Andrew: The phrase “lottery of birth” has never been more succinctly exemplified for me than it is in your excellent article’s example. Putting all the political differences aside that currently divide our country, few if any US Citizens would willingly give up their citizenship to live in another country. For the few that would, they are free to leave. The lottery of birth is real, and I for one am glad I won that lottery 76 years ago!
From ChatGPT... "Gerontocracy in America by Samuel Moyn argues that the United States has developed a deeply entrenched system where the oldest generations control the majority of political and economic power, creating significant inequality for younger people. To combat this, Moyn proposes "intergenerational equity" through reforms such as age limits, campaign finance changes, and encouraging a "socialist way of aging" to encourage older leaders to cede power. Learn more about the arguments and proposed solutions at Macmillan Publishers. Core Arguments:
Wealth and Power Hoarding: Older Americans control a disproportionate share of financial assets, housing, and institutional leadership roles in legislatures, businesses, and courts.
Structural Bias: Economic policies, tax codes, and political campaign financing are heavily skewed to protect and benefit older demographics.
Generational Stagnation: The concentration of power blocks younger generations from starting their careers, buying homes, and attaining civic influence.
Proposed Solutions
Mandatory Retirement: Setting enforced retirement or age caps for prominent leadership positions, including political offices, corporate executives, and academia.
Intergenerational Transfers: Encouraging earlier asset and wealth sharing between older and younger generations.
Democratic Reforms: Empowering young voters and rebalancing political representation to break the systemic grip of elder rule.
Interestingly, this 54-year-old author berating today's seniors benefited from a Harvard and Yale education... most likely funded by his "Boomer Parents." Also, based on his fields of study and education, stereotypically he is most likely a liberal Democrat politically, so I am not surprised that his solutions sound like they were written by AOC, Bernie Sanders, and Mamdani. But...that's just my opinion.
I tend to agree with Brother Quinn! It's sort of funny, but I am actually recieivng more income now that I am retired than I did the last years I was working. My last 3-year contract as an academic was $105,000 annually. From that amount, I was maxing out my 403 (b) and paying income taxes as well. My "additional Income" from SS added $45,000, taxed at the maximum SS rate. As a retired person, our SS is @73,000 annually, and our Annuity Income is $36,562... totaling $109,562. However, we are no longer contributing to a 403(b), and our taxes went from the 22% to the 10% bracket on much smaller taxable income. (72% of the annuity income is income tax-free.) Our additional income these days comes from 4% withdrawals from our Portfolio, totaling $1,956 monthly. Those are LTCGs, which are taxed at the 0% capital gains rate. So, all in all, we are making $133,034 annually... after Medicare Part B is deducted from our SS. Our RMDs are QCDs, and life on earth is good!
Never spent that kind of money on a sporting event... but back in 1972 I drove my then-girlfriend, now my wife of 52 years, to Greensboro, NC, to see Elvis in Concert. Tickets were @$125 each. We were on the floor, center, 6 rows back from the stage. At the time, I was earning @$600 a month. Good investment. She married me.
I have always been amazed by how people classify things as necessities vs. luxuries, but I learned many years ago not to judge. When you are working with people, but couples especially, the differences are most apparent. As an advisor, most of my clients were affluent or rising affluents, but I did work with some couples who were struggling due to job loss or other financial crises. The first and most obvious thing to do in a financial crisis is to examine your cash outflows. This is when the definition of necessity vs. luxury usually comes into play. The need for 2nd cars, cable TV (or today, multiple streaming subscriptions), club memberships of all sorts, levels of spending on groceries and especially meals eaten outside the home, lunches, Lattes, smart devices (iPhones, iPads, for children), and on and on. Having been blessed in my lifetime, financially and otherwise, I still recall periods in my 20s and 30s when we "cut back" for a month or two, but overall, eliminating "luxuries" has never been an issue for us. Now that we are retired, not much has really changed. I am certain that if we had to, we could easily eliminate $500-$1000 a month in spending. Our Cable bill is a prime example. It is @$250 a month. (Dish's All American plan) I guarantee I have never watched 2/3rds of the channels. I am absolutely certain that just stopping ordering things from Amazon alone would do it. Another easy fix...stop using credit cards and use cash or debit cards. I recently stopped drinking coffee, but when I did, I would stop by Starbucks on occasion. $6.00-$7.00 for a coffee? To me, that is insanity, but since their 2025 net income was $1.86 billion, apparently millions of people don't agree with me.
Dennis: A very thoughtful and meaningful article. Having spent a lifetime in finance and much of the second half of my life in financial advising, I "second" your 5 suggestions. Over the years, I have tried to provide advice to my children in matters like those you discussed in your article, and I have even sent them copies of certain books I feel belong in the financial library of every American adult... including JL Collins' The Simple Path to Wealth and Morgan Housel's book, The Psychology of Money. As many parents have experienced, however, my efforts have not been "fully embraced." Children often believe the experiences of their parents are not relevant today, or that what worked in our time won't work in theirs. Just as often, however, they will come to realize, after years of doing things "their way," that their parent's advice was sound, and then they will come around. My Daughter is 48, and my son is 42. I hope their "coming around" doesn't take too much longer.
Am I missing something? Since when does raising children, the traditional role of wives and mothers, need to be "legitimized?" Have we as Americans been so propagandized by feminism and wokism to now feel the need to legitimize Motherhood? God help us!
David, I am 7 years older, it appears, but I understand your post, and I agree with you. Despite RQ's contention, those were and remain cuts. My biggest argument with RQ and company is the fact that we were forced into a deal, without any option to opt out...we played the game by their rules...and after the fact...some people think it's OK to move the goal posts, or change the deal when it's time to collect on promised benefits. No thank you! Anyone who thinks they are receiving too much should send a check to the IRS....and leave the rest of us alone. Want to change the deal...again? Change it for those under 50... and phase it in. And Oh Yeah...try not to crush small businesses as you do it.
I loved this short, but thought-provoking article. I am 2.5 years into retirement. During my first year (2024), my wife and I traveled to 5 states, doing the Airbnb thing, driving. Flying is too stressful and BS-laden for me today. We visited our two kids (one in TX and one in MD) and flew them and their spouses to us in NC. No grandkids, unfortunately. I did fly to a couple of events in 2024... the NRA Coinvention and the Berkshire Hathaway Annual Shareholder's Meeting. I have been to several NRA conventions, but it was my first & only time attending the Berkshire Hathaway Annual Shareholders' Meeting. It was an event unlike any other I have attended. The odd thing I am experiencing is the overwhelming desire to consider "opportunities." Examples are college teaching opportunities, professional training positions, and even chaplaincy opportunities in Hospitals, workplaces, and Hospices. I need to slap myself and remind myself that just because I can doesn't mean I should. I think it is the result of being a lifetime of overachievement, overambition, and success orientation, with a strong desire to serve. In 2025, I focused on earning my chaplaincy credentials and pursuing and completing seminary studies, culminating in my Doctor of Ministry Degree. Because of my age (I am 75), I wasn't eligible to become a permanent deacon in my church or a military chaplain, so I pursued the D. Min. as an alternative route to service. My dissertation was focused on Strengthening Christian Marriages, and today I am involved in premarital counseling within my parish. I am certified as a PREPARE/ENRICH facilitator and a Ramset Financial Master Coach. I will be putting on my first Online "Financial Peace University" for my parish later this fall. In addition, I am completing coursework to facilitate the "Faith & Money Matters" and "God, Marriage and Money" courses for Compass Catholic. Marriage. These are all part of the ministry and are all offered pro bono. I found my way to use my 58 years of financial services education and experience, along with my ministry education and over 35 years of serving various parishes in 9 different states throughout my working lifetime. My wife and I are blessed financially, and it is a wonderful feeling to be able to help people without needing to generate income to provide that help. I hope all HD readers are able to "matter" in their retirement, and feel they still have "purpose!"
Comments
Andrew: The phrase “lottery of birth” has never been more succinctly exemplified for me than it is in your excellent article’s example. Putting all the political differences aside that currently divide our country, few if any US Citizens would willingly give up their citizenship to live in another country. For the few that would, they are free to leave. The lottery of birth is real, and I for one am glad I won that lottery 76 years ago!
Post: The Lottery of Birth
Link to comment from August 19, 2026
From ChatGPT... "Gerontocracy in America by Samuel Moyn argues that the United States has developed a deeply entrenched system where the oldest generations control the majority of political and economic power, creating significant inequality for younger people. To combat this, Moyn proposes "intergenerational equity" through reforms such as age limits, campaign finance changes, and encouraging a "socialist way of aging" to encourage older leaders to cede power. Learn more about the arguments and proposed solutions at Macmillan Publishers. Core Arguments:
- Generational Stagnation: The concentration of power blocks younger generations from starting their careers, buying homes, and attaining civic influence.
Proposed Solutions- Democratic Reforms: Empowering young voters and rebalancing political representation to break the systemic grip of elder rule.
Interestingly, this 54-year-old author berating today's seniors benefited from a Harvard and Yale education... most likely funded by his "Boomer Parents." Also, based on his fields of study and education, stereotypically he is most likely a liberal Democrat politically, so I am not surprised that his solutions sound like they were written by AOC, Bernie Sanders, and Mamdani. But...that's just my opinion.Post: “Gerontocracy” in America
Link to comment from August 10, 2026
I tend to agree with Brother Quinn! It's sort of funny, but I am actually recieivng more income now that I am retired than I did the last years I was working. My last 3-year contract as an academic was $105,000 annually. From that amount, I was maxing out my 403 (b) and paying income taxes as well. My "additional Income" from SS added $45,000, taxed at the maximum SS rate. As a retired person, our SS is @73,000 annually, and our Annuity Income is $36,562... totaling $109,562. However, we are no longer contributing to a 403(b), and our taxes went from the 22% to the 10% bracket on much smaller taxable income. (72% of the annuity income is income tax-free.) Our additional income these days comes from 4% withdrawals from our Portfolio, totaling $1,956 monthly. Those are LTCGs, which are taxed at the 0% capital gains rate. So, all in all, we are making $133,034 annually... after Medicare Part B is deducted from our SS. Our RMDs are QCDs, and life on earth is good!
Post: What is the right percentage?
Link to comment from August 10, 2026
Never spent that kind of money on a sporting event... but back in 1972 I drove my then-girlfriend, now my wife of 52 years, to Greensboro, NC, to see Elvis in Concert. Tickets were @$125 each. We were on the floor, center, 6 rows back from the stage. At the time, I was earning @$600 a month. Good investment. She married me.
Post: FIFA Financials
Link to comment from July 22, 2026
I have always been amazed by how people classify things as necessities vs. luxuries, but I learned many years ago not to judge. When you are working with people, but couples especially, the differences are most apparent. As an advisor, most of my clients were affluent or rising affluents, but I did work with some couples who were struggling due to job loss or other financial crises. The first and most obvious thing to do in a financial crisis is to examine your cash outflows. This is when the definition of necessity vs. luxury usually comes into play. The need for 2nd cars, cable TV (or today, multiple streaming subscriptions), club memberships of all sorts, levels of spending on groceries and especially meals eaten outside the home, lunches, Lattes, smart devices (iPhones, iPads, for children), and on and on. Having been blessed in my lifetime, financially and otherwise, I still recall periods in my 20s and 30s when we "cut back" for a month or two, but overall, eliminating "luxuries" has never been an issue for us. Now that we are retired, not much has really changed. I am certain that if we had to, we could easily eliminate $500-$1000 a month in spending. Our Cable bill is a prime example. It is @$250 a month. (Dish's All American plan) I guarantee I have never watched 2/3rds of the channels. I am absolutely certain that just stopping ordering things from Amazon alone would do it. Another easy fix...stop using credit cards and use cash or debit cards. I recently stopped drinking coffee, but when I did, I would stop by Starbucks on occasion. $6.00-$7.00 for a coffee? To me, that is insanity, but since their 2025 net income was $1.86 billion, apparently millions of people don't agree with me.
Post: One Person’s Luxury, Another’s Necessity
Link to comment from July 22, 2026
Dennis: A very thoughtful and meaningful article. Having spent a lifetime in finance and much of the second half of my life in financial advising, I "second" your 5 suggestions. Over the years, I have tried to provide advice to my children in matters like those you discussed in your article, and I have even sent them copies of certain books I feel belong in the financial library of every American adult... including JL Collins' The Simple Path to Wealth and Morgan Housel's book, The Psychology of Money. As many parents have experienced, however, my efforts have not been "fully embraced." Children often believe the experiences of their parents are not relevant today, or that what worked in our time won't work in theirs. Just as often, however, they will come to realize, after years of doing things "their way," that their parent's advice was sound, and then they will come around. My Daughter is 48, and my son is 42. I hope their "coming around" doesn't take too much longer.
Post: Lessons on the Ground
Link to comment from July 22, 2026
Am I missing something? Since when does raising children, the traditional role of wives and mothers, need to be "legitimized?" Have we as Americans been so propagandized by feminism and wokism to now feel the need to legitimize Motherhood? God help us!
Post: About that inflation in retirement
Link to comment from July 15, 2026
David, I am 7 years older, it appears, but I understand your post, and I agree with you. Despite RQ's contention, those were and remain cuts. My biggest argument with RQ and company is the fact that we were forced into a deal, without any option to opt out...we played the game by their rules...and after the fact...some people think it's OK to move the goal posts, or change the deal when it's time to collect on promised benefits. No thank you! Anyone who thinks they are receiving too much should send a check to the IRS....and leave the rest of us alone. Want to change the deal...again? Change it for those under 50... and phase it in. And Oh Yeah...try not to crush small businesses as you do it.
Post: About that inflation in retirement
Link to comment from July 13, 2026
I loved this short, but thought-provoking article. I am 2.5 years into retirement. During my first year (2024), my wife and I traveled to 5 states, doing the Airbnb thing, driving. Flying is too stressful and BS-laden for me today. We visited our two kids (one in TX and one in MD) and flew them and their spouses to us in NC. No grandkids, unfortunately. I did fly to a couple of events in 2024... the NRA Coinvention and the Berkshire Hathaway Annual Shareholder's Meeting. I have been to several NRA conventions, but it was my first & only time attending the Berkshire Hathaway Annual Shareholders' Meeting. It was an event unlike any other I have attended. The odd thing I am experiencing is the overwhelming desire to consider "opportunities." Examples are college teaching opportunities, professional training positions, and even chaplaincy opportunities in Hospitals, workplaces, and Hospices. I need to slap myself and remind myself that just because I can doesn't mean I should. I think it is the result of being a lifetime of overachievement, overambition, and success orientation, with a strong desire to serve. In 2025, I focused on earning my chaplaincy credentials and pursuing and completing seminary studies, culminating in my Doctor of Ministry Degree. Because of my age (I am 75), I wasn't eligible to become a permanent deacon in my church or a military chaplain, so I pursued the D. Min. as an alternative route to service. My dissertation was focused on Strengthening Christian Marriages, and today I am involved in premarital counseling within my parish. I am certified as a PREPARE/ENRICH facilitator and a Ramset Financial Master Coach. I will be putting on my first Online "Financial Peace University" for my parish later this fall. In addition, I am completing coursework to facilitate the "Faith & Money Matters" and "God, Marriage and Money" courses for Compass Catholic. Marriage. These are all part of the ministry and are all offered pro bono. I found my way to use my 58 years of financial services education and experience, along with my ministry education and over 35 years of serving various parishes in 9 different states throughout my working lifetime. My wife and I are blessed financially, and it is a wonderful feeling to be able to help people without needing to generate income to provide that help. I hope all HD readers are able to "matter" in their retirement, and feel they still have "purpose!"
Post: Haunted Head
Link to comment from July 12, 2026
John: I didn't see any comments regarding prior years' tax due equaling ZERO...because you received a refund? 100% of Zero is Zero. Comment please?
Post: Don’t Let a Roth Conversion Trigger a Penalty
Link to comment from July 11, 2026