One of the best habits in my life started with the invention of TiVo and other DVRs. It was at that point we started recording all our shows, watching them on our schedule, and SKIPPING PAST EVERY COMMERCIAL. Instantly, you block out damaging distractions and gain oodles of extra time in your life. I haven't ever met anyone else who does this which astonishes me. My other good habits: daily exercise and weighing myself every morning.
“absent my pension, our lifestyle before and after retirement would have been very different. That makes it hard for me to understand how others manage to retire in their 50s on savings alone”in our case, the formula was two college degrees, two professional careers, saving and investing, and zero kids.
I created not just a letter but an entire manual, a blue print of our life. This was to help my spouse, family, executor, etc. i stored it in our safe deposit box at the bank. Last month I went to update it and the entire safe deposit box inside had been stolen. When you draft these letters assume it will end up on the internet and be careful what you include. One takeaway for us going forward is that some master passwords, PINs etc will have to be memorized and never recorded anywhere.
I agree completely with simplifying things when you still have the capacity to do it. I also have an Inherited IRA and made the decision to liquidate it. Once I die my wife would have to continue the RMD's on it each year and also liquidate it within 10 years. Too onerous and complicated to leave that “gift” behind. I'm distributing it out over two years to manage the tax impact, and I will be glad when it's gone.
Thanks for an informative article! The part about using HSA money to pay Medicare premiums before SS and then pausing once SS begins was interesting. I have the exact opposite idea. Once SS begins there's a potential “tax tornado” that occurs, where most of that income can be taxable and your tax rate explodes. Those are the times you want qualifying nontaxable income sources: Roth IRA and HSA distributions are the primary ones I can use (sadly, muni bond interest doesn't also qualify). I suppose if in your situation you can't avoid it, so be it, but my plan is to avoid having any SS be taxable, and using HSA money to fund expenses will be part of that plan. I'll start tracking Medicare premiums immediately for that purpose while I collect SS later on. would love to hear from others if this sounds flawed.
I agree. After a 15 hour coach flight to Australia years ago I vowed never again to fly coach internationally. We earn frequent flyer miles from our credit card and they are only used for international business class, nothing else. I don't feel it's worth paying for a business class ticket so we only go when we have the miles. Another idea: take a repositioning cruise instead of an international flight. No jet lag and a relaxing start or finish to the trip.
Comments:
One of the best habits in my life started with the invention of TiVo and other DVRs. It was at that point we started recording all our shows, watching them on our schedule, and SKIPPING PAST EVERY COMMERCIAL. Instantly, you block out damaging distractions and gain oodles of extra time in your life. I haven't ever met anyone else who does this which astonishes me. My other good habits: daily exercise and weighing myself every morning.
Post: Why We Struggle
Link to comment from January 4, 2025
“absent my pension, our lifestyle before and after retirement would have been very different. That makes it hard for me to understand how others manage to retire in their 50s on savings alone” in our case, the formula was two college degrees, two professional careers, saving and investing, and zero kids.
Post: Not That Person
Link to comment from June 26, 2024
I created not just a letter but an entire manual, a blue print of our life. This was to help my spouse, family, executor, etc. i stored it in our safe deposit box at the bank. Last month I went to update it and the entire safe deposit box inside had been stolen. When you draft these letters assume it will end up on the internet and be careful what you include. One takeaway for us going forward is that some master passwords, PINs etc will have to be memorized and never recorded anywhere.
Post: Making It Easy
Link to comment from March 3, 2024
It's also a gift to yourself for those of us who have no kids to look after us.
Post: Look All Ways
Link to comment from November 30, 2023
I agree completely with simplifying things when you still have the capacity to do it. I also have an Inherited IRA and made the decision to liquidate it. Once I die my wife would have to continue the RMD's on it each year and also liquidate it within 10 years. Too onerous and complicated to leave that “gift” behind. I'm distributing it out over two years to manage the tax impact, and I will be glad when it's gone.
Post: Look All Ways
Link to comment from November 30, 2023
Thanks for an informative article! The part about using HSA money to pay Medicare premiums before SS and then pausing once SS begins was interesting. I have the exact opposite idea. Once SS begins there's a potential “tax tornado” that occurs, where most of that income can be taxable and your tax rate explodes. Those are the times you want qualifying nontaxable income sources: Roth IRA and HSA distributions are the primary ones I can use (sadly, muni bond interest doesn't also qualify). I suppose if in your situation you can't avoid it, so be it, but my plan is to avoid having any SS be taxable, and using HSA money to fund expenses will be part of that plan. I'll start tracking Medicare premiums immediately for that purpose while I collect SS later on. would love to hear from others if this sounds flawed.
Post: Paying Those Premiums
Link to comment from September 22, 2023
I agree. After a 15 hour coach flight to Australia years ago I vowed never again to fly coach internationally. We earn frequent flyer miles from our credit card and they are only used for international business class, nothing else. I don't feel it's worth paying for a business class ticket so we only go when we have the miles. Another idea: take a repositioning cruise instead of an international flight. No jet lag and a relaxing start or finish to the trip.
Post: Wishing My Life Away
Link to comment from April 8, 2023