I suspect gambling is an important outlet for many of the clients we serve. I did the taxes this year for a woman who had casino winnings shortly before and after the death of her husband. I also did the return for a disabled veteran who won and lost $79,000. He viewed his losses as a chance to play with the house money. I find it interesting that so many HD readers are tax volunteers. Among my “real life” friends and acquaintances, I don’t know a single person who signed up.
I think Vanguard and the other similar personal advisors are great for people who have some basic knowledge of their finances. But I have friends whose spouses took total charge of the household finances, and when those partners died, the survivors were simply lost One had to hire someone to pay her monthly bills. She is a smart, college educated woman, but she tells me she just doesn’t understand money, I’ve tried to help, but it’s like talking to the wall. My husband is also uninterested in our finances, but after seeing the problems my friends have encountered, I’m working to bring him up to speed. Once a month, we review our finances— we look at the monthly bills, quarterly charges, and annual expenses like property taxes, We also review when our pensions, SS, and other income are credited to our checking account. I do our income taxes, but after I finish, I take him through the whole procedure. He doesn’t enjoy these reviews AT ALL. But his questions do show he’s getting better.
I suspect very few arrangements are ideal. But I do agree that in my darkest moments I would want to be near family members— not depend on low paid works for my well/being. At the same time, I would not want to live with my children as I die. I believe it is the parents’ responsibility to relocate, many CCRCs accept direct to assisted living residents. But I think it’s important to have a family member near by to oversee care. Also— as mentioned above— another caregiver in addition to the institution’s workers is also likely to be necessary. is all of this very expensive? Absolutely! Its just the way it is.
If you add in four years of property tax and insurance, the “loss” would be even greater. But 4 years of rent at $1500 a month amounts to $72,000. I would find this a hard call. It probably would come down to the buyers’ ability to absorb the financial loss vs any even short term hope that the adult child might benefit.
Our after tax account is pretty equally divided between a total market index fund and a tax efficient fund. The performance of the two is very similar. But when doing our taxes this year, I noticed the index fund had major taxable gains; the taxable income on the tax efficient fund was zero. I’m also concerned about leaving my kids— who are high earning professionals— taxable IRAs. We do regular major Roth conversions each year.
Sounds great!! I’m glad you’re prioritizing getting the puppy. It’ll assure you get to know your neighbors very quickly. We’ve never lived in a place with an HOA, and our house was built in 1917. My husband has a good contractor on his speed dial, so not a problem. We also use a service for snow removal (not a problem for you) and yard maintenance. I don’t think our costs are greater than HOA dues and we control what and how things get done. ADUs seem to be getting increasingly popular—we have neighbors with a setup much like you describe. I suspect it has added a lot of value to their property. Congratulations!
Exactly! Money is an important contributor to a good retirement, but not the only one. I should also mention that Andy, our Norfolk terrier, has perfectly trained my husband!! The dog will never win any best in show prizes, but he’s a constant source of entertainment.
Comments
I suspect gambling is an important outlet for many of the clients we serve. I did the taxes this year for a woman who had casino winnings shortly before and after the death of her husband. I also did the return for a disabled veteran who won and lost $79,000. He viewed his losses as a chance to play with the house money. I find it interesting that so many HD readers are tax volunteers. Among my “real life” friends and acquaintances, I don’t know a single person who signed up.
Post: Taxes Season 3
Link to comment from April 12, 2026
I think Vanguard and the other similar personal advisors are great for people who have some basic knowledge of their finances. But I have friends whose spouses took total charge of the household finances, and when those partners died, the survivors were simply lost One had to hire someone to pay her monthly bills. She is a smart, college educated woman, but she tells me she just doesn’t understand money, I’ve tried to help, but it’s like talking to the wall. My husband is also uninterested in our finances, but after seeing the problems my friends have encountered, I’m working to bring him up to speed. Once a month, we review our finances— we look at the monthly bills, quarterly charges, and annual expenses like property taxes, We also review when our pensions, SS, and other income are credited to our checking account. I do our income taxes, but after I finish, I take him through the whole procedure. He doesn’t enjoy these reviews AT ALL. But his questions do show he’s getting better.
Post: Financial Planning
Link to comment from April 11, 2026
I’ve seen the same thing, I also have friends with good resources doing the same thing.
Post: The Myth of the Default Caregiver
Link to comment from April 10, 2026
I suspect very few arrangements are ideal. But I do agree that in my darkest moments I would want to be near family members— not depend on low paid works for my well/being. At the same time, I would not want to live with my children as I die. I believe it is the parents’ responsibility to relocate, many CCRCs accept direct to assisted living residents. But I think it’s important to have a family member near by to oversee care. Also— as mentioned above— another caregiver in addition to the institution’s workers is also likely to be necessary. is all of this very expensive? Absolutely! Its just the way it is.
Post: The Myth of the Default Caregiver
Link to comment from April 10, 2026
If you add in four years of property tax and insurance, the “loss” would be even greater. But 4 years of rent at $1500 a month amounts to $72,000. I would find this a hard call. It probably would come down to the buyers’ ability to absorb the financial loss vs any even short term hope that the adult child might benefit.
Post: The Home Ownership Gamble
Link to comment from April 6, 2026
Our after tax account is pretty equally divided between a total market index fund and a tax efficient fund. The performance of the two is very similar. But when doing our taxes this year, I noticed the index fund had major taxable gains; the taxable income on the tax efficient fund was zero. I’m also concerned about leaving my kids— who are high earning professionals— taxable IRAs. We do regular major Roth conversions each year.
Post: Why I use a Donor-Advised Fund
Link to comment from April 5, 2026
Sounds great!! I’m glad you’re prioritizing getting the puppy. It’ll assure you get to know your neighbors very quickly. We’ve never lived in a place with an HOA, and our house was built in 1917. My husband has a good contractor on his speed dial, so not a problem. We also use a service for snow removal (not a problem for you) and yard maintenance. I don’t think our costs are greater than HOA dues and we control what and how things get done. ADUs seem to be getting increasingly popular—we have neighbors with a setup much like you describe. I suspect it has added a lot of value to their property. Congratulations!
Post: A Big Little Move (by Dana/DrLefty)
Link to comment from March 30, 2026
Exactly! Money is an important contributor to a good retirement, but not the only one. I should also mention that Andy, our Norfolk terrier, has perfectly trained my husband!! The dog will never win any best in show prizes, but he’s a constant source of entertainment.
Post: Debriefing
Link to comment from March 29, 2026
I’ve seen that too. According to one of our volunteers who used to work for the IRS, it’s pretty common.
Post: Debriefing
Link to comment from March 29, 2026
Why not use the higher SS payout to fund Roth conversions. Roths hold down the growth of later RMDs and are a true gift to your heirs.
Post: Something to Think About
Link to comment from March 29, 2026