Author Topic: Man completes life $130k over budget  (Read 7160 times)

Emg03063

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ender

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Re: Man completes life $130k over budget
« Reply #1 on: March 10, 2015, 09:00:12 PM »
Reverse mortgages ftw!

lakemom

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Re: Man completes life $130k over budget
« Reply #2 on: March 11, 2015, 05:40:06 AM »
As sad as it is it does happen in reality.  My Great-Uncle passed away late last year with a -30k net worth (he was 96 and the last of his generation and had no children) with 10k in credit card debt and 20k to his bank (which held his reverse mortgage....apparently they kept paying the monthly stipend after he'd used up all the proceeds....but they end up with the house).  He was of the generation that retired with a pension and ss but outlived the money in that the pension did not have cola and ss is inadequate to live on as it is.  He retired at 62 so spent another 34 years after retirement and pensions and ss are really based on only living around 8-10 years post retirement.

Louisville

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Re: Man completes life $130k over budget
« Reply #3 on: March 11, 2015, 06:41:53 AM »
As sad as it is it does happen in reality.  My Great-Uncle passed away late last year with a -30k net worth (he was 96 and the last of his generation and had no children) with 10k in credit card debt and 20k to his bank (which held his reverse mortgage....apparently they kept paying the monthly stipend after he'd used up all the proceeds....but they end up with the house).  He was of the generation that retired with a pension and ss but outlived the money in that the pension did not have cola and ss is inadequate to live on as it is.  He retired at 62 so spent another 34 years after retirement and pensions and ss are really based on only living around 8-10 years post retirement.
Why is your Uncle's case sad?  Looks to me like he timed it just about right.

rocksinmyhead

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Re: Man completes life $130k over budget
« Reply #4 on: March 11, 2015, 07:40:17 AM »
As sad as it is it does happen in reality.  My Great-Uncle passed away late last year with a -30k net worth (he was 96 and the last of his generation and had no children) with 10k in credit card debt and 20k to his bank (which held his reverse mortgage....apparently they kept paying the monthly stipend after he'd used up all the proceeds....but they end up with the house).  He was of the generation that retired with a pension and ss but outlived the money in that the pension did not have cola and ss is inadequate to live on as it is.  He retired at 62 so spent another 34 years after retirement and pensions and ss are really based on only living around 8-10 years post retirement.
Why is your Uncle's case sad?  Looks to me like he timed it just about right.

yeah, no downsides for him right? as long as he wasn't super stressed about money towards the end or something

TexasStash

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Re: Man completes life $130k over budget
« Reply #5 on: March 11, 2015, 03:13:55 PM »
I hope people aren't suggesting that the goal of life is to reach the end of it with a net worth as close to zero as possible. That seems to be what people are almost applauding the guy in the story for. Not only that, but he only got to where he was in part because of SS, which is not something to be proud of.

I want to provide enough for future generations of my family to sustain what my parents started (saving enough to be able to pass some down when they are gone) and also be able to be unreasonably generous to others while I'm still around.

iris lily

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Re: Man completes life $130k over budget
« Reply #6 on: March 11, 2015, 03:39:20 PM »
I hope people aren't suggesting that the goal of life is to reach the end of it with a net worth as close to zero as possible.

Why ever not?

My goal is to die broke. That goal does not preclude me giving money to the Elephant Sanctuary when I am still alive. Here's how that would work: I am lying on my death bed with at least 1 more day of cognitive function. I see how much I've got in the bank, I write checks to Elephant Sanctuary, Bulldog Rescue, Campbell House, etc,

I don't have children and do not give a fig about handing down wealth to family members. Now, that said--my leftover money may well go to nieces and nephews because it's likely I will die before DH, and DH is a real penny pincher! He will not die broke (even though he is on board with the concept) because he just does not spend money.

I'd rather see it thoughtfully disbursed than hoarded and going to people I barely know. But that's me, and I get to do that with my money.

You get to do whatever you like with your money.

There really is no one correct way to think. And p.s there is a book called Die Broke : A Radical Four Part Financial Plan by Stephen Plan that lays out this philosophy.

deborah

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Re: Man completes life $130k over budget
« Reply #7 on: March 11, 2015, 05:13:44 PM »
Yes, I too have no real reason to die anything but broke. I probably won't.

RFAAOATB

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Re: Man completes life $130k over budget
« Reply #8 on: March 11, 2015, 05:20:14 PM »
I told my wife the I planned on budgeting $200 a month after my death to cover fueling the eternal flame at my grave site. She's not having that insisting I won't be having an eternal flame.  I may have to find another executor of my estate.

MrMoogle

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Re: Man completes life $130k over budget
« Reply #9 on: March 11, 2015, 06:36:26 PM »
Not only that, but he only got to where he was in part because of SS, which is not something to be proud of.
What's wrong with collecting SS?  If you pay into it, you should get something out of it, since that's what it's for...
Personally, I wish there was a way to opt out.  I haven't decided whether or not I'll FIRE before the minimum work years to collect, so I may never get any benefits...

horsepoor

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Re: Man completes life $130k over budget
« Reply #10 on: March 11, 2015, 08:48:41 PM »
I told my wife the I planned on budgeting $200 a month after my death to cover fueling the eternal flame at my grave site. She's not having that insisting I won't be having an eternal flame.  I may have to find another executor of my estate.

You only need a 60K stash for that.  Seems like a downright bargain for an eternal flame.

lakemom

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Re: Man completes life $130k over budget
« Reply #11 on: March 12, 2015, 04:38:23 AM »
As sad as it is it does happen in reality.  My Great-Uncle passed away late last year with a -30k net worth (he was 96 and the last of his generation and had no children) with 10k in credit card debt and 20k to his bank (which held his reverse mortgage....apparently they kept paying the monthly stipend after he'd used up all the proceeds....but they end up with the house).  He was of the generation that retired with a pension and ss but outlived the money in that the pension did not have cola and ss is inadequate to live on as it is.  He retired at 62 so spent another 34 years after retirement and pensions and ss are really based on only living around 8-10 years post retirement.
Why is your Uncle's case sad?  Looks to me like he timed it just about right.

I don't think HIS case was particularly sad but its sad that it really does happen more often than you would think.  We was an awesome guy and live a great life.  He was more than ready to go at the end as my Aunt has been gone for nearly a decade.

clarkfan1979

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Re: Man completes life $130k over budget
« Reply #12 on: March 14, 2015, 05:06:32 AM »
As sad as it is it does happen in reality.  My Great-Uncle passed away late last year with a -30k net worth (he was 96 and the last of his generation and had no children) with 10k in credit card debt and 20k to his bank (which held his reverse mortgage....apparently they kept paying the monthly stipend after he'd used up all the proceeds....but they end up with the house).  He was of the generation that retired with a pension and ss but outlived the money in that the pension did not have cola and ss is inadequate to live on as it is.  He retired at 62 so spent another 34 years after retirement and pensions and ss are really based on only living around 8-10 years post retirement.

It's surprising that he wasn't frugal considering his generation experienced the great depression. 9 times out of 10 if someone lives to 96 their net worth is in the millions.

Tabaxus

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Re: Man completes life $130k over budget
« Reply #13 on: March 15, 2015, 07:29:57 PM »
As sad as it is it does happen in reality.  My Great-Uncle passed away late last year with a -30k net worth (he was 96 and the last of his generation and had no children) with 10k in credit card debt and 20k to his bank (which held his reverse mortgage....apparently they kept paying the monthly stipend after he'd used up all the proceeds....but they end up with the house).  He was of the generation that retired with a pension and ss but outlived the money in that the pension did not have cola and ss is inadequate to live on as it is.  He retired at 62 so spent another 34 years after retirement and pensions and ss are really based on only living around 8-10 years post retirement.

It's surprising that he wasn't frugal considering his generation experienced the great depression. 9 times out of 10 if someone lives to 96 their net worth is in the millions.*

*Wow, citation needed.

eyePod

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Re: Man completes life $130k over budget
« Reply #14 on: March 16, 2015, 09:26:08 AM »
As sad as it is it does happen in reality.  My Great-Uncle passed away late last year with a -30k net worth (he was 96 and the last of his generation and had no children) with 10k in credit card debt and 20k to his bank (which held his reverse mortgage....apparently they kept paying the monthly stipend after he'd used up all the proceeds....but they end up with the house).  He was of the generation that retired with a pension and ss but outlived the money in that the pension did not have cola and ss is inadequate to live on as it is.  He retired at 62 so spent another 34 years after retirement and pensions and ss are really based on only living around 8-10 years post retirement.

It's surprising that he wasn't frugal considering his generation experienced the great depression. 9 times out of 10 if someone lives to 96 their net worth is in the millions.*

*Wow, citation needed.

It's on the internet. It must be true.