Whats the point in dying a millionaire though? Surely you want to spend some of that money while you are alive (and active - not 80+)?
Like say you spend $500,000 a year and have $10 million, which earns about $700,000 in returns. And you’re happy at that level of spending.
You then have massive security your whole life. Whereas if you time it to run out on time, a reversal could leave you destitute when you’re least able to recover.
Past a certain point it’s hard to think of what to spend on unless you step up to much more expensive things like personal jets etc.
The point of dying a millionaire is to give your descendents a good life and something they can fall back on if things go wrong.
The point of dying a millionaire is that it is really hard to plan your finances such that you die with exactly zero dollars. Because investments are so variable, you want to choose a plan that will likely end up with too much money because that avoids complete disaster in the bad cases.
When I'm dead, all the money is going to charity. Generational wealth is a cancer.
I don't think it is a terrible thing for a grandparent to want that. I think it is a terrible thing for society to permit it.
How would you create a "safe" retirement (meaning you won't outlive your money) and still end up with zero at the end. A "safe" retirement implies you are going to have money left when you die unless you spend you last dollar and then commit suicide.
Thus, the distinction between "I want to die with precisely zero dollars" and "I don't want generational wealth transfer".