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Do You Really Want to Spend Last Dime on Your Last Day?

Do You Really Want to Spend Last Dime on Your Last Day?

October 22, 2020
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In life, there are three possible outcomes for us: 

A) We spend our last dime on our last day   

B) We spend our last dime and our last day comes some time later

C) Our last day comes and we have dimes left over.

The first of these options is certainly the most desirable, but occurs very, very infrequently.  The 2nd option Spending your Last Dime and then living for some time thereafter occurs all too frequently.  I believe it is desirable to avoid this situation.  But, it is hard, because who of us doesn’t want to live high during our retirement years.

Finally, there is the last day that comes before we spend all our dimes.  This too is a frequent occurrence.  Heirs tend to greet this outcome with favor, but the fact is if we knew the duration of our days we might have lived higher.  The problem in all of these scenarios is that we don’t know the duration of our days.

We will confess here and now, we do not know how to arrange things so that you spend your last dime on your last day.  We advocate the Last Day with Dimes Left Over Plan.  If you do not have worthy heirs, we can assure you that there are worthy charities who would jump at the chance to persuade you of the value of their work.

One of the solutions that we use to match up dimes with a client’s lifetime is the annuity.  An annuity converts assets into an income that the retiree cannot outlive.  It does reduce assets but concurrently creates an income that lasts a lifetime.  Annuities are discussed is another blog. 

We hope that you will seek out a Financial Advisor who will help you resolve the Dimes vs Days Dilemma. We are always happy to discuss how to favorably resolve this dilemma for you and your family, you can reach out to us at 206-478-0255 or jim@thompson-financial.net.