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re: How to convince someone to enjoy more of their retirement money?
Posted on 8/20/26 at 9:37 pm to Everyday Is Saturday
Posted on 8/20/26 at 9:37 pm to Everyday Is Saturday
When you've spent your entire career saving for retirement, it's downright hard to shift gears into the spending mode. My kids say the same thing to me that you're saying to your FIL. Three things that are helping me loosen up... Taking a distribution then seeing that I've recouped it quickly. Knowing that I always intended for that to be my retirement money, not intending to give my children an inheritance. And lastly, spending a week in the hospital this year when I've never been hospitalized before. Just keep at your in-laws, they may eventually listen. I know I've been influenced to travel more due to my son repeatedly telling me to enjoy my retirement. Good luck!
1
Posted on 8/20/26 at 10:38 pm to Everyday Is Saturday
Same thing with my wife. I tell her you cant take this money with you in the grave. Live a little and enjoy the money do something with it.
Posted on 8/20/26 at 10:56 pm to Everyday Is Saturday
quote:Nothing frustrates me more than rich people - especially old ones - being frugal. This is what the damned money was for!
How to convince someone to enjoy more of their retirement money?
Posted on 8/21/26 at 12:11 am to Quatre Pot
The problem is many older people don’t want to have that discussion. 20 years ago my dad told me he would sit me down to discuss his financial plan. He never did. Now I’m the one close to retirement and he still hasn’t said anything. So finally I went to him and said look I want to know what the plan is so I can look after mom should the need arise. He refused to talk about it.
Posted on 8/21/26 at 8:15 am to Everyday Is Saturday
Well no worries about inheriting anything from my parents. Mechanic shop called a few weeks ago and i had to vouch my dad could cover getting some tires on his truck. 
What i retire on will be up to me 
What i retire on will be up to me 
Posted on 8/21/26 at 11:01 am to EastTNHillbilly
quote:
Taking a distribution then seeing that I've recouped it quickly
This is a great idea honestly. Maybe the best plan is to take routine and the same distributions, even if its a set amount say 1% every 3 months or something and not just a set amount of money of like $25,000. Then when you have enough money in your spend account, move it into something like a Money Market as "blow" money.
Posted on 8/22/26 at 9:44 am to Big Scrub TX
Their money, their choice!
You should find something else to complain about.
You should find something else to complain about.
Posted on 8/22/26 at 5:19 pm to Everyday Is Saturday
Pocahontas is Jonesing to steal retirement accounts. When discussing the law she wanted to pass to enact scooping huge chunks out of our accounts, she actually said There is a lot of money just sitting there. People are not even using it, so they don't need it... and we do. 
Their was a specific set of laws in effect when I began donating to my retirement accounts. The US government forced me to enter into a contract, under these laws, to use these accounts. I never agreed to change any facet of the contract.
Their was a specific set of laws in effect when I began donating to my retirement accounts. The US government forced me to enter into a contract, under these laws, to use these accounts. I never agreed to change any facet of the contract.
Posted on 8/22/26 at 6:52 pm to Everyday Is Saturday
quote:
FIL focused on wealth transfer to my wife (only child) and kids.
Have your wife tell them that she wants her kids to know and remember their grandparents and get them to pay for overseas trips for the family to spend time together.
Or let the old folks do what they want.
Posted on 8/22/26 at 7:32 pm to Everyday Is Saturday
quote:Does FIL know this? Many tax averse folks either don't fully understand marginal vs effective and/or assume waiting longer to pay the tax man is always preferred.
Their effective tax rate today is 20+% lower than our anticipated marginal tax rate.
Perhaps they'd be more eager to spend now if you laid out the increased tax and IRMAA due to widow penalty once one of them dies and the higher marginal rate their daughter will pay on tax differed assets.
This post was edited on 8/22/26 at 7:36 pm
Posted on 8/22/26 at 7:56 pm to HeartAttackTiger
quote:.
Have him give your wife the max allowed by IRS. Tax Free gift and problem solved
This. Easy. Not complicated.
Posted on 8/22/26 at 8:45 pm to notsince98
quote:if they need to spend money in retirement; have them take a few Regent cruises.
Same issue with my parents. They make more money now in retirement than they did working but they can't seem to switch out of saving mode and into enjoying-the-fruits-of-their-labor mode.
Posted on 8/23/26 at 7:07 am to Everyday Is Saturday
Maybe suggest family trips in lieu of gift exchanges or with birthday celebrations.
If they are adults let them enjoy life how they want. Maybe they like simple things and simple life
I’ve got friends that like high end whiskey. I don’t understand it but it makes them happy.
If they are adults let them enjoy life how they want. Maybe they like simple things and simple life
I’ve got friends that like high end whiskey. I don’t understand it but it makes them happy.
Posted on 8/23/26 at 9:48 am to evil cockroach
quote:
if they need to spend money in retirement; have them take a few Regent cruises.
They are not huge cruise fans but they did take an alaskan cruise. They like to do the bus tours. But even taking 2-3 of these per year is about $15k. They could be blowing $40k/yr w/out even noticing it in the bank accounts.
Posted on 8/25/26 at 4:34 am to OTIS2
quote:
Have him give your wife the max allowed by IRS. Tax Free gift and problem solved
.
This. Easy. Not complicated.
The mother can also give an amount as well...tax free. They can both also give the spouse separate "gifts"...
Maybe I'm misremembering some old rules.
Posted on 8/25/26 at 11:28 am to el Gaucho
I’ll say it. El Gaucho is a national treasure.
Posted on 8/26/26 at 8:32 am to Everyday Is Saturday
Tell them in 5 years medicine will reverse aging but it will be pricey.
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