DVC dues and retirement thoughts....

[Judique]

This is why we added our adult DD to both our contracts last year. If we expire before BWV does (a definite possibility), she’d be the owner without going through probate and could keep or sell the contracts as she wished.

My DD was 21 when I bought in 2000 and she signed with me, not having a clue what she was doing but she trusted me. So if I expire before my contracts do she will own all 4 contracts.

She is the one who is always wishing for a trip, a cruise or whatever. My other kids are barely interested.

Occasionally she will ask a question but leaves everything to me with no interference other than asking for a few nights here and there.

As far as dues payments go, my retirement was planned with dues as part of it. I didn't retire until I knew that I could handle pretty much any financial eventuality. Probably over planned. Definitely over planned for my lifestyle.

Now I have to take money I don't need (presently) out of some retirement accounts as I'll turn 73 next year. I may just earmark some of that as dues money as it should cover it nicely and that way I'll feel as if the withdrawals have a purpose. I also did not plan on social security money as there is/was so much talk about it being reduced/or even eliminated. Retirement can be somewhat scary but so far I'm doing pretty okay.

 

[DVCsloth]

I guess I don't really have a specific question but thought it would be helpful to hear others opinions/wishes/musings about getting older and the cost of DVC.

For me personally I've been grappling with how I want to plan this out. Right now my only contract is SSR direct (150pts), but I'd like to buy at least a bit more to get us some guaranteed stays at Riviera (my wife's new favorite). So I started thinking about when deeds expire and dues in the next 15 or so years. For the record I'm 46 so when SSR expires I will be 75. I'm not quite sure I will even have the ability to travel when I'm near that old and as much as my young adult children like Disney I'm not under the assumption they will want anything to do with these contracts.

One of the things that worries me is not knowing what the resale market will look like in the next 20 years. If I have to sell my SSR will anyone even want to buy it? Maybe I'm overthinking it.

PS - you folks with 800+ pts talking about retirement scares the crap out of me, the dues on those points keeps me up at night right now and I can't even imagine it when I'm in retirement. That's not an insignificant amount of money per year when I have no income.

Sorry for the rambling post......

You should be able to use the SSR points to get into Riviera at 7 months. You may not be able to get the resort view rooms, specifically if that matters. Resort view studios seem to get booked at 11 months lately.

 

[crisi]

A colleague uses part of his final lecture of the semester to show the students how they can easily become millionaires through the magic of compund interest.

These are college students, so they should already know this, but inevitably their minds are blown.

This Spring we helped both our kids buy homes with the leftover college funds. My youngest we paid cash for - it was a small townhome. My son wanted something bigger and has a mortgage. His mind was blown with amortization tables and he is working to pay off that mortgage faster. A few hundred a month turns a thirty year mortgage into fifteen. He also should have known this, but when it was HIS money going to interest, with his goal to turn his current home into a rental and buy something else in ten years, his eyes were opened.

 

[Catou]

A colleague uses part of his final lecture of the semester to show the students how they can easily become millionaires through the magic of compund interest.

These are college students, so they should already know this, but inevitably their minds are blown.

I live in Quebec and I teach Financial education to grade 11 students. It is mandatory in the curriculum. And I spend a lot of time explaining how credit works, your credit score and especially compound interest. I realize that many parents do not talk about money to their children.

 

[crisi]

I live in Quebec and I teach Financial education to grade 11 students. It is mandatory in the curriculum. And I spend a lot of time explaining how credit works, your credit score and especially compound interest. I realize that many parents do not talk about money to their children.

I KNOW both my kids got this education in high school. And it sticks for some people - it stuck for me when I got it 40 years ago. But I've talked to high school acquaintances who don't remember ever getting taught any financial literacy. It needs to be taught both at home, in school - several times - and then through experience for it to stick for a lot of people. Then, when they are 40 they are like "why didn't anyone TELL me to start putting money into my 401k when I was in my 20s!" And that's the moment it stuck.

 

[DVCsloth]

Retiring at the end of the year. Planning on using my points for the first time as a retiree and the freedom that comes with it. Planning on keeping my points for at least a few years and possibly selling. VGF points I will make a little profit, but CCV and Riviera, I'll probably lose a little bit, but either way no more dues. Still love Disney and DVC, so its possible I keep all or most of the points.

 

[Brian Noble]

several times

This is true of almost anything one tries to learn/teach.