when I was in practice I had far too many payients forced to go to inferior specialists or hospitals because of Medicare Advantage, and this was in central Ct where tgere was generally good care. If you need a bone marrow transplant dont you want Yale vs a community hospital? Massachusetts General Hospital just dropped all MA plans!
I am unsure if I will make it but for those of you who do and have never been to Philly, a must see ( especially nowadays) is the National Museum of the Constitution downtown on Arch st near the Liberty Bell and Independence Hall unless the shut down is over Independence Hall will probably be closed, but the Museum of the Constitution is private and open Weds to Sunday. It is a wonderful inspiring and optimistic tribute to the one thing that ( used to?) unite Americans.
I am so very sorry to hear this news. We all read Elaine's post Saturday about Hospice hoping this one would not come soon. My deepest condolences and prayers for all of the Clements. He will be sorely missed, not just for his humor and sage advice , but for the strength and fortitude he exhibited these last few years, as exemplified by the first sentences of this post, and this almost immortal quote “I’m not brave,” Clements told a friend last year. “Dying is a full-time job, so I might as well try to do it well. I’m just trying to get the most out of each day.” I have read Jonathan''s work avidly since well before he left the WSJ the first time. Somehow I always managed to find him again and keep listening. While his early messages were about investing and gradually moved to focus on index funds and simplicity. I did not follow as much of the index funds and simplicity advice as he would have liked. Fiddling around with finances is enjoyable but he has to take a fair amount of the blame for that as HD columns have illuminated a lot of the mystery, making it enjoyable. What will stick with me forever and what made the greatest impression on me was his advice to live frugally, spend money on experiences, not material goods so as to enjoy life the most with the ones you love and to be prepared at the end so as not to leave your family with a mess. Rest in Peace dear friend.
Dick have you calculated what size nest egg tou would have if those years of premiums had been invested? My parents financial experience with LTC insurance was abysmal. They started with premium policies sometime in their fifties , I think ( I could never het the company to tell me exactly when. But I did have their premium payments for about ten years before they died in 2012 and 2021 My father like many me. was able to stay home with aides for six months. My mother went into assisted living for 18 months but never Skilled Nursing. They paid into a assisted living community in Texas for about $100,000 in 2012. Even with 18 months in assisted living, my mother only received reimbursements for about half of the premiums they paid all those years. Given the huge premium increases that usually come, and your lack of any coverage if you stop paying them, we decided to not sign up. One key which is overlooked is to retire to a low coast state like Texas. The LTC costs in MA are probably 3 times Texas.
In general I agree that the political party in DC makes little long term difference in stock returns, although I think Dems have a little edge. However the political party in control now is so divorced from the past principles and experience that I think all predictions are off. I don’t see this as “political” other than all of the dramatic changes in DC come from the GOP. It is more “ideological” where one party now believes the federal government is a useless waste of money, and taxes on the top 0.1% must be cut. Rather than reading the headlines, you need to dig into the numbers and understand what the cuts in federal payroll, budgets, and attacks on hard working people (citizens or not) will do to the economy. I can cite many examples. The attack on working immigrants will cost the USA $100 B a year in the tax revenue they pay (without getting anything for it) and billions more in lost productivity. They work for lower pay and at jobs Americans will not do. For example, construction on Martha’s Vineyard has almost stopped, because of one ICE raid. Many more are planned I am sure. The Budget bill increases the deficit, and cuts taxes; the Bond market knows this. Next year’s proposed budget cuts the NIH, NSF and cancer research by 40 to 50%, but increases ICE budget by 200%. How is this an investment in our future economic progress? Where will the money that has funded our exceptionalism in medical and scientific research come from? Many brilliant international students and faculty are leaving, worried that even if their grants are funded they will be deported. People who believe this money is spent on worthless, lazy “deep state” leeches have never worked in a federal office or research lab, or know anyone who has. Read Michael Lewis’s “Who is the Government” if you really believe government employees do nothing. The National Park Service generates well over $55 B in total economic benefits ( for $3 B budget) in nearby communities, but the proposed budget for next year may close 2/3s of our parks and monuments. The effects on the economy of tariffs are well known from experience during the Depression. Unless things change quickly, tax revenues will drop, deficit spending and unemployment will rise, along with inflation, and America is no longer going to be seen as the world leader of scientific progress and reliability. At current P/Es the SP 500 is priced for perfection, and supported by the same seven or eight stocks. There are much better values elsewhere in the world, and TIPS look very attractive here.
1) I am more risk advers than I thought 2) In early retirement saving other than gifts to kids 3) yes as long as it is not minus 30%, but I am diversifying to international stocks 4) My patients all said I was a huge sucess, but were very very upset when I retired 5) It would be nice to have a big boat 6) other than investing, I love the new time retired I have to explore many intellectual pursuits and volunteering 7) Wife 8) this is most interesting one. I cannot bring myself to part with any of my 5000+ books , or sentimental documents from long gone family members. Suits ties, clothes that dont fit, sure (i only wear t shirts now anyway) but everytime I think I should take a book to the book sale I need it the next week. So far my kids are not interested in my geneology documents, but if I toss them they might be.
Funny this should pop up just as my wife and I ( early 70s) are hiring an advisor for 0.9% . They dont require all our assets and will also track our independent accounts. We also get tax and estate planning advice. The 0.9% is less than most active MFs, and while obviously a drag over years, at our ages is less than an issue. I think SP500 index funds are headed for a world of hurt and for the value and international stocks that have done well this year there is a better case for active mangement.
while I am in excellent health, my wife is 4 years younger, will probably outlive me and wants nothing to do with our investments.
Thank you agin Jonathan for a wise and lovely article, with words of wisdom. I have benefited from your sage advice ever since I found you in the WSJ and hope that you will continue to be very involved. We are praying for you and your family.
Such wisdom, Jonathan, and so contrary to what is being pushed out by many other financial and “ life” counselors. The email after yours was from John Mauldin who is pushing a “life transforming “ newsletter( for $1400) that promises health and “wellness” therapies that will allow the lucky subscribers to live for 150 or 200 years and identify companies that will make it happen. These companies are on the “verge” of massive breakthroughs. Of course, they are held back by a criminally incompetent FDA that “should be abolished”. Snake oil salesman. How do people believe this junk?
While I have all our account clustered in Quicken, I always doubt their ROI calculations. It is impossible to tell if they use the true beginning and ending values on multiple account or the whole. If anyone else has solved this please let me know. I also do not know the methodology at Schwab and Fido, so don’t know if they accurately track withdrawals and additions. You would think it would be straight forward, but not. All I know is we have more money now than we did 10 years ago, despite college expenses and buying a new house!
Comments
when I was in practice I had far too many payients forced to go to inferior specialists or hospitals because of Medicare Advantage, and this was in central Ct where tgere was generally good care. If you need a bone marrow transplant dont you want Yale vs a community hospital? Massachusetts General Hospital just dropped all MA plans!
Post: Don’t make the wrong Medicare decision
Link to comment from October 26, 2025
I am unsure if I will make it but for those of you who do and have never been to Philly, a must see ( especially nowadays) is the National Museum of the Constitution downtown on Arch st near the Liberty Bell and Independence Hall unless the shut down is over Independence Hall will probably be closed, but the Museum of the Constitution is private and open Weds to Sunday. It is a wonderful inspiring and optimistic tribute to the one thing that ( used to?) unite Americans.
Post: Information on Jonathan’s Memorial Service
Link to comment from October 5, 2025
I am so very sorry to hear this news. We all read Elaine's post Saturday about Hospice hoping this one would not come soon. My deepest condolences and prayers for all of the Clements. He will be sorely missed, not just for his humor and sage advice , but for the strength and fortitude he exhibited these last few years, as exemplified by the first sentences of this post, and this almost immortal quote “I’m not brave,” Clements told a friend last year. “Dying is a full-time job, so I might as well try to do it well. I’m just trying to get the most out of each day.”
I have read Jonathan''s work avidly since well before he left the WSJ the first time. Somehow I always managed to find him again and keep listening. While his early messages were about investing and gradually moved to focus on index funds and simplicity. I did not follow as much of the index funds and simplicity advice as he would have liked. Fiddling around with finances is enjoyable but he has to take a fair amount of the blame for that as HD columns have illuminated a lot of the mystery, making it enjoyable. What will stick with me forever and what made the greatest impression on me was his advice to live frugally, spend money on experiences, not material goods so as to enjoy life the most with the ones you love and to be prepared at the end so as not to leave your family with a mess. Rest in Peace dear friend.
Post: Farewell Friends
Link to comment from September 24, 2025
Dick have you calculated what size nest egg tou would have if those years of premiums had been invested? My parents financial experience with LTC insurance was abysmal. They started with premium policies sometime in their fifties , I think ( I could never het the company to tell me exactly when. But I did have their premium payments for about ten years before they died in 2012 and 2021 My father like many me. was able to stay home with aides for six months. My mother went into assisted living for 18 months but never Skilled Nursing. They paid into a assisted living community in Texas for about $100,000 in 2012. Even with 18 months in assisted living, my mother only received reimbursements for about half of the premiums they paid all those years. Given the huge premium increases that usually come, and your lack of any coverage if you stop paying them, we decided to not sign up. One key which is overlooked is to retire to a low coast state like Texas. The LTC costs in MA are probably 3 times Texas.
Post: Healthcare spending and premiums during a post age-65 retirement- facts and ideas.
Link to comment from September 6, 2025
In general I agree that the political party in DC makes little long term difference in stock returns, although I think Dems have a little edge. However the political party in control now is so divorced from the past principles and experience that I think all predictions are off. I don’t see this as “political” other than all of the dramatic changes in DC come from the GOP. It is more “ideological” where one party now believes the federal government is a useless waste of money, and taxes on the top 0.1% must be cut. Rather than reading the headlines, you need to dig into the numbers and understand what the cuts in federal payroll, budgets, and attacks on hard working people (citizens or not) will do to the economy. I can cite many examples. The attack on working immigrants will cost the USA $100 B a year in the tax revenue they pay (without getting anything for it) and billions more in lost productivity. They work for lower pay and at jobs Americans will not do. For example, construction on Martha’s Vineyard has almost stopped, because of one ICE raid. Many more are planned I am sure. The Budget bill increases the deficit, and cuts taxes; the Bond market knows this. Next year’s proposed budget cuts the NIH, NSF and cancer research by 40 to 50%, but increases ICE budget by 200%. How is this an investment in our future economic progress? Where will the money that has funded our exceptionalism in medical and scientific research come from? Many brilliant international students and faculty are leaving, worried that even if their grants are funded they will be deported. People who believe this money is spent on worthless, lazy “deep state” leeches have never worked in a federal office or research lab, or know anyone who has. Read Michael Lewis’s “Who is the Government” if you really believe government employees do nothing. The National Park Service generates well over $55 B in total economic benefits ( for $3 B budget) in nearby communities, but the proposed budget for next year may close 2/3s of our parks and monuments. The effects on the economy of tariffs are well known from experience during the Depression. Unless things change quickly, tax revenues will drop, deficit spending and unemployment will rise, along with inflation, and America is no longer going to be seen as the world leader of scientific progress and reliability. At current P/Es the SP 500 is priced for perfection, and supported by the same seven or eight stocks. There are much better values elsewhere in the world, and TIPS look very attractive here.
Post: Listen to the Markets
Link to comment from June 1, 2025
1) I am more risk advers than I thought 2) In early retirement saving other than gifts to kids 3) yes as long as it is not minus 30%, but I am diversifying to international stocks 4) My patients all said I was a huge sucess, but were very very upset when I retired 5) It would be nice to have a big boat 6) other than investing, I love the new time retired I have to explore many intellectual pursuits and volunteering 7) Wife 8) this is most interesting one. I cannot bring myself to part with any of my 5000+ books , or sentimental documents from long gone family members. Suits ties, clothes that dont fit, sure (i only wear t shirts now anyway) but everytime I think I should take a book to the book sale I need it the next week. So far my kids are not interested in my geneology documents, but if I toss them they might be.
Post: Ask Me a Tough One
Link to comment from April 19, 2025
Funny this should pop up just as my wife and I ( early 70s) are hiring an advisor for 0.9% . They dont require all our assets and will also track our independent accounts. We also get tax and estate planning advice. The 0.9% is less than most active MFs, and while obviously a drag over years, at our ages is less than an issue. I think SP500 index funds are headed for a world of hurt and for the value and international stocks that have done well this year there is a better case for active mangement. while I am in excellent health, my wife is 4 years younger, will probably outlive me and wants nothing to do with our investments.
Post: Fishing for Feedback
Link to comment from April 19, 2025
Thank you agin Jonathan for a wise and lovely article, with words of wisdom. I have benefited from your sage advice ever since I found you in the WSJ and hope that you will continue to be very involved. We are praying for you and your family.
Post: Four Thoughts
Link to comment from March 2, 2025
Such wisdom, Jonathan, and so contrary to what is being pushed out by many other financial and “ life” counselors. The email after yours was from John Mauldin who is pushing a “life transforming “ newsletter( for $1400) that promises health and “wellness” therapies that will allow the lucky subscribers to live for 150 or 200 years and identify companies that will make it happen. These companies are on the “verge” of massive breakthroughs. Of course, they are held back by a criminally incompetent FDA that “should be abolished”. Snake oil salesman. How do people believe this junk?
Post: Four Questions
Link to comment from December 28, 2024
While I have all our account clustered in Quicken, I always doubt their ROI calculations. It is impossible to tell if they use the true beginning and ending values on multiple account or the whole. If anyone else has solved this please let me know. I also do not know the methodology at Schwab and Fido, so don’t know if they accurately track withdrawals and additions. You would think it would be straight forward, but not. All I know is we have more money now than we did 10 years ago, despite college expenses and buying a new house!
Post: What is The 10 Year Return on Your Portfolio?
Link to comment from December 1, 2024