or about the same amount of income when my health declines. More money for paid caregivers or to live in an assisted living facility. There aren’t very many reliable long term care insurance.
Ask yourself: what is the minimum amount per year you would need to live with dignity? Plan for that to increase due to inflation. Find a way to cover that with income guaranteed by someone else that can only increase, like Social Security, Pension or Annuity income. Insure for the added burden of LTC, and reserve for the help you will need as you age. Arrange for guaranteed inheritance or give it away while you are alive. The rest is your “FUN” number. spend it while you are young enough to enjoy it.
4:55 why does the green curve start to lose track with the red curve even _before_ green’s retirement age?
I would assume the wealth would be exactly the same at the green dotted line.
Is the supposition that they would actually intentionally cut back on their work before they retire ?
They were all successful, they lived the way that made them integral with their values and … fears.
How would you adjust this equity path if you retire at 50 vs 60+?
Your spending may go down as you age, but as in the case of both my parents it went through the roof balistic in their final years, ---- on nursing homes! and thats where our inheritance went. If they hadnt saved a huge amount for the end we would either have had to support them or just let them sit all day in their own pish in awful state run (council) homes.
While I agree with the premise that earlier in life typically you enjoy better health with limited financial resources and that this ratio flips as you age, it does not follow that increased financial resources equate to "richer" experiences and better memories. Money can't buy happiness. Sure, my wife and I might enjoy flying business class rather than economy and staying in nicer hotels as we get older, which is why we're waiting until age 70 to take social security. Being cosseted, however, in my experience at least, isn't what provides really lasting memories. Beyond a certain threshold, more money has very little utility. That's what Warren Buffett claims, anyway :-)
Advising to spend it all and avoid intergenerational wealth building via trusts.
Just as the rich do.
Talking us out of it.
They do not want competition in future.
Who is they?
If I die with zero, I did something very wrong
These models (and many other retirement models) treat the investor as a free agent whose happiness quotient is purely a function of age in relation to time. In fact, the saver may be married to an intransigent harridan who behaves as a control officer for purposes of preserving the working era status quo. In this scenario, there is no possibility of reducing expenses or experiencing a mutual “enjoyment of memory dividends.” There is only the prospect of one spouse haranguing the other in the manner of a petty tyrant for failure to engineer a seamless, no sacrifices transition into retirement.
Return on memories? When you get old, you won't even remember whether you took that trip to Europe with your wife or your ex!
He who dies with the most toys wins.😂
Some of my fondest memories are when I had a great investment or saved money on great deals, not when I blew it on expensive overpriced trips, guess its Millionaire next door VRS Die With Zero
A large number of retirees are single. More become single every day. At some point, almost every retiree will be single. So why do retirement videos almost always concentrate on married couples?
Most 35 yo olds have nothing saved for retirement now a days.
You cannot know your lifetime accurately.
calculating life is the wrong approach. Consuming all wealth is the wrong goal for ones life.
Doesn't this guy know that he who dies with the most toys, wins?
Love your show, but you have not seen the real reasons why... You're young, youre analytical, but you dont have the wisdom of being old yet... Dying is awful. In our 60's we start to see people age and suffer. Each decade that follows, it gets worse. You see someone that was once full of life, now crapping the bed and unable to recognize you. They suffer like this for sometimes years. That's what we see. That's what we fear. and that's why we harbor money, out of fear. We hope desperately that our money will help us escape that awful thing we call death.
I think that’s the concept of dying with zero though, to enjoy your life while you are in good health. Death is certain, but our health isn’t, so enjoy your money while you still can?
@@blueskyandtreesYou’re both right.