A comment about the "hedonic treadmill". My goal, for decades, was to have $1 million saved up in my retirement accounts. After my divorce 11 years ago, my balances got cut in half to $250,000, which made achieving the goal all the more difficult. However, I started plowing the maximum allowed by the IRS into my 401k and shortly afterwards, tightened my belt even more and put all contributions into the Roth 401k. I DID achieve my goal on 12/13/23 and am now about 20% above it. However, the satisfaction/joy/happiness/relief/whatever lasted only a couple of days. But after that, what happened? It's not that I became DISSATISFIED with the achievement. But it's just not that big of a deal now. Now I've moved onto worrying about something I have zero control over: the idiots in Washington wrecking the economy with the $36 trillion of debt that we have and putting a HUGE dent in my savings when I'm retired. "Vanity, vanity, all is vanity."
Thank you Jonathan. I love that you care so much for Elaine. There are those of us who do not ever expect to find that kind of love again in this lifetime.
Jonathon, your plan of eating well and exercising along with the treatments sounds like the way to go to have an enjoyable life, short though it may be. The bathroom remodel doesn't sound crazy to me at all. My house was built new 6 years ago for me and my daughter's family. I have my "in-law suite" which is very comfortable and private when I want privacy. And I really, really enjoy it, perhaps more than any of the other 7 homes that I've own in my lifetime. Why? I'm not sure, but it could be because I had the final say in its design. It's not extravagant at all. But I love it. So I feel you and Elaine will have that same opportunity to make something as private as your bathroom exactly how you want. And I believe that will make you both happy.
Keeping fixed costs low has always been a priority for me. Especially regarding vehicles! I've never fell for the advertising that "your car is a reflection of you". Baloney!!!! I've always bought new because I'm no good at fixing vehicles. And I keep them a long, long time. The last time I bought a new Corolla and the salesman was taking my information for financing options, he asked for my income. I told him. His response was "are you sure you wouldn't rather have a Highlander or a Sequoia? You would qualify for one." I said "yes, I'm sure the Corolla will be just fine. I've had 3 of them and this will be the 4th one." I'm especially happy with the Corolla when I fill up at the gas pump. I see the total on the pump for a big SUV that just pulled away and his total was well over $100. Even when gasoline is near $4 a gallon I rarely go over $50 for a fill-up.
Jonathan, God bless. Neither would I have regrets about all the planning and efforts to fund my retirement, knowing that it was going to help my kids if I were in your situation. And likewise, even if I had only a month to live, I don't think I could spend the money for a first-class seat for an 8-hour flight. I'm just too much in the mindset of being reasonable with my spending. I'm not a tightwad, but I have my limits. I drive a Toyota Corolla when I know I could afford a very nice SUV. But I know it would gall me every time I filled up the gas tank.
Jonathan, I'm in the process of doing much the same as you, although the timing is a little skewed in your favor. I'm planning on retiring in 2026 when I turn 68, then not having much if any earned income for 2 year and using that 2 year span to do major Roth conversions and get my traditional IRA balances down as much as possible. At age 70 I'll start claiming Social Security and start using as much from my IRA's as I need, whether it is from the Roth or the traditional. I've hired an adviser to keep me between the rails on all of this IRMAA, SS, and other rules that the IRS has. I feel I'm pretty good at finances---been putting 100% of my 401k contributions into Roth for several years now in spite of the pain of paying taxes upfront. A lot of this post-retirement stuff is brand new to me and I don't mind paying for someone who can help me through it.
As a banker, I can't tell you how many business customers have a trust set up and then tell us there is nothing in their trust (yet). These are smart people, many or most of them millionaires. But they don't utilize their trusts the way it was intended by their legal counsel to handle their passing. I personally have a trust and everything except my retirement accounts are in the trust now, while I'm alive: my house, my checking account, CD's for my grandkids, etc. The retirement accounts will go straight to the listed beneficiaries upon my death.
I love the book Quiet! After reading it I really started to appreciate myself as an introvert rather than trying to be what the world thinks I should be. For the last 21 years, I have been in a position that is perfect for me and pays well. Many times, when working for previous banks, I felt pressured to be at and volunteer at a lot of community events so that the community would appreciate our brand. In my current position I do very little of that. My employer has a good assessment of me: I'm not a salesman. I'm not extroverted. But I'm very good at analysis and planning. So they let me do that and the board of directors always wants to hear my opinion. As a single person, I plan to travel A LOT in retirement (I already do while working). I love to explore, observe, learn and experience.
Comments:
A comment about the "hedonic treadmill". My goal, for decades, was to have $1 million saved up in my retirement accounts. After my divorce 11 years ago, my balances got cut in half to $250,000, which made achieving the goal all the more difficult. However, I started plowing the maximum allowed by the IRS into my 401k and shortly afterwards, tightened my belt even more and put all contributions into the Roth 401k. I DID achieve my goal on 12/13/23 and am now about 20% above it. However, the satisfaction/joy/happiness/relief/whatever lasted only a couple of days. But after that, what happened? It's not that I became DISSATISFIED with the achievement. But it's just not that big of a deal now. Now I've moved onto worrying about something I have zero control over: the idiots in Washington wrecking the economy with the $36 trillion of debt that we have and putting a HUGE dent in my savings when I'm retired. "Vanity, vanity, all is vanity."
Post: Why We Struggle
Link to comment from January 4, 2025
Thank you Jonathan. I love that you care so much for Elaine. There are those of us who do not ever expect to find that kind of love again in this lifetime.
Post: Model Behavior
Link to comment from December 21, 2024
After posting this I felt I needed to give credit to the Amish builders who built our home. They really do their work perfectly.
Post: On the Clock
Link to comment from August 17, 2024
Jonathon, your plan of eating well and exercising along with the treatments sounds like the way to go to have an enjoyable life, short though it may be. The bathroom remodel doesn't sound crazy to me at all. My house was built new 6 years ago for me and my daughter's family. I have my "in-law suite" which is very comfortable and private when I want privacy. And I really, really enjoy it, perhaps more than any of the other 7 homes that I've own in my lifetime. Why? I'm not sure, but it could be because I had the final say in its design. It's not extravagant at all. But I love it. So I feel you and Elaine will have that same opportunity to make something as private as your bathroom exactly how you want. And I believe that will make you both happy.
Post: On the Clock
Link to comment from August 17, 2024
Keeping fixed costs low has always been a priority for me. Especially regarding vehicles! I've never fell for the advertising that "your car is a reflection of you". Baloney!!!! I've always bought new because I'm no good at fixing vehicles. And I keep them a long, long time. The last time I bought a new Corolla and the salesman was taking my information for financing options, he asked for my income. I told him. His response was "are you sure you wouldn't rather have a Highlander or a Sequoia? You would qualify for one." I said "yes, I'm sure the Corolla will be just fine. I've had 3 of them and this will be the 4th one." I'm especially happy with the Corolla when I fill up at the gas pump. I see the total on the pump for a big SUV that just pulled away and his total was well over $100. Even when gasoline is near $4 a gallon I rarely go over $50 for a fill-up.
Post: Turning on a Dime
Link to comment from August 10, 2024
Jonathan, God bless. Neither would I have regrets about all the planning and efforts to fund my retirement, knowing that it was going to help my kids if I were in your situation. And likewise, even if I had only a month to live, I don't think I could spend the money for a first-class seat for an 8-hour flight. I'm just too much in the mindset of being reasonable with my spending. I'm not a tightwad, but I have my limits. I drive a Toyota Corolla when I know I could afford a very nice SUV. But I know it would gall me every time I filled up the gas tank.
Post: Looking Different
Link to comment from July 6, 2024
Jonathon, I'm so sorry about your diagnosis. Best wishes for your treatments ahead. Thank you for your wisdom.
Post: The C Word
Link to comment from June 15, 2024
Jonathan, I'm in the process of doing much the same as you, although the timing is a little skewed in your favor. I'm planning on retiring in 2026 when I turn 68, then not having much if any earned income for 2 year and using that 2 year span to do major Roth conversions and get my traditional IRA balances down as much as possible. At age 70 I'll start claiming Social Security and start using as much from my IRA's as I need, whether it is from the Roth or the traditional. I've hired an adviser to keep me between the rails on all of this IRMAA, SS, and other rules that the IRS has. I feel I'm pretty good at finances---been putting 100% of my 401k contributions into Roth for several years now in spite of the pain of paying taxes upfront. A lot of this post-retirement stuff is brand new to me and I don't mind paying for someone who can help me through it.
Post: Paying to Avoid Pain
Link to comment from May 13, 2024
As a banker, I can't tell you how many business customers have a trust set up and then tell us there is nothing in their trust (yet). These are smart people, many or most of them millionaires. But they don't utilize their trusts the way it was intended by their legal counsel to handle their passing. I personally have a trust and everything except my retirement accounts are in the trust now, while I'm alive: my house, my checking account, CD's for my grandkids, etc. The retirement accounts will go straight to the listed beneficiaries upon my death.
Post: Unsettling Experience
Link to comment from May 8, 2024
I love the book Quiet! After reading it I really started to appreciate myself as an introvert rather than trying to be what the world thinks I should be. For the last 21 years, I have been in a position that is perfect for me and pays well. Many times, when working for previous banks, I felt pressured to be at and volunteer at a lot of community events so that the community would appreciate our brand. In my current position I do very little of that. My employer has a good assessment of me: I'm not a salesman. I'm not extroverted. But I'm very good at analysis and planning. So they let me do that and the board of directors always wants to hear my opinion. As a single person, I plan to travel A LOT in retirement (I already do while working). I love to explore, observe, learn and experience.
Post: A Quiet Life
Link to comment from March 23, 2024