Down goes the Dow

Flagpole,

Now that you’re nearing full retirement, what is your withdrawal strategy?

Do you have certain percentage that you will take out annually?

Would you just continue your current spending habit and would that withdrawal amount be low percentage that you’re just not going to worry about it?

Since, you have been very successful with your investing, would you be increasing your spending in retirement?

We all like to focus on accumulating our wealth, but it’s important to have strategy to spend that money and curious what yours is.

Since my wife is still going to work for 5 more years, we are not planning to withdraw from retirement accounts until then. Initially, when I started investing, I had planned to take 4% annually, but at this point, that would be a ridiculous amount. 1% today would be more than enough, and in 5 more years, assuming the market goes up, even that might be too much.

We don't have expensive tastes, and other than retiring in an area we want to live in and doing some traveling that we have always done, there's nothing we just want to spend money on.

For most people, I do think the 4% rule is a good plan. Not sure what our withdrawal percentage will be yet or even if it will be a percentage and might just be on an as needed basis.

Do you think you will change and spend more?

Hmm, to me, it sounds like it’s very poor planning for you to not have a withdrawal plan.

It’ll be nice if you’ll change and live an extravagant lifestyle. But I guess you don’t value extravagant lifestyle.

If you’re planning on withdrawing 1%, then your investment will be very massive when you’re nearing your death. Do your kids realize that they’ll be getting a fat inheritance? Or, would you not be giving it all away to your kids?

EV news:

https://electrek.co/2022/02/08/nikola-motors-nkla-loses-supply-chain-leadership-hiring-freeze-situation-dire/

And I call with some crypto news:

cnbc.com

Feds seize $3.6 billion in bitcoin stolen from Bitfinex hack

https://www.facebook.com/CNBC

It marks the agency's largest financial seizure ever, Deputy Attorney General Lisa Monaco said in a statement.

Link:www.cnbc.com/2022/02/08/feds-seize-3po...

Just goes to show how secure these things are after all. 

1) We are 5 years away from both of us being retired. I don't need to have a set-in-stone withdrawal plan just yet.

2) My investment is already massive.

3) The only possible extravagance that we will have may be where we intend to live. That is not yet decided upon and may be determined by where the kids end up, how our own parents are doing here in Ohio, etc.

4) My kids are in the will. It's none of their business now how much they might inherit.

5) Here's the thing...we have no debt, and we own our house outright. I don't plan on ever acquiring any debt other than credit card revolving debt that we pay off each month. The kids are adults. We have very few expenses. So, what will we spend money on? I'm not a car guy. I don't want to own a boat or a plane. I only care if my clothes are comfortable and spend every day, even in the winter, in shorts and a t-shirt, unless I have to go outside in the winter for an extended period. Eating out a bit more? Maybe, but I'm a great cook, and we both like to eat healthier than most eating out will allow. For fun and time killers, we both exercise and read and watch Netflix/Amazon Prime/HBO/Disney+. We don't have Hulu. Maybe we will get that. I also play piano and guitar. I'm sure we will visit the kids as much as possible wherever they live. We want our house that we retire to to be just one floor as we don't want to climb steps once we get really old. There is really only ONE extravagant thing I can think of that I would like to have, and that's a bowling alley in my house, or on my property. I may see if I can make that happen. Even that though isn't all that expensive all things considered. The only thing is, depending on the package you get, you get up to 48 pairs of shoes and 40 bowling balls.

Flagpole wrote:

There is really only ONE extravagant thing I can think of that I would like to have, and that's a bowling alley in my house, or on my property. I may see if I can make that happen. Even that though isn't all that expensive all things considered. The only thing is, depending on the package you get, you get up to 48 pairs of shoes and 40 bowling balls.

https://allamericanbowlingequipment.com/installations/residential-installations/

Man that is one of the tackiest things I've ever seen. I guess that's part of retiring with money though.

for the record, the heist was in 2016 and already known about. At the time the BTC were worth around $70 million. This was an arrest of two people asked to launder the stolen coins. 

Still...wild west out there. And of course they tried to launder through NFTs, which has to be the main purpose of them, and other crypto garbage.  The anti-laundering forces at the FBI and elsewhere must be working overtime on all this crime. 

Prof. Racket wrote:

Flagpole wrote:

There is really only ONE extravagant thing I can think of that I would like to have, and that's a bowling alley in my house, or on my property. I may see if I can make that happen. Even that though isn't all that expensive all things considered. The only thing is, depending on the package you get, you get up to 48 pairs of shoes and 40 bowling balls.

https://allamericanbowlingequipment.com/installations/residential-installations/

Man that is one of the tackiest things I've ever seen. I guess that's part of retiring with money though.

Flagpole, they are actually not that much ... you can install one for as little as $120,000.

there's an amusing game on twitter - finding nutso houses on Zillow and taking readers on a tour. You can't believe the stuff people with a ton of money buy. 8-year-old boy imaginations given a trust fund and you can guess where some of this is going. 

agip wrote:

Sally Vixxxxxxxxens wrote:

Flagpole, they are actually not that much ... you can install one for as little as $120,000.

https://murreybowling.com/how-much-does-it-cost-to-install-a-home-bowling-alley-your-complete-pricing-guide/

there's an amusing game on twitter - finding nutso houses on Zillow and taking readers on a tour. You can't believe the stuff people with a ton of money buy. 8-year-old boy imaginations given a trust fund and you can guess where some of this is going. 

Money doesn't buy good taste, as they say

Prof. Racket wrote:

agip wrote:

there's an amusing game on twitter - finding nutso houses on Zillow and taking readers on a tour. You can't believe the stuff people with a ton of money buy. 8-year-old boy imaginations given a trust fund and you can guess where some of this is going. 

Money doesn't buy good taste, as they say

Flagpole, I saw one house with a bowling alley, a ferris wheel AND a lazy river. What is the old saying ... Go big or go home?!

...in this case it's 'go home and go big

agip wrote:

Sally Vixxxxxxxxens wrote:

Flagpole, I saw one house with a bowling alley, a ferris wheel AND a lazy river. What is the old saying ... Go big or go home?!

...in this case it's 'go home and go big

One of my favorite blogs of all time -

How is that tacky? I am a lifelong bowler. I like to bowl. I thought the coolest thing Richard Nixon ever did was get a bowling alley installed in the basement of the White House.

I guess you didn't go to the link I provided.

Their cheapest option is this:

1 Lane: $80,115.272 Lanes: $111,606.54

I would want 2 lanes. If I'm going to do it, might as well go for the best package.

1 Lane: $106,652.612 Lanes: $155,303.96

Prof. Racket wrote:One of my favorite blogs of all time -

https://mcmansionhell.com/

Oh man, thanks for that, brought me a morning smile!

No ferris wheel or lazy river for me. Bowling alley would be it. Probably a pool table too and then some classic arcade games and pinball machines. That, and a music room for my keyboards and guitars.

Yeah, pretty good. I do not want a mansion...far from it.