Using up one's principal
My husband and I discuss retirement more than anything. He's retiring in June, me June of '09. We have a pretty good nest egg and plan to live off the dividends and growth. Our financial planner has set up a schedule and by taking 4-5% out, we'll never outlast our money. But here's the question I posed to my husband. Why are we planning to leave 7 figures and an expensive house to our children? Both kids have great jobs and, although we'd like to help maybe with college (14 years off for the oldest grandchild) I propose to do some of the things I've always wanted to do, since we've lived frugally for 40 years. For instance, I said this morning that I'd like to have our huge deck (about 650 sq. ft. replaced with Trex. I'd like to travel, even more than we've planned for. I look at our parents' examples and they lived frugally until death and left estates that should (in my humble opinion) have been used for their enjoyment. Is my thinking flawed?