Rick Thompson

Comments:

• Reminds me of a colleague at work who is past age 70 and has not yet claimed Social Security because she doesn't want to pay taxes on it.

  Post: Taxing Our Brains

  Link to comment from December 20, 2023

• Great article, Jonathan! Living on $55,000 would be quite lavish for me. It helps that my last mortgage payment was in 1975 and I have yet to eat out, get food delivered or travel this century (all my preference).

  Post: Happily Ever After

  Link to comment from December 16, 2023

• If you already have enough and are charitably inclined, why pay any additional taxes when you can utilize qualified charitable distributions (QCD)? One can start as early as 70.5, give up to $100,000 per year, have it count towards some or all of one's RMD (when required to take an RMD) and--best of all--there are no tax consequences! It doesn't even show up as income. This is such a great gift from the IRS, that I worry it will go away one day. And, it can be a wonderful way to give meaningful amounts to charities that align with one's values. There are so many smaller (and often all volunteer) worthy nonprofits where a QCD could make a world of difference. I have struggled making the transition from accumulating savings to using it, but I have found giving via QCDs to be a great option and very rewarding.

  Post: Running Up the Tab

  Link to comment from December 9, 2023

• I like the thanks-giving part. There is so much joy that comes from giving. And there are so many worthy causes in need of our support that align with our values.

  Post: Room at the Table

  Link to comment from November 23, 2023

• To accurately assess my investment portfolio, I created my own fund way back in 1989. I track it weekly. I initially took my balance and divided it by $10 to give me the number of shares. When I add or withdraw money, I divide that amount by the current balance to calculate the number of shares to add or subtract. Each week I divide my total portfolio balance by the current number of shares and I get my net asset value (NAV). It's worked like a charm for for many years, I know exactly what my actual returns are. Of course, I actually like doing this!

  Post: Confidence Game

  Link to comment from November 18, 2023

• I'm following the Warren Buffet plan. He's 93 and still working. I'm only 71, but also still working and have no plans to retire. Maybe it helps that I don't like to travel and generally enjoy my work. Also, I waited until 70 to start collecting Social Security, so now it's like getting a double salary. It's my form of FIRE: Financially Independent, Retire Eventually!

  Post: Bracing for Evening

  Link to comment from November 4, 2023

• I fully agree that this is a great book. I am also reading it twice! Another terrific book that I've now read several times is William Green's "Richer, Wiser, Happier."

  Post: A Profitable Read

  Link to comment from October 31, 2023

• Not sure if layaways are still done at retailers, but back in the days of K-Mart it was a way for cash-strapped parents (or a single parent) to set aside Christmas gifts for their children and try to pay them off in time for Christmas. What a joy it was to pay off one of the layaway tabs and have the layaway department call the customer to tell them that a "Secret Santa" had just paid the balance due.

  Post: Random Acts

  Link to comment from October 14, 2023

• The IRS should update Form 1099-R to reflect QCDs so that when a custodian is making a QCD payment for a client, it is coded and reported that way on 1099-R. 2022 was my first year to be eligible to do QCDs. It worked fine doing it online at Vanguard--and with no fee or cost. The only annoying aspect is that the check, made payable to the charity, is sent to me to forward to the charity. I suggest scanning or photocopying the check before sending it on. Unfortunately, it seems like too few donors, charities, and tax preparers know about QCDs. Thanks for your article!

  Post: Easy to Miss

  Link to comment from August 18, 2023

• I like the idea of giving modestly and regularly now rather than later. With no children in the picture, charity is my choice. I like to support local, smaller and efficiently-run charities where my giving can make a meaningful difference to their efforts--and my support is so greatly appreciated. For those of us age eligible, Qualified Charitable Distributions (QCDs) are a great way to give from our traditional IRAs with their multiple tax advantages (like not adding to taxable income and counting towards one's RMD).

  Post: When to Give

  Link to comment from July 29, 2023