Isn't it time to spend the savings?

[WhiteBuffaloATM]

shoebox as home ! you lucky baaardstad ! I lived in a rolled up newspaper on clapham common !

[xtrnuno41]

My government is telling me i should spend it. I have my own house and now they want to tax it.

They are already taxing the money i have and many other things. We pay now 2 euro for 1 ltr of petrol.

We have the highest price in the world for petrol.

They "forgot" to fill up the gas reserves for winter and prices on gas are way up now.

50 % on it is tax. They want to squeeze you into thick sweaters and not use gas.  

They will raise tax on the inheritance for my 2  "sons".

Im not keen on them to inherit the money.

There are loads of measurements working and they still invent more for countries income and me to pay.

So i MUST leave my country, they say, already moving to the neighbor country would improve a lot.

 

So they are ordering me to leave the country and enjoy my money more then bringing it to them.

I managed well with what i have/had and still. I dont need fancy clothes or high end restaurants and never will,

just as simple as can be. I ate in just "normal" places and the food never let me down, so why a Michelin restaurant?

I dont want to pay for a fancy make up on my plate. 

Had my travels and other stuff, it is just managing.

Moving to Thailand and spending money there is also on my list of choices.

Time is running out on me, just about another 20 years to go and then the curtain will fall.

 

 

[swissie]

18 hours ago, EVENKEEL said:

It's hard not to feather the brake. I have family members who were at polar opposites, some never saved a penny and others saved and never used their money. I think for some saving becomes a way of life and they can't change. Me, well I'm trying to change.

By all means: Spend it! But (if living in Thailand) keep the last 5 million Baht for medical emergencies.

 

[1FinickyOne]

9 hours ago, Leveraged said:

Thats typically what most people do when they have a 30 year retirement horizon. If youre already older (like 70) you might be able to go higher, if your portfolio has done well (which anyone invested in the last 10 years would no doubt have done very, very well)

yes, spending down 4% still leaves with a greater sum... 

[Paradise Pete]

19 hours ago, EVENKEEL said:

It's hard not to feather the brake. I have family members who were at polar opposites, some never saved a penny and others saved and never used their money. I think for some saving becomes a way of life and they can't change. Me, well I'm trying to change.

I think that's a fine plan. Let out the reel slowly, though, because in my experience as you get accustomed to a level of spending it's really hard to reel it back in. So let it out a notch at a time. 

[BTB1977]

Why do you think you need to buy expensive clothes and eat at expensive restaurants?  Be the person you are. Not some look at me I'm a special ahole . I know many people that are mutable millionaires but still enjoy coffee and dinners with friends at a casual restaurant.  You will only attract desperate people showing off all your riches in Thailand. All with many ideas how to spend/take your money. My house rent is 300 usd. I enjoy the simple life with food I enjoy and some travel.  Dont have a car , but have 2 motorcycles as I enjoy riding with different groups here and with friends. My friends and wife don't know my net worth and I keep it that way. 

[Leveraged]

3 hours ago, 1FinickyOne said:

yes, spending down 4% still leaves with a greater sum... 

Remember that you've got to increase your number every year over the 30 year retirement to account for inflation. If 4% of assets is $60k per year during year 1 of retirement, the next year you have to add for inflation. If inflation averages 3% then it would look like this:

Year 1 - $60,000

 

Year 2 - $61,800

 

Year 3 - $63,654

 

On and on and on 

[The Hammer2021]

21 hours ago, In Full Agreement said:

You don't mention the location of this super event for TVF members so I should add, please be sure to plan for any and all member transportation costs.

 

This will be a party for all of us to remember.

 

Many thanks,  EVENKEEL.

I would pay not to meet most forum members!!! Didn't TVF have a bar around Soi 9 Sukhumvit in Bangkok?

[The Hammer2021]

5 hours ago, WhiteBuffaloATM said:

shoebox as home ! you lucky baaardstad ! I lived in a rolled up newspaper on clapham common !

I lived in a kleenex box in Streatham!

[The Hammer2021]

9 hours ago, OneMoreFarang said:

I did mostly the opposite. Not too much work, lots of good lunches and coffee breaks, time for the girls, etc.

Summary: If I die today and I have a minute to think about my life then I can say to myself: I enjoyed it and had a good time.

And just in case I will live long enough until the moment when there is no money anymore then I can still remember all those good times. 

. A shroud has no pockets and a coffin has no safety box!

Edited October 15, 2021 by The Hammer2021

[mavi]

14 hours ago, Asquith Production said:

buy a Merc or BMW

 

I agree that it's really minimalist in 2021

 

[Asquith Production]

1 hour ago, mavi said:

 

I agree that it's really minimalist in 2021

 

I have  neither of the above and would never consider buying one. 

[RocketDog]

On 10/14/2021 at 11:29 PM, EVENKEEL said:

Flash cars and huge houses don't float my boat. Saw an old foreigner today stepping into a nice BMW SUV, probably cost more than my house but I have zero envy. So having money to spend is all relative. I'm sure his cash flow is on another level than mine. I'm thinking along the lines of spending money on international travel.

Don't let ANYBODY influence how or where you spend the money you earned and saved for retirement. You have absolutely NO reason to justify your decisions to anybody.

 

If nothing else it's way too late in life to start taking advice from wizened anonymous posters on a public forum (except for mine of course ????). In this case they all have ZERO credibility.  There are too many expats on this forum who never mastered the art of saving and delayed gratification and are now paying the price. We constantly hear their wailing about spending 1900฿ for extensions of stay and other trivial miseries. Boring......

 

When I retired it took three years to make the psychological transition from saving to spending, including frequent internal debates. IMO you are totally correct in enjoying your past fiscal discipline and continuity. It's liberating and gratifying to spend as you wish on whatever you wish.

Go for it and let the devil take the hindmost!

[RocketDog]

23 hours ago, Gecko123 said:

What many think of as 'deferred consumption' is in reality 'deferred over-consumption.' It's over-consumption because it's environmentally unsustainable.

Life is unsustainable. Live with it.

Every generation inherits the fallout from the previous generation's poor judgment and mistakes.

[LoeiI]

11 hours ago, The Hammer2021 said:

I lived in a kleenex box in Streatham!

I had to get up in the morning at 10 o clock at night half an hour before i went to bed.............

[siftasam]

For the first time in my life (I'm aged 75 now) I have serious medical problems: a blood clot in my leg and I'm awaiting an operation to take out my gallbladder.

 

When I get over all this <deleted>, I'm heading off to Switzerland and the Bernese Oberland next summer. Mindful of my leg, I'm going to lie on a flat bed in Business Class (having flown Economy all my life).

 

And I'm going to take a young pretty Thai lady with me (if I can find one). I guess it will be my last trip to Europe so <deleted> the expense!

[Will B Good]

2 minutes ago, siftasam said:

For the first time in my life (I'm aged 75 now) I have serious medical problems: a blood clot in my leg and I'm awaiting an operation to take out my gallbladder.

 

When I get over all this <deleted>, I'm heading off to Switzerland and the Bernese Oberland next summer. Mindful of my leg, I'm going to lie on a flat bed in Business Class (having flown Economy all my life).

 

And I'm going to take a young pretty Thai lady with me (if I can find one). I guess it will be my last trip to Europe so <deleted> the expense!

Bernese Oberland.....heaven on Earth,,,,,Grindlwald, Lauterbrunnen, Murren.......been many times over the years....with a a number of very pretty Thai ladies.

 

You are doing the right thing. 

[tonray]

5 minutes ago, siftasam said:

And I'm going to take a young pretty Thai lady with me (if I can find one). I guess it will be my last trip to Europe so <deleted> the expense!

Since money is no object..i'll make a suggestion:

 

[siftasam]

Great, Will!

 

Problem is getting her a Visa. The last time I tried to get a Visa for a Thai girl she was refused and I had a heated exchange at the Swiss Embassy in Bangkok. I filled out all the forms correctly.

 

You've had considerably more success than me. Should I have also attached a pleading letter? The attitude of the Embassy then was very disappointing; so sad, because, like you, I love Switzerland. 

 

And, my God, I do want to take her to the 'heaven' that is Wengen!

[siftasam]

Oh, just the job, mate!

 

She looks in the Pink? The Blackpink?

[siftasam]

If so, she can pay her own way (and mine!)

[KKr]

On 10/14/2021 at 11:52 PM, EVENKEEL said:

It's hard not to feather the brake. I have family members who were at polar opposites, some never saved a penny and others saved and never used their money. I think for some saving becomes a way of life and they can't change. Me, well I'm trying to change.

assuming that you have a pension that would cover basic living expenses incl. healthcare,
I say enjoy it while you can,
Lost two good half century long friends about 3 and 5years after they got retirement.

[gk10012001]

I am ready to spend and am fully funded.  Planned on doing it Dec 2019 but COVID popped up and glad I did not go to Thailand as 2020 and the lockdowns would not have been fun.  Took a crazy paying job for $135/hour in Joisey, and doshed up beyond what I had planned.  Now at 64 years of age, still ready for Thailand but don't trust their policies just yet.  So, one more contract gig with a group I worked with before and then see how 2022 shapes up around May.   I have no kids or ex wife so no real responsibility to leave anything to anybody. But I do have my one god child as my IRA beneficiary, and my youngest sister as the other.  Each will get 500k USD if I die tomorrow.  I was a bit put off when I heard my Mom say that nobody left her anything so why should she leave anything.  I never expected anything, I don't need anything.  But I also did think when I was growing up that parents had some idea of leaving someting for the kids.  Oh well.  No big deal.  Mom did apparently carry just a little bit of life insurance to cover 75% of her funeral costs.  I never saw any of that money as my oldest sister who was closest to Mom handled the arrangements.  I was told by my sster that I had to pay 4,500.  No accounting or details given.  I did not argue and just sent her a check.  

 

  I do suggest you leave enough to cover your funeral expenses, either in equities or via insurance.  It does not seem fair to burden others with that

 

  

[gk10012001]

13 hours ago, Leveraged said:

Remember that you've got to increase your number every year over the 30 year retirement to account for inflation. If 4% of assets is $60k per year during year 1 of retirement, the next year you have to add for inflation. If inflation averages 3% then it would look like this:

Year 1 - $60,000

 

Year 2 - $61,800

 

Year 3 - $63,654

 

On and on and on 

Best withdrawal calculator.  Put in how much you have, earn, withdraw, inflation, etc

 

https://www.calcxml.com/calculators/how-long-will-my-money-last?skn=#results

[RafPinto]

Let's say someone has sold his house and only holds cash.

Let's put it at 1,000.000$

 

Invested at 5% a year, that would generate 50,000$. That's enough to live comfortable in Thailand.

No need to touch the principle. Just leave your money invested.

 

On top would be pension payments.

 

I don't intend to touch my principal. I (for the moment) can live very comfortable with the income I get, not touching the principle or dividends but still receiving a salary.

[Leveraged]

3 hours ago, RafPinto said:

Invested at 5% a year, that would generate 50,000$. That's enough to live comfortable in Thailand.

No need to touch the principle. Just leave your money invested.

What would you invest in that pays you 5% a year guaranteed?

[Kwasaki]

5 hours ago, tonray said:

Since money is no object..i'll make a suggestion:

 

That's is the best way to end it and a good way to go. ????

[Leveraged]

3 hours ago, gk10012001 said:

Best withdrawal calculator.  Put in how much you have, earn, withdraw, inflation, etc

 

https://www.calcxml.com/calculators/how-long-will-my-money-last?skn=#results

 

These are better. They run "Monte Carlo Simulations" against your exact portfolio and different historical years and bad times in the market to see if you could survive another "lost decade" or "dot com bubble" or "great recession".

 

https://firecalc.com

 

https://www.portfoliovisualizer.com/monte-carlo-simulation

[RafPinto]

3 hours ago, Leveraged said:

What would you invest in that pays you 5% a year guaranteed?

I am invested in bluechip companies.

Insurance f.ex: Legal and General now paying 6,35%

RDSB, oil on the up and for sure, they will increase the dividend soon.

There are plenty of companies who paid 5% and up dividends.

[Leveraged]

31 minutes ago, RafPinto said:

I am invested in bluechip companies.

Insurance f.ex: Legal and General now paying 6,35%

RDSB, oil on the up and for sure, they will increase the dividend soon.

There are plenty of companies who paid 5% and up dividends.

Why not just buy S&P 500 or VTI and forget all the work of picking individual stocks and all the risk that entails.