Richard Quinn

SEEING YOUR IRA or 401(k) decline precipitously is bad enough. Locking in those losses is far worse. The good news: I’ve perused various Facebook retirement groups since the Russian invasion of Ukraine and have seen few signs of panic.

For instance, here’s some good advice from a prudent retiree: “Stay the course, but in the future make sure you have enough in a cash reserve for at least one year of planned withdrawals or RMDs,” meaning those pesky required minimum distributions that must be taken each year by those of us age 72 and older.

I’M FASCINATED BY frugality. Being frugal is not the same as being cheap, though—based on what I read about some people who claim frugality—it sounds to me like they are indeed being cheap.

We’re told frugality adds to the quality of life, that it creates a less stressful, less materialistic existence. Being frugal is fine, but living frugally because it’s a necessity—especially in retirement—not so much. Is a minimalist lifestyle all that satisfying?

I think being frugal is a misnomer.

VIEW ANY NUMBER of YouTube videos on retirement planning, and you’ll find advice on how much you need to save each month, how to invest, how much to accumulate and how to generate retirement income. The same is true for the experts who write blogs.
All this information relates to the retiree. Rarely—actually never—have I seen a discussion about survivor benefits. Even the 4% rule uses an assumed 30-year retirement period, apparently ignoring the possibility that retirement income needs to last over two lifetimes that may extend beyond 30 years,

WOULD YOU BASE important financial or life choices on false or misleading information? Of course not. Yet, when deciding on key economic and social issues, that’s exactly what people often do.

I’m addicted to social media. I follow advocacy groups focused on Social Security, health care and taxes, as well as the politicians who are especially engaged in these issues.

Some tweets and memes reinforce what people want to believe or provide the easy answers they seek.

I’VE BEEN REVIEWING my past writing on HumbleDollar, my own blog and social media. I notice I often throw out personal details, such as the second home we own, paying for our children’s college and our spending on travel. My intention isn’t to boast.

In fact, I don’t even think of myself as wealthy, though the statistics say my wife and I are above average. Perhaps that’s because what we have today was accumulated over 60 years,

“HELP, I’VE FALLEN AND I can’t get up.”

It wasn’t too many years ago that I viewed that commercial as humorous. No more. A few days ago, my wife slipped on a curb and fell. No serious injury, just a cut on her lip and a scraped leg. But she couldn’t get up. Thankfully, my sons were there to help. I couldn’t do it on my own. My wife’s arthritis makes it difficult for her to walk long distances or climb stairs,

HOW MUCH INCOME do I need to retire? That’s a question many Americans have. I recently learned the hard way how different the answers can be. On a Facebook group, a person posted the question, “Can I retire on $40,000 a year?”

I thought the question was about living on $40,000 a year after earning a much higher salary. I was wrong and insensitive. I replied from my life perspective that it would be tough to live on that amount for 30-plus years in retirement.

EVERY YEAR AROUND this time, I think about one of the most memorable events in my life.

As a child, I was fascinated by trains. My father was a railway tower signal man during the Second World War and later a station master. My first toy trains were plastic and battery operated, not true electric trains. One year, I pleaded for a real set. To my surprise, American Flyer trains were under the tree Christmas morning.

MY EXPERIENCE WITH COVID-19 began on March 4, 2020. That morning, I got off a plane in Buenos Aries. While standing in line with my passport, I noticed several people wearing masks, so I put one on as well. Back then, we were being told to go about our business. “It’s like a bad cold.” If only.

We boarded our ship for a 30-day cruise, which I documented in five articles for HumbleDollar.

DOES ANYONE DOUBT that planning for retirement is unique for each individual?

The way we manage money, how we handle debt, our desired lifestyle and our family status are all important variables to consider. From what I observe, however, many people ignore these differences and seek a one-size-fits-all answer.

I’m addicted to YouTube. In addition to history, archeology and general education videos, I watch many retirement planning shows. I also follow retirement groups on Facebook and bloggers who embrace the FIRE (financial independence-retire early) lifestyle.

I FREQUENTLY FIND myself criticized when I state my fiscally conservative views on saving and spending in retirement. One fellow recently said I had no compassion and I was scaring people.

If folks are frightened by my urging them to retire with the ability to replace most of their preretirement income, then perhaps they should be scared.

I’m also criticized because I have a pension, and so don’t rely on investments for my income.

AS WE GROW OLDER, maintaining the family home can become a burden. Eight years after I retired, my wife and I moved to a 2,000-square-foot condo. It’s about the same size as our old house. But it has no stairs, no basement—and no attic full of stuff. There’s also no exterior maintenance or landscaping work required of us.

I’ve been asking near-retirees how both downsizing and relocating figure into their retirement plans. Although there’s much talk about it,

THE FEDERAL government’s Centers for Medicare and Medicaid Services just announced the new income-based Part B and Part D premiums for 2022. Many people aren’t happy.

Next year’s basic Part B premium jumps to $170.10 a month, in part because Congress artificially limited this year’s premium increase to only 25% of the true amount. It’s time to play catchup—and deal with rising health care costs.

But a small group of seniors will pay more than $170.10 a month—sometimes much more.

IN A RECENT TWITTER post, a man claimed that if all the Social Security taxes he and his employers pay were invested instead, he’d accumulate $1.9 million by age 67. That sum could then generate $95,000 in annual income, he added, which is more than his anticipated Social Security benefit. He concluded that Social Security was “theft.”

Claims like these bother me greatly because they’re often widely read and believed—and they’re nonsense.

Social Security is an insurance program,

I’VE AWARDED MYSELF a professional designation: CER, or Certified Experienced Retiree. In the dozen years since I left the workforce, I’ve learned a great deal about retirement. I’ve grappled with the financial aspects, how your relationships with family and friends evolve, and how your outlook changes over time.

One key lesson learned: A steady income stream provides peace of mind. In my case, it’s from a pension and Social Security. For younger retirees, it could mean drawing savings from a 401(k) or IRA,