[asianthree]

almost have the down for next house

[hotrodgirl]

I have always been a saver of sorts, but not to the point of self-denial. However, I find that in retirement, I don't sweat the small stuff. If I want the ice ream that is not on sale, so be it! If I want extra legroom of the flight I get it. But neither do I want to throw my hard earned money away!!

[rubicon]

We (wife and me)are savers and we are not inclined to believe that we deserve this or that. We are debt free well diversified and need little to live on. We periodically go out to eat but prefer and take pride in trying different receipes at home. We apply prudent spending habits to maximize utility of our dollars.

We both maximize our 401k early on and after retiring moved them to an IRA At this point the only reason that we would withdraw from our savings is because the government requires it by 70.5 otherwise we would leave it intact for our children who will need it given what is going on now.

We continue to invest excess funds.

When we decided to retire we made the assumption that we would live as long as the longest parent had lived then added 5 years.

If all we do results in an earlier demise or a disability then their will be funds to assist us.

Living with no regrets for us means not spending money for things we really don't need or want or that leave us with buyers remorse.

To each his own

[rjm1cc]

Originally Posted by rubicon

We both maximize our 401k early on and after retiring moved them to an IRA At this point the only reason that we would withdraw from our savings is because the government requires it by 70.5 otherwise we would leave it intact for our children who will need it given what is going on now.


To each his own

Might want to do a little research on the taxes your children will face if they inherit your IRA's. It might be better if you take more than the MRD out each year and pay the income tax on the distribution. Your children will have to start taking money from the IRA's and it will be taxable at their rate. Maybe subject to state taxes also.

[CFrance]

Originally Posted by justjim

True old habits are hard to break if its saving money or something else. However, too many times I've seen people become the "prisoner" of their own money. Personally, I like to give excess money to help our kids NOW when they need it the most and enjoy it as they are raising those grand kids. Also, we have setup funds to help with the grand kids education. Its a lot more rewarding to see what funds we might give now while we are alive than when we pass on. There is the Church and other charities that help those not as fortunate as us who can use our help while we are still living too, We too have saved and worked all our lives so we can enjoy retirement. Its probably time to quit saving and spend some of what you have so you can see for yourself the results of the blessing of your giving.

I'm with you on the helping the kids part. I would much rather see them enjoy some of their inheritance now when things are tight for them and raises and job promotions are slim. If they question it, I just say, "Don't worry... if we run out we're coming to live with you!"

[rubicon]

Originally Posted by rjm1cc

Might want to do a little research on the taxes your children will face if they inherit your IRA's. It might be better if you take more than the MRD out each year and pay the income tax on the distribution. Your children will have to start taking money from the IRA's and it will be taxable at their rate. Maybe subject to state taxes also.

Good thought I'll investigate that aspect.

Thank You