Adam, a great article and I appreciate the link to Cliff Asness’ article “An allocator looking back 10 years”. Despite its hilarious tone it does send an important message.
Overall, your points are well taken and my preferred approach of “buckets” based on timing of when assets will be needed in the future still seems pretty solid for me. Don’t overthink it, don’t change course based on prevailing trends and have confidence in your plan to weather the future shifts of markets.
Jonathan, another excellent article reminding us how complex our relationship with money and financial literacy is. I love how you include links to some of your many previous articles on related subjects. In the “who they are” link I was floored by your question written in 2023… 9. If you had five years to live, what would you change about your life? That would indeed be a relevant question to ask ourselves (or our spouses) at anytime in our life. I may be thinking about that one over this long holiday weekend. Thanks again for another thought provoking article.
The first 2 bullets are ”Learned Skills” (planning and savings goals) that someone needs to teach them. WHO will that be? Parents? Employers HR departments? No one ever taught me about savings goals other than general advice…”start early, etc”.
the other 3 are behavioral “flaws” that many people exhibit and probably can’t do much about. Yes, we have a real crisis but how is it going to change?
I speak to my grown kids about these things in general but I can’t / won’t get into specifics with them. Yes, it kills me when they exhibit the other 3 flaws and buy things NOT really needed impulsively but what can I say…”you’re screwing up your retirement “? Maybe they are counting on mom and dad leaving them a substantial inheritance to fund their old age and retirement?! I’m sure many of our kids will be in that position to inherit substantial wealth from US.
How did any of us survive childhood with such rudimentary “ amenities ” available to us?! Roughing it barely starts to describe the times and surroundings we grew up with!
JUST FINE, I would say! I look at what my grandkids have available to them now and I can’t even attempt to describe the lack of technology and conveniences we had growing up to them. I hope they are fine, but they sure don’t have to try very hard compared to our childhoods!
As I have quoted from the book “Die with Zero” here before, having enjoyable experiences in life is a three legged stool. We need TIME (to do leisure things), HEALTH (to be active enough) and MONEY (to afford to do things) . Most of us finally have all 3 of these during the early years of retirement . I guess that would put me in the Health category for focusing my efforts. I’m on vacation and I’m off to the gym now for cycle class! All the best to everyone!
Great article to remind ourselves that our attitude is so important to our feelings of happiness! My wife and I have a few friends who we always comment to each other are so Negative about almost everything that it makes them appear toxic most of the time. We don’t always understand why they are that way and no matter what happy events take place in their life, they cannot have more gratitude for the positive things. It’s hard to watch and they are still our friends, but we wish they could have a better attitude!
LOL, where is the Fountain of Youth to drink from? I just read that the recently renovated Trevi Fountain in Rome will have a tap to allow visitors to drink Metallic tainted water, YUCK!
I’m reading/ responding to this from my United flight to Puerto Vallarta….wanting 2025 travel to exceed 2024’s 9 trips so getting an early start! We will be visiting Italy in April but don’t plan on drinking from the fountain there!
Go-Go yes!
Interesting post and some great discount ideas I will remember.
My favorite senior citizen perk is the New Jersey Senior Citizen Learning Program. I just completed my first course /first semester at Montclair State University for FREE tuition! I can take any (up to 6 credits a semester) courses offered on a space available basis as a non- matriculated student at ANY NJ state college. Montclair is actually my Alma Mater and it’s a blast to go back to campus each week and sit in the classroom with undergrad students. I thoroughly enjoyed the experience and my fellow students and the professor made me feel completely welcome. BTW, I did all the assignments (not required) and I got an “A” for the course.
One other benefit of doing this is that I have a college ID card, that gets me a few freebies around school including FREE open Skating at the campus Ice Arena for my 5 1/2 year old grandson who plays hockey! That’s a $20 savings every time he skates (I don’t skate so they let him use my student freebie!).
Check out if your states have similar programs for Seniors.
Rick, I too own a beach home in Monmouth county that we spend a lot of time at (as well as money on) especially during the summer. The amount of family enjoyment we get there is impossible to measure.
I’ve sometimes thought that selling this 2nd home that has appreciated in value significantly in the 8 years we’ve owned it would be a great enhancement to our retirement financial plan (both in additional liquid resources and reduced expenses). Although not a serious consideration at this point, it is nice to view that home as a “lever” if ever needed.
Jonathan, astute and thought provoking as always. The 2 parts that hit close to home for me were:
regretting the many possessions we’ve purchased that have remained unused for so long. I’m often reminded of these “waste of money” things as we are now going through our “decumulating” phase during retirement.
comparing ourselves to others financially. Why were we able to retire while many of our friends some of whom are older, continue to work? Luck may play a role but I still wonder (and have stopped asking them).
No matter how well things are going we still do have our times of struggle. To be reminded that we have been hard-wired to be this way through our younger selves and life experiences are sobering. Trying to change now is difficult if not impossible!
Comments:
Adam, a great article and I appreciate the link to Cliff Asness’ article “An allocator looking back 10 years”. Despite its hilarious tone it does send an important message. Overall, your points are well taken and my preferred approach of “buckets” based on timing of when assets will be needed in the future still seems pretty solid for me. Don’t overthink it, don’t change course based on prevailing trends and have confidence in your plan to weather the future shifts of markets.
Post: Look Both Ways
Link to comment from January 18, 2025
Jonathan, another excellent article reminding us how complex our relationship with money and financial literacy is. I love how you include links to some of your many previous articles on related subjects. In the “who they are” link I was floored by your question written in 2023… 9. If you had five years to live, what would you change about your life? That would indeed be a relevant question to ask ourselves (or our spouses) at anytime in our life. I may be thinking about that one over this long holiday weekend. Thanks again for another thought provoking article.
Post: Money Grows Up
Link to comment from January 18, 2025
The first 2 bullets are ”Learned Skills” (planning and savings goals) that someone needs to teach them. WHO will that be? Parents? Employers HR departments? No one ever taught me about savings goals other than general advice…”start early, etc”. the other 3 are behavioral “flaws” that many people exhibit and probably can’t do much about. Yes, we have a real crisis but how is it going to change? I speak to my grown kids about these things in general but I can’t / won’t get into specifics with them. Yes, it kills me when they exhibit the other 3 flaws and buy things NOT really needed impulsively but what can I say…”you’re screwing up your retirement “? Maybe they are counting on mom and dad leaving them a substantial inheritance to fund their old age and retirement?! I’m sure many of our kids will be in that position to inherit substantial wealth from US.
Post: The Que sera, sera retirement planning strategy.
Link to comment from January 14, 2025
How did any of us survive childhood with such rudimentary “ amenities ” available to us?! Roughing it barely starts to describe the times and surroundings we grew up with! JUST FINE, I would say! I look at what my grandkids have available to them now and I can’t even attempt to describe the lack of technology and conveniences we had growing up to them. I hope they are fine, but they sure don’t have to try very hard compared to our childhoods!
Post: Join me on a trip down memory lane. It’s likely too long a trip for many readers
Link to comment from January 9, 2025
As I have quoted from the book “Die with Zero” here before, having enjoyable experiences in life is a three legged stool. We need TIME (to do leisure things), HEALTH (to be active enough) and MONEY (to afford to do things) . Most of us finally have all 3 of these during the early years of retirement . I guess that would put me in the Health category for focusing my efforts. I’m on vacation and I’m off to the gym now for cycle class! All the best to everyone!
Post: Focusing on the Real Threat
Link to comment from January 9, 2025
Great article to remind ourselves that our attitude is so important to our feelings of happiness! My wife and I have a few friends who we always comment to each other are so Negative about almost everything that it makes them appear toxic most of the time. We don’t always understand why they are that way and no matter what happy events take place in their life, they cannot have more gratitude for the positive things. It’s hard to watch and they are still our friends, but we wish they could have a better attitude!
Post: Kicking Myself
Link to comment from January 7, 2025
LOL, where is the Fountain of Youth to drink from? I just read that the recently renovated Trevi Fountain in Rome will have a tap to allow visitors to drink Metallic tainted water, YUCK! I’m reading/ responding to this from my United flight to Puerto Vallarta….wanting 2025 travel to exceed 2024’s 9 trips so getting an early start! We will be visiting Italy in April but don’t plan on drinking from the fountain there! Go-Go yes!
Post: No “Go-Go” by Kristine Hayes Nibler
Link to comment from January 6, 2025
Interesting post and some great discount ideas I will remember. My favorite senior citizen perk is the New Jersey Senior Citizen Learning Program. I just completed my first course /first semester at Montclair State University for FREE tuition! I can take any (up to 6 credits a semester) courses offered on a space available basis as a non- matriculated student at ANY NJ state college. Montclair is actually my Alma Mater and it’s a blast to go back to campus each week and sit in the classroom with undergrad students. I thoroughly enjoyed the experience and my fellow students and the professor made me feel completely welcome. BTW, I did all the assignments (not required) and I got an “A” for the course. One other benefit of doing this is that I have a college ID card, that gets me a few freebies around school including FREE open Skating at the campus Ice Arena for my 5 1/2 year old grandson who plays hockey! That’s a $20 savings every time he skates (I don’t skate so they let him use my student freebie!). Check out if your states have similar programs for Seniors.
Post: Golden Perks by Andrew Forsythe
Link to comment from January 5, 2025
Rick, I too own a beach home in Monmouth county that we spend a lot of time at (as well as money on) especially during the summer. The amount of family enjoyment we get there is impossible to measure. I’ve sometimes thought that selling this 2nd home that has appreciated in value significantly in the 8 years we’ve owned it would be a great enhancement to our retirement financial plan (both in additional liquid resources and reduced expenses). Although not a serious consideration at this point, it is nice to view that home as a “lever” if ever needed.
Post: Happy Winter Solstice
Link to comment from January 4, 2025
Jonathan, astute and thought provoking as always. The 2 parts that hit close to home for me were:
- regretting the many possessions we’ve purchased that have remained unused for so long. I’m often reminded of these “waste of money” things as we are now going through our “decumulating” phase during retirement.
- comparing ourselves to others financially. Why were we able to retire while many of our friends some of whom are older, continue to work? Luck may play a role but I still wonder (and have stopped asking them).
No matter how well things are going we still do have our times of struggle. To be reminded that we have been hard-wired to be this way through our younger selves and life experiences are sobering. Trying to change now is difficult if not impossible!Post: Why We Struggle
Link to comment from January 4, 2025