[Lindsey]

Does anyone else use the Fidelity Retirement planning tool? It seems ultra conservative to use “Significantly Below Market” returns AND a planning age of 96.

I don’t want to have a large legacy as I don’t have kids and would rather enjoy it when I’m younger than think I’m going to be spending thousands per month on traveling and fun stuff when I’m 85 years old. Thoughts?

I could see wanting discretionary income during my 50s and early 60s to travel and do fun things, but beyond that?

I feel that I should maybe just plan to 80 and assume I could meet the bare minimum needed on SS after that, and that I should assume “average returns” and at worst “below average”.

If I plan to the default assumptions, I’m leaving a legacy of around $15M with no kids to pass it along to.

Would rather retire sooner and enjoy my 50s.

Saving for a day that may not come does not make the most sense to me.

I understand the risk of needing long term care, but would rather drain my accounts and let Medicaid kick in rather than save hundreds of thousands of dollars for this scenario (which may or may not happen), only to have significant residual funds.

I guess it may be different for someone who has kids but just looking for others perspectives.

[Kacee]

That’s alot of dough to leave. Definitely read “Die with zero” (audio is available on Youtube). Don’t wait till your 80s, spend it and do things you can while you are young.

80s is still a good age but I saw how mobility became an issue for both of my parents by then.

And I know health conditions vary with people and lifestyles. Just don’t wait too long to burn down what you have worked hard to save.

We have no kids either.

[Veronica]

I did and I have worked with Fidelity for 18 years. They can run different scenarios but for me, retirement at 591/2 worked out well. They have had a lot of good suggestions over the years.

I do work very part time to keep my business and run a few expenses through that.

[Tom]

We are retired with a low conservative withdrawal rate to cover base annual expenses.

That leaves us the option to vary the rate depending on circumstances.

We made a spreadsheet using the average variables and projected totals. As each year passes we modify that year’s line with actual totals.

So far in year 5 we have a total portfolio increase of 38% yet have spent as we wish.

Leave yourself wiggle room to enjoy your options.
Intentionality is a powerful thing.

[Luciano]

Plan for the worst. If you think you will have lots of money left over when you die how about setting up a trust for several things you would love to help with.

Ie children’s school lunch debts paid, college tuition for several low income families, vets or elderly home expense contribution etc…

the problem is not leaving money behind it is not having enough to sustain a comfortable end of days for yourself.

[Michele]

Medicaid and SS combined still don’t cover LTC 100%, just FYI.
So go ahead and live your best life but don’t leave the bare minimum for those last VERY expensive years.

Think $10k/month for 3-5 years would be pretty generous without worrying about having to rely on government care.

Plus, you’ll need an advocate for you bc you can take care of yourself until you can’t. Save some $ for that, too.

[Author]

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