Thanks for the update on your retirement journey, Jonathan. I suspect many of us have had to work out our right paths in retirement. In retrospect, I am grateful for having caught COVID the day after retiring. I felt just good enough to do very little for a month, and that was likely the clean break from work that I needed; I had time to think purposefully about what would come next. Before committing to the entire Tour, perhaps wait and see if NBC will once again post extended highlights of each stage on YouTube. The daily posts range in length from 20 minutes to an hour, complete with narration by Bob Roll and Phil Liggett. All the excitement, cut from the same feeds as the full version, on one's own schedule and for free.
Hi, Kristine. I agree with Gemini AI that TIAA offers a solid package of annuity products (though their quote does seem, however, drawn solely from the TIAA website). Even with substantial savings in TIAA traditional investment pools, for tax reasons I have chosen not to annuitize. Instead, I take my own "one time" withdrawals, which are essentially self-directed "interest-only" withdrawals done quarterly. In this way I do not commit to a withdrawal plan or annuity and can preserve the account value for my estate. I began withdrawing eight years before the required RMDs will kick in, also to minimize future taxes.
This moving podcast (https://www.wbur.org/onpoint/2025/04/02/scam-judith-boivin-life-savings) indicates that, prior to the 2017 tax law changes, someone scammed out of an IRA could deduct their losses from income. Now the losses are considered taxable income, and I think you are saying, someone with a good lawyer could successfully contest the tax bill. But that presupposes they would have the knowledge and resources to do so.
Thanks for the thoughtful and thorough answers. Am itemizing, so will compare the tax consequences of QCDs versus appreciated asset donation when the time comes. And of course, let's wait and see what the new tax bill brings.
Thanks as always for your thoughts on taxes, William. Am I correct in thinking that charitable contributions are currently capped at 60% of AGI and that half of that amount could be from appreciated assets, and half from cash? And that QCDs could be in addition to the 60%, up to the maximum allowed annually?
My favorites too. Reagle puzzles still appear weekly in my local newspaper, likely updated or ghost written as the clues and answers seem current. The paper recently reprinted a puzzle from the 1990s. I found it very tricky, containing references to older trivia that I did not know or had forgotten.
I'm hooked on Connections too, Marjorie, plus the Spelling Bee and Mini Crossword. Love the once or twice a year when Connections uses symbols. Am also hooked on Globle. After playing for a couple of years, my geographic smarts are definitely much improved. Now if I have trouble falling asleep, I count countries and not sheep. Works like a charm.
Condolences for all you have experienced so recently, David. Thank you for your posts and wise advice. My comment certainly is tangential to this post, as it comes in response to your related post which is now closed to comment. I still correspond regularly with my soon to be 101 year old high school English teacher. She was very influential in my schooling and finding her in later life has been a treasure. Ever articulate even in declining health, her letters often touch on deeper meanings, poetry, and literature. Amazing to me is her abiding interest in the political direction of our nation so clearly expressed in writing. I would have predicted that interest in current events would ebb with age, but it has not. Perhaps this is a part of ourselves most difficult to change.
Not an issue for me so far. I keep copies of the returns and always apply my refund to estimated taxes. I suspect the IRS uses optical character recognition (OCR) and scans my return instead of doing manual entry. OCR is very accurate these days.
H&R Block software. Switched years ago from Turbo Tax and haven't looked back. It has been flawless except once for a state form that H&R did not have (calculation of an underpayment penalty, that involved computations and worksheets for each quarter -- yuk!). Oh, and the font size on the interface can't be changed and seems each year to be getting smaller. ;) I still do manual entries, work offline with the software, and file by certified mail in an attempt to minimize the chance of cyber risk. I print and review the paper copies a few days after completing the forms. Seeing the entirety of the documents in a different format has helped me to spot needed corrections.
Comments
Thanks for the update on your retirement journey, Jonathan. I suspect many of us have had to work out our right paths in retirement. In retrospect, I am grateful for having caught COVID the day after retiring. I felt just good enough to do very little for a month, and that was likely the clean break from work that I needed; I had time to think purposefully about what would come next. Before committing to the entire Tour, perhaps wait and see if NBC will once again post extended highlights of each stage on YouTube. The daily posts range in length from 20 minutes to an hour, complete with narration by Bob Roll and Phil Liggett. All the excitement, cut from the same feeds as the full version, on one's own schedule and for free.
Post: Tasting Retirement
Link to comment from April 25, 2025
Hi, Kristine. I agree with Gemini AI that TIAA offers a solid package of annuity products (though their quote does seem, however, drawn solely from the TIAA website). Even with substantial savings in TIAA traditional investment pools, for tax reasons I have chosen not to annuitize. Instead, I take my own "one time" withdrawals, which are essentially self-directed "interest-only" withdrawals done quarterly. In this way I do not commit to a withdrawal plan or annuity and can preserve the account value for my estate. I began withdrawing eight years before the required RMDs will kick in, also to minimize future taxes.
Post: RDQ Sorry folks, I still see annuities, including deferred annuities, as a viable option for creating steady retirement income.
Link to comment from April 24, 2025
This moving podcast (https://www.wbur.org/onpoint/2025/04/02/scam-judith-boivin-life-savings) indicates that, prior to the 2017 tax law changes, someone scammed out of an IRA could deduct their losses from income. Now the losses are considered taxable income, and I think you are saying, someone with a good lawyer could successfully contest the tax bill. But that presupposes they would have the knowledge and resources to do so.
Post: Forfeiture laws vs. Tax laws
Link to comment from April 24, 2025
Thanks for the thoughtful and thorough answers. Am itemizing, so will compare the tax consequences of QCDs versus appreciated asset donation when the time comes. And of course, let's wait and see what the new tax bill brings.
Post: TCJA – What to Keep, What to Toss
Link to comment from April 23, 2025
Thanks as always for your thoughts on taxes, William. Am I correct in thinking that charitable contributions are currently capped at 60% of AGI and that half of that amount could be from appreciated assets, and half from cash? And that QCDs could be in addition to the 60%, up to the maximum allowed annually?
Post: TCJA – What to Keep, What to Toss
Link to comment from April 23, 2025
My favorites too. Reagle puzzles still appear weekly in my local newspaper, likely updated or ghost written as the clues and answers seem current. The paper recently reprinted a puzzle from the 1990s. I found it very tricky, containing references to older trivia that I did not know or had forgotten.
Post: Building Connections by Marjorie Kondrack
Link to comment from April 23, 2025
I'm hooked on Connections too, Marjorie, plus the Spelling Bee and Mini Crossword. Love the once or twice a year when Connections uses symbols. Am also hooked on Globle. After playing for a couple of years, my geographic smarts are definitely much improved. Now if I have trouble falling asleep, I count countries and not sheep. Works like a charm.
Post: Building Connections by Marjorie Kondrack
Link to comment from April 22, 2025
Condolences for all you have experienced so recently, David. Thank you for your posts and wise advice. My comment certainly is tangential to this post, as it comes in response to your related post which is now closed to comment. I still correspond regularly with my soon to be 101 year old high school English teacher. She was very influential in my schooling and finding her in later life has been a treasure. Ever articulate even in declining health, her letters often touch on deeper meanings, poetry, and literature. Amazing to me is her abiding interest in the political direction of our nation so clearly expressed in writing. I would have predicted that interest in current events would ebb with age, but it has not. Perhaps this is a part of ourselves most difficult to change.
Post: Lesson Four From Taking Care of a 102 yo in Her Last Year of Life- The Final Hours of Life Can be Beautiful
Link to comment from April 20, 2025
Not an issue for me so far. I keep copies of the returns and always apply my refund to estimated taxes. I suspect the IRS uses optical character recognition (OCR) and scans my return instead of doing manual entry. OCR is very accurate these days.
Post: Now it’s over, taxes are filed, but I have a question. How did prepare your your taxes?
Link to comment from April 18, 2025
H&R Block software. Switched years ago from Turbo Tax and haven't looked back. It has been flawless except once for a state form that H&R did not have (calculation of an underpayment penalty, that involved computations and worksheets for each quarter -- yuk!). Oh, and the font size on the interface can't be changed and seems each year to be getting smaller. ;) I still do manual entries, work offline with the software, and file by certified mail in an attempt to minimize the chance of cyber risk. I print and review the paper copies a few days after completing the forms. Seeing the entirety of the documents in a different format has helped me to spot needed corrections.
Post: Now it’s over, taxes are filed, but I have a question. How did prepare your your taxes?
Link to comment from April 17, 2025