I was out of town and lust read this the other day. I am so shocked to hear about your diagnosis! As with so many other readers, I'm so sorry for your bad news. I started reading your articles in the Sunday WSJ personal finance pullout. You've always given such great, intuitive, level-headed advice. I've been a faithful Humble Dollar reader since you resurfaced on my radar and have gleaned so much from your site. My heart goes out to you and your family. I wish you the best with the time you have left. It feels to many of us like we will be losing a wise uncle and we will miss you greatly. But know that you have influenced so many of us through your steady wisdom and wit. Peace be with you.
My hubby and I bought LTC insurance three years ago. We worked with a very capable consultant who helped us better define what makes sense for our situation, with the assets we have. The premium is reasonable, so far. No one can predict what it will do but we have that peace of mind.
Well put Mike. I grew up as the eldest in a single-parent household where money we very tight. I was the one who heard the concerns about how we were going to pay rent. I was nine years old and was powerless to help but I learned to worry about money at an early age. And yes, by certain definitions, we were homeless for a short time. Consequently, all my formal education, career choice, financial learning, planning, squirreling has been so that I never have to worry about money again. Thus far, we've succeeded. For me, financial success means never being viscerally worried about money that way again.
You bring up a great point - simplicity. But there's always the possibility of bad things happening, and I've seen a few doozys where something incorrectly titled went to the wrong person at the exclusion of offspring. As the title of this article states, details matter. For my husband and me, we do have a trust because if I croak before my hubby, I'm pretty sure his next wife won't be as detail-oriented as me. Or maybe she will be, which could be worse for our adult kids. The future is hard to predict and complexity aka, a Trust, is sometimes the price for covering as many bases as possible.
I've had some of the same quandaries with my younger daughter too. But she's a strong, vibrant, accepting, magnetic person who singlehandedly wants to save the world. We've accepted that the challenge now is keeping up, which we're learning to do with joy.
I very much enjoyed your retrospective. In '08, our family moved to North Yorkshire for my husband's job and the kids attended British school while we were there. Harry Potter made so much more sense now! It was a "private" school ("public" in their terminology?) so the food was pretty good by their account. I very much agree with the idea that moving around has a profound impact, especially while young. Thank you for your insightful stories!
Thank you for another illuminating article. I'm interested in doing Roth conversions but since my husband and I just retired, we haven't done any yet. The tricky parts for us is that we have both pensions and rental income that boost our income "floor". It's a good problem to have so I'm not complaining. The really tricky part is my husband's parents passed away in '23 and the estate hasn't been settled yet. As of now, I have no idea what our AGI is for last year with inherited $ adding on to our other income. Currently, tax favored assets, such as Roths, are only about 8% of our investable assets and I'd like to bump that up a bit. But I feel better knowing there could be some good strategies to be had with the regular IRA funds that don't get converted. Humble Dollar is a gem!
I've always been reluctant to buy a car when the one I've had still works well. That said, I splurged and bought an EV in 2018 and I love, love, love it every time I drive it! I did want it for a while though and saved up quite a bit. There was a car loan that I paid off after a year. When you're ready, you won't regret it.
Comments
I was out of town and lust read this the other day. I am so shocked to hear about your diagnosis! As with so many other readers, I'm so sorry for your bad news. I started reading your articles in the Sunday WSJ personal finance pullout. You've always given such great, intuitive, level-headed advice. I've been a faithful Humble Dollar reader since you resurfaced on my radar and have gleaned so much from your site. My heart goes out to you and your family. I wish you the best with the time you have left. It feels to many of us like we will be losing a wise uncle and we will miss you greatly. But know that you have influenced so many of us through your steady wisdom and wit. Peace be with you.
Post: The C Word
Link to comment from July 8, 2024
My hubby and I bought LTC insurance three years ago. We worked with a very capable consultant who helped us better define what makes sense for our situation, with the assets we have. The premium is reasonable, so far. No one can predict what it will do but we have that peace of mind.
Post: He Asked, I Answered
Link to comment from March 10, 2024
Great article! It reminds me of something a friend mentioned years ago: no wonder people retire - you need to spend all your time exercising.
Post: Fit for Retirement
Link to comment from March 7, 2024
Great article, as always.
Post: Smaller Than It Looks
Link to comment from February 26, 2024
Well put Mike. I grew up as the eldest in a single-parent household where money we very tight. I was the one who heard the concerns about how we were going to pay rent. I was nine years old and was powerless to help but I learned to worry about money at an early age. And yes, by certain definitions, we were homeless for a short time. Consequently, all my formal education, career choice, financial learning, planning, squirreling has been so that I never have to worry about money again. Thus far, we've succeeded. For me, financial success means never being viscerally worried about money that way again.
Post: What Lies Beneath
Link to comment from February 26, 2024
You bring up a great point - simplicity. But there's always the possibility of bad things happening, and I've seen a few doozys where something incorrectly titled went to the wrong person at the exclusion of offspring. As the title of this article states, details matter. For my husband and me, we do have a trust because if I croak before my hubby, I'm pretty sure his next wife won't be as detail-oriented as me. Or maybe she will be, which could be worse for our adult kids. The future is hard to predict and complexity aka, a Trust, is sometimes the price for covering as many bases as possible.
Post: Details Matter
Link to comment from February 26, 2024
I've had some of the same quandaries with my younger daughter too. But she's a strong, vibrant, accepting, magnetic person who singlehandedly wants to save the world. We've accepted that the challenge now is keeping up, which we're learning to do with joy.
Post: Stop the Fussing
Link to comment from February 3, 2024
I very much enjoyed your retrospective. In '08, our family moved to North Yorkshire for my husband's job and the kids attended British school while we were there. Harry Potter made so much more sense now! It was a "private" school ("public" in their terminology?) so the food was pretty good by their account. I very much agree with the idea that moving around has a profound impact, especially while young. Thank you for your insightful stories!
Post: Drawn From Memory
Link to comment from February 3, 2024
Thank you for another illuminating article. I'm interested in doing Roth conversions but since my husband and I just retired, we haven't done any yet. The tricky parts for us is that we have both pensions and rental income that boost our income "floor". It's a good problem to have so I'm not complaining. The really tricky part is my husband's parents passed away in '23 and the estate hasn't been settled yet. As of now, I have no idea what our AGI is for last year with inherited $ adding on to our other income. Currently, tax favored assets, such as Roths, are only about 8% of our investable assets and I'd like to bump that up a bit. But I feel better knowing there could be some good strategies to be had with the regular IRA funds that don't get converted. Humble Dollar is a gem!
Post: Called to Account
Link to comment from January 29, 2024
I've always been reluctant to buy a car when the one I've had still works well. That said, I splurged and bought an EV in 2018 and I love, love, love it every time I drive it! I did want it for a while though and saved up quite a bit. There was a car loan that I paid off after a year. When you're ready, you won't regret it.
Post: Need or Want?
Link to comment from January 15, 2024