THIS IS MY 150TH article for HumbleDollar. My first appeared on Aug. 12, 2019. I’m not sure when I became aware of the site, but it’s become an important part of my life. I’ve truly enjoyed the writing, along with reading the work of others and interacting with the editor, other contributors and readers.
For my 150th, I thought about looking back over the past five years and compiling a list of 150 observations. But that proved too challenging for my ancient brain. Instead, here are my top 15 thoughts, observations and random musings, offered in no particular order.
I’m still capable of learning. Indeed, I’ve learned so much more from commenters and other writers than I’ve manage to teach. Being exposed to other people’s thoughts and ideas is a daily joy.
The nameHumbleDollar really fits. The more I learn, the more I realize how little I know and how many smart people there are.
Civilized discussion between good people is a wonderful part of life. The comments I’ve received have been kind, thoughtful and enlightening. We should all strive to do more of it.
Many retirees love to travel. Many retirees enjoy travel. Many retirees have almost no interest in travel. I consider myself somewhere between love and enjoy. I have friends in the “not interested” category. They aren’t wrong and I’m not right. We each get to choose how we lead our lives, and we can change if we choose.
Medicare is a pretty good deal, but it’s not free. Medicare’s income-related monthly adjustment amount, or IRMAA, can be a big issue, especially if your final years of employment included some high-income years—but you may also be able to get those premium surcharges waived.
Inflation isn’t dead. When I started writing articles in 2019, inflation wasn’t even a thought. By contrast, inflation was very high as I hit adulthood in the late 1970s and early 1980s. I vividly recall friends getting 14% mortgages on their first homes. Our first mortgage was 8%, but only after paying three points upfront, or 3% of the loan amount. We were happy to get that mortgage. Today’s inflation is certainly concerning, but we’ve seen worse.
The financial markets are pretty resilient. Despite spending way more on real estate than planned, our retirement accounts are bigger than five years ago. Our portfolio is pretty simple, mainly low-cost stock index funds. I’ve never been good at picking individual stocks, and stopped trying years ago.
Financial planning is important, but we should plan for the unplanned. In this century, we’ve experienced a global financial crisis and a global pandemic. Both surprised me. But we worked and saved during these bad times, and kept investing when markets were down.
I think having a margin of safety is important. Carrying a cash reserve made it easier to handle the market gyrations of 2020 and 2022. Meanwhile, automating withdrawals makes it feel like we’re still getting a paycheck.
To me, investment selection and management is the least interesting part of personal financial planning. Maybe it’s because I’m lousy at picking stocks. Managing our cash flow, tax planning, estate planning and buying the right insurance are all just as important to our financial lives.
It’s not good to only associate with those in a similar financial position. Despite the enormous wealth in America, there are many people who still struggle in retirement. My experience as a volunteer tax preparer has exposed me to both retirees of limited means and the working poor. There are lots of opinions about why folks struggle financially and what needs to be done. But when you sit across the table from someone in tough financial straits, judgmental thoughts don’t help. You either help them or you don’t participate.
Social Security is a crucial source of income for many retirees. The many comments that follow a Social Security article are a testament to this. Deciding when to claim Social Security is a personal choice, involving financial and non-financial considerations. One thing I’ve noticed: Most folks are sure they made the right choice, regardless of what happens later.
Sharing part of your personal story with strangers is scary, but worthwhile. I’m always impressed—and a bit awed—at the stories that the site’s authors share. I’m grateful for their courage and selflessness.
Retirement isn’t an end. Rather, it’s a fresh chance to engage in all manner of activities. One of the things I thought I wanted most from retirement was autonomy over my time. That’s still important, but I’ve found it needs to be balanced with family, friendship, purpose and activity. I think finding the right balance is one of the most important parts of life, and especially so in retirement
I feel tremendous gratitude to the HumbleDollar community for its patience, forbearance and friendship. I look forward to many more years of participation.
Richard Connor is a semi-retired aerospace engineer with a keen interest in finance. He enjoys a wide variety of other interests, including chasing grandkids, space, sports, travel, winemaking and reading. Follow Rick on Twitter @RConnor609 and check out his earlier articles.
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Dan, Michael, Andrew, Olin, and Howard. Thanks for the kind words. Seeing this article pop up is bittersweet. This was my last official article on HumbleDollar. It was published about 12 hours after Jonathan sent an email from the ICU to a number of frequent writers, letting us know about his diagnosis. His loss is felt by so many people.
Richard Connor is a semi-retired aerospace engineer with a keen interest in finance. He enjoys a wide variety of other interests, including chasing grandkids, space, sports, travel, winemaking and reading. Follow Rick on Twitter @RConnor609 and check out his earlier articles.
Dan, Michael, Andrew, Olin, and Howard. Thanks for the kind words. Seeing this article pop up is bittersweet. This was my last official article on HumbleDollar. It was published about 12 hours after Jonathan sent an email from the ICU to a number of frequent writers, letting us know about his diagnosis. His loss is felt by so many people.
Rick – I agree with Andrew’s sentiment. I wish you could return to posting with your wisdom and thoughtfulness.