Three years into retirement, and structure, purpose, commitment and gratitude still shape and color my life. What an unexpected gift, this stage of life. And I love that the answer to "what do you do?" no longer must tangentially address expectations of measuring up. No anxieties on my part, other than an overriding sense of the preciousness of time and the uncertainties ahead of becoming infirm. My financial journey has brought me to this time, and I am thankful for it.
I've salvaged from ovens, microwaves, toaster ovens, and refrigerators prior to disposal. This includes saving oven racks (to use as third racks in new ovens, and as cooling racks for baked goods), microwave plates (flat surfaces good for art projects), toaster oven pans, and refrigerator egg and ice containers. My early 1960's KitchenAid stand mixer and late 1960's Osterizer blender are, however, still going strong, and only recently did the 1980's Panasonic microwave give out.
Thanks for doing the math, William. Other factors may exist for those able to wait. Were I to claim now (at full retirement age, instead of at 70), 37% of my SS income would go towards higher taxes and IRMAA. At age 70.5, I should be able to offset the additional income from SS with qualified charitable distributions from an inherited IRA. I realize I am very fortunate to be in this situation, and for me it is reason enough to wait.
I agree that keeping asset amounts private is important. I've never wanted to learn how much someone else has accumulated. That still leaves open much room for constructive discussions of financial strategies and investment possibilities with others. Discussions with complainers tend to be non-productive and I try to avoid them.
It's a shame that financial matters cannot be more openly discussed among acquaintances. They govern so much of our lives yet are so closeted. In the days before internet, and without a financial advisor, I quietly sought out others of like mind willing to speak generally and freely on such topics. That was both helpful and formative. Now, sites like Humble Dollar help fill the void.
Thanks, Kathleen, for the comprehensive list. To your list, I would add to be thoughtful about naming a successor advisor to the DAF. This could be especially important for anyone who accumulates large (perhaps bunched) sums in their DAF. In my case, I have named a young adult niece whom I think would enjoy taking part in philanthropy. Another thought is to give directly to a charity whenever possible. Non-profits are charged for each donation made through an online platform -- typically a few percent of the donated amount. Third-party transactions from DAFs through online platforms are also now possible (e.g. dafpay.com) though I can't see why they are needed.
Yes, RDQ, IRMAA is fair -- and I try to remind myself of this with each payment. Another way to make the payment easier is to imagine the cost of private insurance. Even top tier IRMAA, with Medigap and Part D thrown in, is less expensive than the COBRA coverage I purchased prior to Medicare. Plus, a tiny perk: until one collects Social Security, payments can be made by credit card to earn cash back points. As for managing cliffs, I've generally found that maxing out investment returns and tax efficiency is more cost effective than worrying about IRMAA. But then, I don't do Roth conversions.
Not quite so simple in Maine in regards to switching plans. Mainers do have a right to change plans so long as the new plan has the same or lesser benefits. For me with a Plan G High Deductible, I likely couldn't switch to a regular Plan G. But that doesn't worry me. This year, I save a minimum of $2348 a year (over a normal plan G) and the additional annual deductible is $2513. I liken the difference in premium cost in healthy years to a form of a health savings account.
As a numbers-oriented person, I did not need instruction to balance a checkbook. Yet I'd been a lunch money collector in grade school and that probably helped. My first checking account came with a helpful instruction sheet on how to write checks and fill out deposit slips. The rest of my financial education was self-taught, albeit with a huge amount of example-setting by my parents.
I agree with you, RDQ, that maximizing lifetime benefit shouldn't be the goal. Another possible benefit to delaying until age 70, for some, is tax efficiency, for example, the possibility of doing Roth conversions. For me, it will mean offsetting SS income with qualified charitable distributions from an inherited account, which can't begin until 70.5 years of age.
Comments
Three years into retirement, and structure, purpose, commitment and gratitude still shape and color my life. What an unexpected gift, this stage of life. And I love that the answer to "what do you do?" no longer must tangentially address expectations of measuring up. No anxieties on my part, other than an overriding sense of the preciousness of time and the uncertainties ahead of becoming infirm. My financial journey has brought me to this time, and I am thankful for it.
Post: Happy Hour, or The Panic Button? Why Early Retirement Anxiety Is Real.
Link to comment from November 30, 2025
I've salvaged from ovens, microwaves, toaster ovens, and refrigerators prior to disposal. This includes saving oven racks (to use as third racks in new ovens, and as cooling racks for baked goods), microwave plates (flat surfaces good for art projects), toaster oven pans, and refrigerator egg and ice containers. My early 1960's KitchenAid stand mixer and late 1960's Osterizer blender are, however, still going strong, and only recently did the 1980's Panasonic microwave give out.
Post: Replacement of Kitchen Appliances
Link to comment from November 22, 2025
Thanks for doing the math, William. Other factors may exist for those able to wait. Were I to claim now (at full retirement age, instead of at 70), 37% of my SS income would go towards higher taxes and IRMAA. At age 70.5, I should be able to offset the additional income from SS with qualified charitable distributions from an inherited IRA. I realize I am very fortunate to be in this situation, and for me it is reason enough to wait.
Post: THE REAL RETURN ON DELAYING SOCIAL SECURITY
Link to comment from November 13, 2025
I agree that keeping asset amounts private is important. I've never wanted to learn how much someone else has accumulated. That still leaves open much room for constructive discussions of financial strategies and investment possibilities with others. Discussions with complainers tend to be non-productive and I try to avoid them.
Post: Discussing money matters with friends- a slippery slope
Link to comment from November 9, 2025
It's a shame that financial matters cannot be more openly discussed among acquaintances. They govern so much of our lives yet are so closeted. In the days before internet, and without a financial advisor, I quietly sought out others of like mind willing to speak generally and freely on such topics. That was both helpful and formative. Now, sites like Humble Dollar help fill the void.
Post: Discussing money matters with friends- a slippery slope
Link to comment from November 8, 2025
Thanks, Kathleen, for the comprehensive list. To your list, I would add to be thoughtful about naming a successor advisor to the DAF. This could be especially important for anyone who accumulates large (perhaps bunched) sums in their DAF. In my case, I have named a young adult niece whom I think would enjoy taking part in philanthropy. Another thought is to give directly to a charity whenever possible. Non-profits are charged for each donation made through an online platform -- typically a few percent of the donated amount. Third-party transactions from DAFs through online platforms are also now possible (e.g. dafpay.com) though I can't see why they are needed.
Post: 10 Ways to Give—Without Writing a Check
Link to comment from November 6, 2025
Yes, RDQ, IRMAA is fair -- and I try to remind myself of this with each payment. Another way to make the payment easier is to imagine the cost of private insurance. Even top tier IRMAA, with Medigap and Part D thrown in, is less expensive than the COBRA coverage I purchased prior to Medicare. Plus, a tiny perk: until one collects Social Security, payments can be made by credit card to earn cash back points. As for managing cliffs, I've generally found that maxing out investment returns and tax efficiency is more cost effective than worrying about IRMAA. But then, I don't do Roth conversions.
Post: IRMAA 2026 Of course it is fair
Link to comment from November 2, 2025
Not quite so simple in Maine in regards to switching plans. Mainers do have a right to change plans so long as the new plan has the same or lesser benefits. For me with a Plan G High Deductible, I likely couldn't switch to a regular Plan G. But that doesn't worry me. This year, I save a minimum of $2348 a year (over a normal plan G) and the additional annual deductible is $2513. I liken the difference in premium cost in healthy years to a form of a health savings account.
Post: Don’t make the wrong Medicare decision
Link to comment from October 25, 2025
As a numbers-oriented person, I did not need instruction to balance a checkbook. Yet I'd been a lunch money collector in grade school and that probably helped. My first checking account came with a helpful instruction sheet on how to write checks and fill out deposit slips. The rest of my financial education was self-taught, albeit with a huge amount of example-setting by my parents.
Post: Financial Education in Middle and High School
Link to comment from October 25, 2025
I agree with you, RDQ, that maximizing lifetime benefit shouldn't be the goal. Another possible benefit to delaying until age 70, for some, is tax efficiency, for example, the possibility of doing Roth conversions. For me, it will mean offsetting SS income with qualified charitable distributions from an inherited account, which can't begin until 70.5 years of age.
Post: Social Security subject beaten to death, but one more time please
Link to comment from October 24, 2025