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Rich Retirees Are Hoarding Cash Out of Fear

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Re: Rich Retirees Are Hoarding Cash Out of Fear

#291

Post by loco5niner »

intended wrote: post #270
joyofdata wrote: post #269

Earlier quoted context omitted.

I'm getting more and more convinced that one of the most important goals in live should be to mature to a level where you are simply comfortable with dying. Being able to simply conclude at one point in life that it's enough and either submit to fate or commit suicide.

And you will also realize that this is an unachievable goal. The kind of existence you require to attain that type of ease and thinking will alienate you from the vast majority of human behavior and thought.

I disagree. I can think of multiple examples from my life of people who got to that point. Some I knew personally, others indirectly through people I knew.

Re: Rich Retirees Are Hoarding Cash Out of Fear

#292

Post by gozur88 »

toomuchtodo wrote: post #233
gozur88 wrote: post #205

Earlier quoted context omitted.

I'm sure care is adequate in many developing countries if you get the clap or get injured in a car accident. But I'm skeptical you're likely to get as good cardiac or oncology care.

Cardiac and oncology care is top notch in Thai and Indian facilities where Westerners would patron, based on my medical tourism research. Dat arbitrage!

Sure, but is the same true for the Philippines or Thailand?

Re: Rich Retirees Are Hoarding Cash Out of Fear

#293

Post by r00fus »

undersuit wrote: post #288
imgabe wrote: post #263

Earlier quoted context omitted.

False dichotomy. There's a pretty big difference between dying after having a stroke that leaves you permanently disabled in your 70s vs. mandatory execution of healthy 40-year-olds.

And you're trusting someone else to make that decision.

We should enable a culture where people are free to make that decision for themselves. California and several other US states allow for this - not sure about internationally.

I wouldn't want to live on life support. I'd rather my wife/kids get a nice (well managed) trust fund for the remaining savings and just go in peace early.

Re: Rich Retirees Are Hoarding Cash Out of Fear

#294

Post by r00fus »

Mouse47 wrote: post #271
basicplus2 wrote: post #215

Earlier quoted context omitted.

Let me know how you feel about that when your old

My grandfather had a stroke two weeks ago. It affected 3/4 of the left side of his brain, which means he couldn't speak (except for 'shit', 'god damn', 'yes/no') and couldn't swallow. Or walk, obviously. He told us repeatedly while he was alive that he didn't want to be put in a home. He wanted to cut his grass, feed the birds and be left alone - and after the stroke there was no way he could do that. We respected hi…

It's been legal in California for a year [1], though I'm not sure if your grandfather would have qualified (would his condition be considered terminally ill?).

Regardless, this is the way we should allow it. Eating up the savings of the dying seems particularly ghoulish when the wishes of the afflicted and their family are not respected.

[1] http://www.npr.org/sections/health-shots/2016/03/10/46997075...

Re: Rich Retirees Are Hoarding Cash Out of Fear

#295

Post by r00fus »

jackskell wrote: post #285
ACow_Adonis wrote: post #224

Earlier quoted context omitted.

As a younger person having watched/lived through at least 3 members of my immediate family die with dementia/mental health problems, I lose more sleep at night over the prospect that euthanasia won't be legal and managed properly where I live by the time I get old. I'm actually hoping that our shared generational suffering with respect to our baby boomer parents makes us get our generations' butt in gear and do somet…

My buddy and I have a pact: if one of us needs a piece in a hospital, the other will furnish one. Yes, seriously.

How would this be done, exactly? It would be horrible to find out that fulfilling the wishes of your friend (or vice versa) results in murder charges.

Re: Rich Retirees Are Hoarding Cash Out of Fear

#296

Post by jaclaz »

mvindahl wrote: post #258

Maybe some kind of inverse life insurance. Give pile of cash to insurance company and receive monthly paycheck for the remainder of your life. Essentially you are betting on a long life and they are betting on you driving your golf cart off the edge of a cliff. I think products like this exist in my country of residence; I'd be surprised if there is not a similar thing in the US. On a side note, I read at one point t…

JFYI it is a rather common contract in Italy too, besides France, basically "full" property is divided into two parts:

1) "Nuda proprietà" (literally "Naked Property" but actually "bare ownership")

2) "Usufrutto" (usufruct or "life interest")

Selling the bare ownership is a rather convenient way to monetize your house when you are old and need some money (for medical expenses or whatever), while retaining the usufruct, which resolves usually to the right to live in it (but could be also be pocketing the income from renting the building). The buyer of the bare ownership, on the other hand, pays in advance a (reduced) amount of money for the asset, but essentially "bets" on how soon it will become available.

It is often used also to reduce the amount of taxes payed to the state by the (future) heirs.

It isn't really applicable to the US, mainly for taxation reasons:

http://publications.ruchelaw.com/news/2016-09/Usufruct-Code-...

The above article includes a French table of the percentages attributed to the two parts and here are the same valid in Italy (they are not much different):

http://www.tonalini.it/resources/pdf/Usufrutto-vitalizio-Tab...

Re: Rich Retirees Are Hoarding Cash Out of Fear

#297

Post by smnplk »

astrodust wrote: post #189
imgabe wrote: post #168

Earlier quoted context omitted.

Or just die when you're old? Maybe that sounds harsh, but being bedridden for 12 years doesn't sound like any idea of a good life to me. The old die to make way and free up resources for the young. That's the way it's supposed to work.

Someone's a fan of Logan's Run . Enjoy your manadatory execution when you're forty you old bastard.

In Logan's Run the mandatory execution was at the age of thirty not forty ;)

Re: Rich Retirees Are Hoarding Cash Out of Fear

#298

Post by smnplk »

msabalau wrote: post #202
astrodust wrote: post #189

Earlier quoted context omitted.

Someone's a fan of Logan's Run . Enjoy your manadatory execution when you're forty you old bastard.

As I recall, the age of execution in the film was thirty, in the original novel it was 21.

Oh, didn't see your reply. Nice to know about the novel, need to check that out.

Re: Rich Retirees Are Hoarding Cash Out of Fear

#299

Post by awkwardtortoise »

firebones wrote: post #155
dsmithatx wrote: post #61

My grandfather worked at Exxon Mobile for 60 years and retired around 1988 with a few million dollars in stock. I remember my dad saying he had about 3 Million in stock he purchased as his retirement plan. He built a house and bought a couple of nice cars living on about 100,000 a year. About 12 years ago he had a heart attack and stroke and was bed ridden. 12 years of doctor bills and hospice ate through almost ever…

(Edit: never mind. I think there's some mistake in your chronology that renders my numbers invalid. Died at 84 in 2017 == born in 1933. Retired in 1988 at age 55, probably not after 60 years at XOM, more like 30; or retired after 60 years, probably more like 1933+18+60=2011. Guessing maybe he retired at age 60 in 1993? Got sick at 72 in 2005? Died at 84? The numbers change a bit--missed out some big gains in 1988 and…

> Had he kept it in XOM, his $3 million would have been worth $22 million today, with a dividend that would have covered his expenses and that kept pace with inflation.

His house value probably rose at a higher rate than XOM's did.

Also, what's your point? His shares would be worth $22 million today and he'd still be dead.

Re: Rich Retirees Are Hoarding Cash Out of Fear

#300

Post by toomuchtodo »

gozur88 wrote: post #292
toomuchtodo wrote: post #233

Earlier quoted context omitted.

Cardiac and oncology care is top notch in Thai and Indian facilities where Westerners would patron, based on my medical tourism research. Dat arbitrage!

Sure, but is the same true for the Philippines or Thailand?

Thai = Thailand in my above comment.

I don't know about the Philippines, but happy to look into it.

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