To die (with wealth) or not to die, that is the question.

[sidjameson]

I know I should drawdown. But at 56 find it difficult to start. This question will only get bigger as I age.

Interested in others experiences.

[Celsius]

what wealth are we talking about here?

[Rampant Rabbit]

Was discussing this with my Wife the other day as we  have amassed a  lot over the years. The  problem is who to give it to, WE both neither trust any Thai charities and western ones  seems to spend  inordinate amounts on "management"

Open to suggestions................erm not the obvious, must be NON religious  based prefer education inc anti religion

[Rampant Rabbit]

7 minutes ago, sidjameson said:

I know I should drawdown. But at 56 find it difficult to start. This question will only get bigger as I age.

Interested in others experiences.

similar problem and age although if  I find someone who seems  willing and honest, hard  working in anything Ill try to help them.

[scubascuba3]

Spread the money so you don't run out, healthcare can get very expensive towards the end. Drawdown a pension? of course if you don't need it now do it later

[ezzra]

What a morbid topic to start the day with...

[HugoFastor]

35 minutes ago, sidjameson said:

I know I should drawdown. But at 56 find it difficult to start. This question will only get bigger as I age.

Interested in others experiences.

You question is a good one, but too vague. If you are single, and with no family or anyone you want to leave anything to then, yes, you should eventually start to drawdown.
 

There have been books written on how to essentially "die broke", with the notion of enjoying your money as much as you can without it needlessly ending up in the hands of some institution that ends up getting it by default and doesn't need or deserve it, say like a bank or the state. 
 

What always makes it tricky is often not knowing when you will die or how much of it you might need for healthcare or nursing later as you age. 
 

There is a basic formula though and that is to start spending down about 2.5% of your wealth per year starting at age 60. That would basically allow you to live to 100 before your money would completely run out.

 

There are other more sophisticated approaches too I'm sure. 

[Mike Teavee]

14 minutes ago, sidjameson said:

I know I should drawdown. But at 56 find it difficult to start. This question will only get bigger as I age.

Interested in others experiences.

Never married & have no kids so have a similar dilemma. 

 

Spent my 20's with 1 years salary worth of debt on credit cards but managed to turn it around to own a house outright by the age of 35 & have been a committed saver every since

 

58 now & struggle with the idea of spending 100% of the passive income I get, never mind spending what I have saved (even the "Pot of Money" saved to pay for my living expenses so I could retire at 53) but am thinking that once my pensions start (2 years time) I'll feel more comfortable in having a guaranteed income coming in again & so start to spend more of the passive income...  BUT knowing me, having more income coming in will mean investing (saving) more! What else do you do with the income once you have enough to give you a good (not rich by any means) lifestyle?

 

At this time, I can't see me selling any of my assets without re-investing the proceeds but am hoping that age will gradually change my thinking & I'll start to wind these down whilst I still have time to enjoy the money. 

 

[Hummin]

1 hour ago, sidjameson said:

I know I should drawdown. But at 56 find it difficult to start. This question will only get bigger as I age.

Interested in others experiences.

What do you know about future in your 50'ies?

 

No kids, but will make sure my wife have what she deserves if I leave this place before her. Most likely since she is 16 years yunger than me.

[Hummin]

The biggest concern being in my 50'is, can we expect the world goes on as we know it the next 30 + years? Will we get our pentions as promised? Can we still live Asia or in the west as I asume we all come from with bebefits as we do today? Im sure, it will be a different world just in 10 years.

 

Spending it all for nothing? 

[OneMoreFarang]

2 hours ago, sidjameson said:

I know I should drawdown

Why should you?

 

For many people, including many of our parents who experienced WW II, it makes them feel comfortable to have a house and money in the bank. Many people would feel uncomfortable spending their savings. They rather live without spending much and feel secure.

Do what makes you feel good.

 

And for everybody who want to give away their money, I think giving it to "something" local is the best. Maybe you know people in your area who could need money, maybe support kids going to university. Maybe help building something for the community.

 

Hopefully you should have someone or something in your mind to do with your money. I find it sad seeing some rich people who are bitter and know who should not get their money like their kids should not get it, etc. But they don't know anybody who they would like to support. Sad.

[KhunLA]

If no wife or kid, or would bounce my last check ... 

[stoner]

i am willing to be adopted. i will disrespect you and never live up to your expectations.

[Andre0720]

Humans do not possess 'free will'. Most of what we do is pre-programmed.

Including whether we are able to spend our money, or whether we will go at enormous efforts to die with he most money we ever had in our life.

 

Being a squanderer or a frugal individual cheap charlie style, is a personality trait that we do not have control over, or very little.

 

If the trend continues, I will not die rich.....😉

[Ben Zioner]

3 hours ago, sidjameson said:

I know I should drawdown. But at 56 find it difficult to start. This question will only get bigger as I age.

Interested in others experiences.

At 56 you should be working...So no dilemma . Keep your dough for when you get older. Find a nice lady to have kids with would make sense too otherwise, spending your wealth or not, you'll be miserable.

[simon43]

I solved this mental dilemma by having no accrued wealth 🙂  My parents died years ago, my English kids and ex-wife disowned me 25 years ago.  My elder brother (executor of my will), knows full well that there is nothing in the pot for anyone, and therefore his role after my death will be minimal.  I earn my money every day and I spend my money every day 🙂 (putting some aside for my medical insurance, cremation costs etc).

[georgegeorgia]

1 hour ago, Ben Zioner said:

At 56 you should be working...So no dilemma . Keep your dough for when you get older. Find a nice lady to have kids with would make sense too otherwise, spending your wealth or not, you'll be miserable.

Ben Zioner you sound a very savvy guy , did you sell all your Pawnbroking business or still have them.? 

 

May I ask if you remember what the loan interest rates were back then?

 

Mind you ,you need to be shrewd to run a pawnbrokers business, I used to love watching that family up in Detroit with their pawnbrokering ,what was the show called again ?

 

Edited March 21 by georgegeorgia

[georgegeorgia]

3 hours ago, Hummin said:

The biggest concern being in my 50'is, can we expect the world goes on as we know it the next 30 + years? Will we get our pentions as promised? Can we still live Asia or in the west as I asume we all come from with bebefits as we do today? Im sure, it will be a different world just in 10 years.

 

Spending it all for nothing? 

50's is too young to retire , you need to be doing something

 

As for the World changing ,yes I believe Thailand will become another Singapore 

 

 

[thaibeachlovers]

5 hours ago, Rampant Rabbit said:

Was discussing this with my Wife the other day as we  have amassed a  lot over the years. The  problem is who to give it to, WE both neither trust any Thai charities and western ones  seems to spend  inordinate amounts on "management"

Open to suggestions................erm not the obvious, must be NON religious  based prefer education inc anti religion

Father Ray orphanage in Pattaya would be my choice. I'm pretty sure you could choose how your money was spent. I sponsored a child for years.

 

He was a Catholic, but he's gone and only the name remains. Far as I know it's run by Thais now.

[thaibeachlovers]

5 minutes ago, georgegeorgia said:

50's is too young to retire , you need to be doing something

 

As for the World changing ,yes I believe Thailand will become another Singapore 

 

 

If I chose to, I could be busier after retiring than when working. It's an individual thing.

[Hummin]

6 minutes ago, georgegeorgia said:

50's is too young to retire , you need to be doing something

 

As for the World changing ,yes I believe Thailand will become another Singapore 

 

 

Become new Singapore is not realistic, in mind comes Thailands nature to be structured and predictable. 

[georgegeorgia]

Is the rumour true that Kiwis can't get the OAP overseas ?

 

 

[SAFETY FIRST]

It's so sad to think a person can live their life without any children. 

 

It's my kids that keep me going, giving me the strength to succeed, in facing the world's daily challenges. 

 

Couldn't think of living in a world without my kids. 

 

 

Edited March 21 by SAFETY FIRST

[FruitPudding]

You could just find some deserving people and transfer the money before you die.

[Moonlover]

I don't have to make any effort to 'draw down'. I married an expert!

[georgegeorgia]

2 minutes ago, Moonlover said:

I don't have to make any effort to 'draw down'. I married an expert!

Very sad , you will end up old & broke if they ( and I use that word instead of "he" or "she" because we should not genderise)

We should say partner

 

And to you MOONY for using the word "expert" instead of   "partner ", like a partner must be a expert in your life !

 

 You should be ashamed of yourself!

[Jingthing]

3 hours ago, KhunLA said:

If no wife or kid, or would bounce my last check ... 

What's a check?

[giddyup]

At 82 I find my needs are simple, so the idea of suddenly becoming extravagant and "living it up" just doesn't appeal. Consequently my Thai partner will inherit all and do with it as she wishes.

[giddyup]

35 minutes ago, SAFETY FIRST said:

It's so sad to think a person can live their life without any children. 

 

It's my kids that keep me going, giving me the strength to succeed, in facing the world's daily challenges. 

 

Couldn't think of living in a world without my kids. 

 

 

Never wanted any and never missed having any.

[Jingthing]

44 minutes ago, SAFETY FIRST said:

It's so sad to think a person can live their life without any children. 

 

It's my kids that keep me going, giving me the strength to succeed, in facing the world's daily challenges. 

 

Couldn't think of living in a world without my kids. 

 

 

News flash. Not everyone is you.