Both of our sons have good jobs and have no problems financially. After I retired, we did Roth conversions to the top of our tax bracket for several years. The plan was for our sons to inherit our Roths. After listening to several podcasts discuss helping your kids now instead of later, we decided to take that amount originally used for Roth Conversions and split it between them. We have told them not to expect this every year. If we have a major expense we didn't plan for and need to withdraw more from our traditional IRAs, they won't get this money. We also fund 529s for our grandchildren (one who is nine and one on the way!)
Very good column. I was in a similar situation in my fifties. Many people were laid off. Those that were left like me got their work. After getting off a late night phone call from work and my BP being 180 over 100 and spending a good part of my previous vacation having to work, my wife convinced me to retire. My pension wasn't going to get any higher and the company would continue to allow us to stay on their health insurance plan at the same rates we had while I was working. So, I retired and we are both glad I did. I've taken over doing all the shopping.
Both my father-in-law (a couple of years ago) and my wife (four months ago) had hip replacement surgery. The improvement in their quality of life has been nothing short of remarkable. The new method of hip replacement is much less intrusive than it used to be. My wife's surgeon put her on a blood thinner after surgery to reduce the risk of clots.
Comments
Both of our sons have good jobs and have no problems financially. After I retired, we did Roth conversions to the top of our tax bracket for several years. The plan was for our sons to inherit our Roths. After listening to several podcasts discuss helping your kids now instead of later, we decided to take that amount originally used for Roth Conversions and split it between them. We have told them not to expect this every year. If we have a major expense we didn't plan for and need to withdraw more from our traditional IRAs, they won't get this money. We also fund 529s for our grandchildren (one who is nine and one on the way!)
Post: Helping Adult Children
Link to comment from February 10, 2026
Very good column. I was in a similar situation in my fifties. Many people were laid off. Those that were left like me got their work. After getting off a late night phone call from work and my BP being 180 over 100 and spending a good part of my previous vacation having to work, my wife convinced me to retire. My pension wasn't going to get any higher and the company would continue to allow us to stay on their health insurance plan at the same rates we had while I was working. So, I retired and we are both glad I did. I've taken over doing all the shopping.
Post: Why I Retired
Link to comment from June 30, 2023
Both my father-in-law (a couple of years ago) and my wife (four months ago) had hip replacement surgery. The improvement in their quality of life has been nothing short of remarkable. The new method of hip replacement is much less intrusive than it used to be. My wife's surgeon put her on a blood thinner after surgery to reduce the risk of clots.
Post: Pretty Nice Joint
Link to comment from April 6, 2023
Sounds just like the envelope system that Dave Ramsey has taught about for several decades.
Post: The Envelope Returns
Link to comment from March 6, 2023