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Woman with $2.8 million net worth lived off food coupons: 'You don't get a prize for dying with the most money'
After years of living frugally despite having $2.8 million, a 68-year-old woman started withdrawing $120,000 annually from her portfolio.
A 68-year-old woman with a net worth of $2.8 million spent years living a frugal life, relying on food coupons and buying the cheapest possible items, before finally taking distributions from her portfolio, a viral post by financial planner Kurt Supe revealed.
According to Supe, a Certified Public Accountant and retirement planner, the woman’s house, valued at $950,000, was fully paid off, and she was receiving $38,000 a year from Social Security.
Despite her substantial wealth, she refused to touch her retirement accounts, insisting she needed to preserve her principal for emergencies.
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Read his full post here:
“She fought me for eight months,” Supe wrote. “Her parents taught her never to touch the principal, but they retired with pensions and passed away at 74.”
After months of discussion, the woman finally agreed to take distributions last year. Supe said she now withdraws $120,000 annually from her portfolio, which represents only a 4.3 per cent withdrawal rate. The changes have allowed her to visit her grandkids in Phoenix quarterly, take them to Disney, and stop agonizing over small purchases.
“She spent three years being miserable with $2.8 million in the bank,” Supe observed. “You don’t get a prize for dying with the most money.”
How did X users react?
The post sparked a wave of reactions online, with many users sharing their personal perspectives and experiences.
One commented, “I’m that way and I’m 36… my brother pesters me for not splurging on myself with having a great salary and having sold my flat. I don’t have kids but I have a niece and a nephew, and live a very comfy life as is, and they will appreciate it down the line.” Another wrote, “I personally would never even want to own a house worth that much no matter how much money I had. I could live like a king on 38k a year, so it’s not really being miserable.
She has a right to enjoy her life however she sees fit.” Others emphasized the importance of balance, with one user noting, “I honestly feel like most people just want enough calm in their lives to focus on their families, their wellbeing, and their future. And maybe a trip/travel once or twice a year.”
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