We have had at least three advantages: 1.) timing medical and scientific careers to escalation of salaries and availability of stock options during our careers; 2.) working for two companies that sold to Fortune 50 companies for stock price premiums; 3.) long careers unimpeded by health problems to allow compounding to work. We could have made this work on one salary, so really choice of careers was the key factor in success.
Thanks for asking this. I do think advisors can help with tax efficient planning. We haven’t gone the advisor route despite having a complex situation for about a decade, but I did spend huge amounts of time reading up on it and moving funds around, and I’m sure I bored many cocktail parties with my blather about it. Now that we are past that period it’s smooth sailing, no need for paying 1%. However, we may finally take an advisor onboard once we hit 85 or so, or when I find myself sending checks to dubious charities.
Of course this trial could be the start of something dire, but those 3 services are among the most often flagged as abuse/fraud. They should be leading with rationales, however, so not a great rollout.
One other note about Jacob that I always admired: his motivation for FIRE was primarily an environmental one. As he was a PhD astrophysicist, he had a solid understanding of the planet’s limits. Dick, I get your concern about FIRE as setting people up for a difficult retirement once they maybe can no longer work, but it’s important to acknowledge that environmentalism is often a key motivation for FIRE. These folks often want to live with a very small footprint and don’t need a huge bank of funds.
You have to dig into Jacob’s forums to learn about his current interests etc. He didn’t stay at the hedge fund gig all that long, then he went back to mastering more skills. He has had a couple of meet-ups with the smallish group of followers, and from what I can tell he is still living very frugally and engaging on his forum. Still a man much to be admired for living his values as espoused in his book and website.
We have 2 areas where we feel our contributions will be effective and appreciated but not thwart individual endeavor: we fully fund 529s for each niece and nephew, and we match wages in a Roth IRA up to $100k each. Both of us had to work FT in college, that balancing act was not fun and we missed out on a lot both socially and academically (honors clubs, newspaper and such). We also graduated with debt. The Roth hopefully means they won’t be destitute in old age, though they could always blow it in one swoop at 59.5. We agree with Adam that it takes quite a while to think this through and sift through examples to figure what works best and also matches your family values.
Congratulations and thank you for all of your posts about retirement preparations which have helped me to think through my own retirement fitness and journey. Good luck on your last few months of teaching!
Comments
We have had at least three advantages: 1.) timing medical and scientific careers to escalation of salaries and availability of stock options during our careers; 2.) working for two companies that sold to Fortune 50 companies for stock price premiums; 3.) long careers unimpeded by health problems to allow compounding to work. We could have made this work on one salary, so really choice of careers was the key factor in success.
Post: In retirement a pension is a advantage. Are two family incomes during working years an advantage as well?
Link to comment from August 6, 2025
Thanks for asking this. I do think advisors can help with tax efficient planning. We haven’t gone the advisor route despite having a complex situation for about a decade, but I did spend huge amounts of time reading up on it and moving funds around, and I’m sure I bored many cocktail parties with my blather about it. Now that we are past that period it’s smooth sailing, no need for paying 1%. However, we may finally take an advisor onboard once we hit 85 or so, or when I find myself sending checks to dubious charities.
Post: Beyond fees, is using a financial advisor, advisable? If you do or don’t why?
Link to comment from July 13, 2025
So appreciative that you are still feeling like writing and commenting but most of all attending to your real job, keeping Mr.Quinn in line😉.
Post: Extra Innings
Link to comment from July 13, 2025
Of course this trial could be the start of something dire, but those 3 services are among the most often flagged as abuse/fraud. They should be leading with rationales, however, so not a great rollout.
Post: A major Medicare benefit just vanished
Link to comment from July 6, 2025
That 22L is impressive, Cecilia!
Post: Dreams I Had
Link to comment from June 7, 2025
The blogger called A Purple Life has been retired since 30 splitting her expenses 50/50 with her partner. Her job was in marketing.
Post: Do You Worry About Money Every Day?
Link to comment from June 7, 2025
One other note about Jacob that I always admired: his motivation for FIRE was primarily an environmental one. As he was a PhD astrophysicist, he had a solid understanding of the planet’s limits. Dick, I get your concern about FIRE as setting people up for a difficult retirement once they maybe can no longer work, but it’s important to acknowledge that environmentalism is often a key motivation for FIRE. These folks often want to live with a very small footprint and don’t need a huge bank of funds.
Post: Going too far with FIRE: The downside of being in the financial advice business – RDQ
Link to comment from May 31, 2025
You have to dig into Jacob’s forums to learn about his current interests etc. He didn’t stay at the hedge fund gig all that long, then he went back to mastering more skills. He has had a couple of meet-ups with the smallish group of followers, and from what I can tell he is still living very frugally and engaging on his forum. Still a man much to be admired for living his values as espoused in his book and website.
Post: Going too far with FIRE: The downside of being in the financial advice business – RDQ
Link to comment from May 31, 2025
We have 2 areas where we feel our contributions will be effective and appreciated but not thwart individual endeavor: we fully fund 529s for each niece and nephew, and we match wages in a Roth IRA up to $100k each. Both of us had to work FT in college, that balancing act was not fun and we missed out on a lot both socially and academically (honors clubs, newspaper and such). We also graduated with debt. The Roth hopefully means they won’t be destitute in old age, though they could always blow it in one swoop at 59.5. We agree with Adam that it takes quite a while to think this through and sift through examples to figure what works best and also matches your family values.
Post: Giving Advice
Link to comment from April 5, 2025
Congratulations and thank you for all of your posts about retirement preparations which have helped me to think through my own retirement fitness and journey. Good luck on your last few months of teaching!
Post: Today’s the Day!–Well, Sort Of (by Dana/DrLefty)
Link to comment from April 3, 2025