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€1 million+ to leave behind

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Comments

  • #92
    BorneTobyWilde
    Registered Users, Registered Users 2 Posts: 38,806 ✭✭✭✭BorneTobyWilde


    So easy to blow a million, spending it on lavish trips and experiences not wise.



  • #93
    magicbastarder
    Moderators, Category Moderators, Arts Moderators, Sports Moderators, Paid Member Posts: 54,532 CMod ✭✭✭✭magicbastarder


    Yeah, 'spend it on expensive things for yourself' is not a way to live an interesting life.

    Why is travelling first class such a go-to in these suggestions? 'make a dull experience slightly less dull at great expense' is not an 'I'm so glad I did that' deathbed thought.



  • #94
    wandererz
    Registered Users, Registered Users 2 Posts: 2,931 ✭✭✭wandererz


    The thread should be closed.

    The OP needs to get sound professional advice.

    This is not the forum for this.



  • #95
    Sonic the Shaghog
    Registered Users, Registered Users 2 Posts: 713 ✭✭✭Sonic the Shaghog


    You could also be a cute heure now and start drawing the odd few hundred in cash and give it to the nieces and nephews, the siblings if they haven't as much money and need that boiler fixed etc. **** revenue



  • #96
    Jim_Hodge
    Registered Users, Registered Users 2 Posts: 12,669 ✭✭✭✭Jim_Hodge


    https://www.boards.ie/discussion/comment/122540622#Comment_122540622

    As has already been said, sometimes people are very happy with the lives they have at present and have no interest in travel or moving abroad. I know it can be difficult for some to grasp but people can be extremely happy with a simple life. An example would be that I like to change my car every 2 or 3 years. I usually get all the spec that can be got but it's still an average every day make and model. I could easily afford a premium brand of luxury car but I just don't want one. The OP could move to a luxury apartment but may love living where they are now. Everybody gets satisfaction and fulfilment from a different life style.



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  • #97
    backwards_man
    Registered Users, Registered Users 2 Posts: 371 ✭✭backwards_man


    https://www.boards.ie/discussion/comment/122541017#Comment_122541017

    Because as you get older getting around especially in places you are not familiar with can be daunting and a blocker to seeing new places. Travelling first class, paying for vip access at an airport where you don't have to queue endlessly holding heavy bags etc...which is more difficult to navigate when you are older, Being able to afford a pickup at the airport and private transfer to your hotel etc...makes the experience doable if you can afford it. Travelling at 70 which is not that far off for the OP is not the same as travelling when you are 30 even if you visit the same place.



  • #98
    magicbastarder
    Moderators, Category Moderators, Arts Moderators, Sports Moderators, Paid Member Posts: 54,532 CMod ✭✭✭✭magicbastarder


    https://www.boards.ie/discussion/comment/122541024#Comment_122541024

    'the OP should seek professional advice' can be sound advice, while being compatible with the thread remaining open.



  • #99
    Peregrinus
    Registered Users, Registered Users 2, Paid Member Posts: 28,291 ✭✭✭✭Peregrinus


    https://www.boards.ie/discussion/comment/122540602#Comment_122540602

    It's quite common for there to be no death benefit paid if you die after having retired, or the only benefit is the return of your accumulated pension fund.

    Remember, the purpose of a pension scheme is to replace your earnings. If you drop dead at 45 you're going to miss out on twenty years of expected earnings, and your spouse and other dependants are going to have a pretty thin time of it. So a lot of schemes include a death-in-service benefit that will pay out a useful lump sum in these circumstances. It doesn't cost a lot to provide that benefit, because relatively few scheme members will die before age 65, and the scheme takes out group life insurance to cover the risk.

    But if you die after retirement, you don't have any earnings that need to be replaced, so there isn't the same need for a death benefit. Plus, since everybody who retires will eventually die, providing a death-in-retirement benefit is very expensive. It can only be funded by substantially reducing everyone's retirement income, which runs counter to the main point of a pension scheme.

    So, bottom line: a lot of schemes offer a signficant benefit on death in service or on death before attaining retirement age, either as standard or as an option that you can choose — you'll need to check the rules of your own scheme to see exactly what is provided. But, on death after leaving service/after attaining retirement age, most schemes offer only the return of your unused pension savings.

    Post edited by Peregrinus on


  • #100
    bilbot79
    Registered Users, Registered Users 2 Posts: 2,170 ✭✭✭bilbot79


    https://www.boards.ie/discussion/comment/122540622#Comment_122540622

    First class is an outlier in terms of value for money. When I worked for an airline people were booking it at 13k per trip.

    What you find is that a lot of people who have accumulated wealth have done so by habituating themselves to living below their means and it's unlikely that on retirement they would simply start throwing cash into the fire. It probably wouldn't be good for their mental health anyway. Kevin O'Leary is a squillionaire but won't buy a coffee out because it costs 4 dollars out vs 18 cents at home.

    It depends on the person but for some (me included), the psychological security blanket of accumulated wealth and the belief in its persistence, is much better enjoyed in economy class.



  • #101
    onemillion
    Registered Users, Registered Users 2 Posts: 7 ✭onemillion


    https://www.boards.ie/discussion/comment/122541024#Comment_122541024

    Thanks. Yes, as I said in the original message, "I'm looking for some ideas. I will talk to a financial advisor eventually of course."



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