Great post and humor, Mark! I feared something like this when my daughter was prepping for the wedding, but she really took it easy on our finances. Of course, that was 16 years ago, so I may now be overlooking some financial details ... happily!
This is a great analysis about how IRA's and tax rates interact, Rick! As you note, tax rates change, so there is some value in having both types of IRA's in your portfolio. Thanks!
Mark: excellent post! Sounds very much like my wife and me and some of the conversations we've had while vacationing. I particularly appreciated the comment: "preallocate the vacation budget and mentally treat it as already spent"! Gotta work on that approach for our future travels!
I am not taking SS yet, but am in year 3 on Medicare A&B. When that began, I was on the automatic quarterly billing cycle. I prefer as much stability from month to month for expenses, so requested monthly billing and that was granted. In the online conversation with the Medicare representative, I was assured the monthly billing cycle would continue when I began receiving SS benefits.
Ok, so perhaps a better term is "asset". Regardless of how it was earned or how it is (or is not) taxed, it is $ available to be used. I agree it is not current income, but a very likely a direct result of previous income.
For us, it wasn't replacing any specific % of working income, it was when our income streams would more than cover our expenses (yes, calculated with a ... spreadsheet) and also allow us to continue to save each month. Our pensions have a COLA which has more than kept up with Medicare and other increased costs. My wife started receiving social security in February and all that goes into savings. So, we don't anticipate needing to tap into our T-IRA, Roth IRA's, or savings accounts in order to pay monthly bills. While I hope that our politicians do something positive to save social security with no benefits reduction, even if reduced benefits happen it won't interfere with our retirement lifestyle.
Comments
Thanks for offering, but no!
Post: A Wedding Too Far
Link to comment from September 8, 2026
Great post and humor, Mark! I feared something like this when my daughter was prepping for the wedding, but she really took it easy on our finances. Of course, that was 16 years ago, so I may now be overlooking some financial details ... happily!
Post: A Wedding Too Far
Link to comment from September 7, 2026
This is a great analysis about how IRA's and tax rates interact, Rick! As you note, tax rates change, so there is some value in having both types of IRA's in your portfolio. Thanks!
Post: Traditional or Roth
Link to comment from August 29, 2026
One part of living well, in my opinion!
Post: Bad Maths, Good Fire.
Link to comment from August 28, 2026
Mark: excellent post! Sounds very much like my wife and me and some of the conversations we've had while vacationing. I particularly appreciated the comment: "preallocate the vacation budget and mentally treat it as already spent"! Gotta work on that approach for our future travels!
Post: The Intentional Spendthrift
Link to comment from August 21, 2026
I am not taking SS yet, but am in year 3 on Medicare A&B. When that began, I was on the automatic quarterly billing cycle. I prefer as much stability from month to month for expenses, so requested monthly billing and that was granted. In the online conversation with the Medicare representative, I was assured the monthly billing cycle would continue when I began receiving SS benefits.
Post: Preparing for SS at Age 70….. How Do I Transition to Monthly Part B Premium Deduction?
Link to comment from August 19, 2026
Those ads seem to be the equivalent of the soap opera drivel during which they are shown.
Post: Medicare Advantage Part C — Not too soon to start planning for 2027
Link to comment from August 15, 2026
Ok, so perhaps a better term is "asset". Regardless of how it was earned or how it is (or is not) taxed, it is $ available to be used. I agree it is not current income, but a very likely a direct result of previous income.
Post: Income taxes on retirees with Social Security
Link to comment from August 15, 2026
And we hope they continue to do so!
Post: Income taxes on retirees with Social Security
Link to comment from August 15, 2026
For us, it wasn't replacing any specific % of working income, it was when our income streams would more than cover our expenses (yes, calculated with a ... spreadsheet) and also allow us to continue to save each month. Our pensions have a COLA which has more than kept up with Medicare and other increased costs. My wife started receiving social security in February and all that goes into savings. So, we don't anticipate needing to tap into our T-IRA, Roth IRA's, or savings accounts in order to pay monthly bills. While I hope that our politicians do something positive to save social security with no benefits reduction, even if reduced benefits happen it won't interfere with our retirement lifestyle.
Post: What is the right percentage?
Link to comment from August 9, 2026