If you were a single childless person with no family to leave your not-so-vast fortune to, what would you do with it. Spend it while alive or donate it to charity when you died?
Lets say you have a paid for house, no debt, are retired at 50 with a guareented pension that covers all you expenses with some left over for fun, as well as free medical coverage. If you had $200K sitting in a bank in savings what would you do with it?
1). Invest it in case you need it for a nursing home or care in your old age? Donating any remander to charity when you die?
2). Spend it down over the years so that you are left with only a small amount (or nothing) and plan to sell your house if your pension didn't cover old age costs?
3). or something else?