Thomas Taylor

Comments:

• I got a big kick out of your comment about your wife's credit card and asking her what it was and why she bought it. Early in our marriage it didn't go over so well either....but after 33+ years it's all worked out. I only ask her to look at items I don't recognize or look funny to make sure they are legit. She has a separate checking account and puts half her monthly pension into it. I don't know and don't want to know what she does with it. The other half and her SS goes into a joint savings account, but she doesn't look at it. I still work, pay all the bills and keep tabs on our investment accounts, but she doesn't pay much attention to that either. However, I give her frequent updates and she "reluctantly" sits down with me once a year to review our personal financial statement (PFS). In the event something happens to me, she has the PFS, letters of instructions, passwords and a listing of our bills and investment accounts and would be capable of taking care of things. I've never given her a reason not to trust me but it's all there if she ever wanted to be more involved.

  Post: Matters of Trust

  Link to comment from December 6, 2023

• I appreciate your comments and how you handle your own situation. I've heard Dick Quinn mention that even at his age or stage of retirement, he still puts money into a savings or rainy day account. The total expenses in my spreadsheet also includes a monthly amount designated as savings just for those curveballs you mentioned.

  Post: A Profitable Read

  Link to comment from November 1, 2023

• Enjoyed the article very much. Your takeaway #2 is something I tend to struggle with as it relates to the part about expenses above and beyond being covered by guaranteed income. My wife is a little older than me and has been retired for about 5 years now. She receives a pension and SS. In 2 years I hope to retire and will receive a small pension. These 3 sources of income will just about cover all of our expenses (fixed and discretionary) projected out starting 1-1-2026. Just to give us some additional room, I assumed her SS is cut by 25% in 2026. If hers is not cut, it would just give us more cushion to the upside. The bulk of my savings is in a 401k and while I would like to wait until later (because I'm a saver, not a spender), I will start taking distributions in 2+ years when I'm about 65. We have some things we want to do and don't want to put off any longer than necessary. I have always heavily weighted my allocation to equities in my 401k and it's at about 87% right now. I feel I can safely generate about $2000/month from my 401k at the time I retire. My wife will have to have start taking mandatory distributions from her 401k in 2026 at age 72. When I reach my FRA for SS in 2028, I reduced my benefit by 25% just for planning purposes. Mine might more likely be reduced - I just don't know. It seems the standard recommendation is to substantially reduce your equity exposure as you get near or are in retirement, but maybe I can reduce it a little less than I think and still be able to weather the ups and downs of the market.

  Post: A Profitable Read

  Link to comment from October 31, 2023

• Tax evasion is a big issue, but estimates can vary greatly. For the most part, we have a "voluntary" tax system and I've seen people that cheat a little to those that cheat a lot. I didn't prepare or sign the return, but there was a plumber client way back in my public accounting days that regularly showed very little income on his return but lived a pretty big life. Based upon his lifestyle versus his income tax return, the IRS would say he has no visible means of support. He could have been receiving annual gifts from parents/grandparents or other rich relatives for all I know, but you get the picture of the potential problem. 1099 reporting (including 1099-K reporting for credit card transactions) is supposed to give the IRS matching capabilities, but they are overwhelmed. People know this and some will push the boundaries as far as they can and have no problem taking cash under the table.

  Post: Cash Is Back

  Link to comment from August 11, 2023

• Well you got me there Dick. We only had 2 kids, so I guess I should have finished in less time than you. But we both got there....

  Post: An Educated Choice

  Link to comment from August 3, 2023

• I went to undergrad school as a "non-traditional" student starting at the age of 25. The reason for that is another story, but I was working full-time and going to school, so it took me 5 1/2 years to get my degree. Pell grants and scholarships went along way in paying my tuition and fees and the rest I paid out-of-pocket. It took a little longer but I did graduate without any debt.

  Post: An Educated Choice

  Link to comment from August 2, 2023

• It's been awhile, maybe 8 years now, but the company I used to work for had commercial properties in FL. I don't know about residential RE taxes, but I know the commercial RE taxes were very high in relation to some of the other states we did business that had state income taxes. My son and daughter-in-law live in TX and they pay high RE taxes on their home. These states may tout the "no state income tax", but they are collecting money from somewhere to provide the services.

  Post: Seeing the Benefit

  Link to comment from July 28, 2023

• I'm loyal to my local muni course, but it sure is nice to play some courses I would otherwise never be able to play. It sounds like a great perk while it lasted.

  Post: Joining the Club

  Link to comment from July 28, 2023

• I would never be able to afford a private golf club membership, but I guess the next best thing is to know somebody who does have one. I worked several years for a man who was a very avid and good golfer who was a member of several private clubs in the area. So long as I did not abuse the privilege, he had no problem letting me and 3 friends play several times a year on his tab.

  Post: Joining the Club

  Link to comment from July 27, 2023

• My wife has a 1998 SC 400 with well over 200 k miles and still runs great. It doesn't or hasn't required much in repairs over the years, but as the car gets older, when it does need a repair OEM parts are sometimes hard to find these days. But I agree, Lexus is a very reliable car.

  Post: Moody About Money

  Link to comment from July 27, 2023