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04-14-2021, 10:10 AM
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#81
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Recycles dryer sheets
Join Date: Jan 2014
Location: New Orleans
Posts: 95
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Quote:
Originally Posted by Chuckanut
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Thank you, I have heard of this and will look into it
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04-14-2021, 12:14 PM
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#82
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Dryer sheet aficionado
Join Date: Nov 2013
Posts: 36
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I opened a IRA in my kids name and contribute to it for her. I do her taxes so it gives her a tax break and establishes a investment. She doesn't make very good money. She is extremely thrifty but afraid to invest so she just puts her money into a savings acct.
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04-14-2021, 02:25 PM
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#83
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Feb 2013
Posts: 9,358
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Quote:
Originally Posted by wdwwildbill
I don't post much here but do take in all words of wisdom. I still work as a laborer and DW and I have always struggled to put what we can towards our retirement. Anything we have will be what we saved and maybe a small amount of SSi . Our plan was moving along and on schedule until,,, adult son got very ill and is now disabled. He will never work again and as of now lives with us and requires tons of meds and drs.
So remember plans can change in 1 second as now our goal is to make sure he will have enough to survive after we are gone...
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Sorry to hear about your son. It is good he has parents like you to care for him. Friends of ours have a disabled great-grandson who wasn't even born yet when they retired, which has also given me food for thought about saving for the unexpected.
John Robbins eschewed his family's ice cream money, made his own fortune as an environmental author, then lost his book proceeds in the Bernie Madoff scam. He had been putting most of that money away for twin, special needs grandchildren who were born prematurely and have extensive medical bills. Link: https://www.reuters.com/article/us-b...64N2I520100524
__________________
Even clouds seem bright and breezy, 'Cause the livin' is free and easy, See the rat race in a new way, Like you're wakin' up to a new day (Dr. Tarr and Professor Fether lyrics, Alan Parsons Project, based on an EA Poe story)
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04-14-2021, 06:34 PM
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#84
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Thinks s/he gets paid by the post
Join Date: Jun 2017
Location: Western NC
Posts: 4,633
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Quote:
Originally Posted by KrisS
We often frame this issue as a logical one with the answer pivoting on planning and forecasting. In all honesty, it's actually an emotional issue for most people who have achieved this level of wealth. "Bag lady syndrome" (at least that is what we call it) or the fear of ending up broke is very common. It's friend, "what will happen to it when i'm gone" is just another version of it (and often a reflection of one's own feelings and issues about money).
One does the math (a lot of times in many cases as a tool to contain the fear). The math, and simple logic, says one has a vanishingly small chance of losing it all. So why does the (outsized) fear persist?? How is this fear shaping my choices? What would I do (or not do) if this fear was proportional to the risk? And, most importantly, what do I want to do differently??
One may not like to use the word "fear", so it is simply a matter of picking another word that works and go with it.
Net net, it's as important to acknowledge and do the emotional work as it is the financial planning IMO.
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I think DW's grandparents got it right.
They owned & ran a dairy farm, their only real asset...when they retired in their 60s they divvied it up (separate deeds) between their children, but continued living there until their late 80s...IIRC, granddad went from home to hospital then directly to the funeral home.
But grandma lived for several more years in the walk-out basement (one level) at her youngest daughter's home...daughter & son-in-law had built the home & designed the basement (originally the family den) with that flexibility in mind, including a wet bar that got reconfigured into a kitchenette.
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04-15-2021, 06:03 PM
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#85
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Thinks s/he gets paid by the post
Join Date: Mar 2017
Posts: 1,659
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I've promised myself that I'll transfer a minimum of 3% of our retirement assets every year to our checking account to spend, with no worrying, and no trying to save it.
We will be just above that for 2021.
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04-15-2021, 08:37 PM
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#86
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Thinks s/he gets paid by the post
Join Date: Jan 2005
Posts: 3,532
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Quote:
Originally Posted by wdwwildbill
I don't post much here but do take in all words of wisdom. I still work as a laborer and DW and I have always struggled to put what we can towards our retirement. Anything we have will be what we saved and maybe a small amount of SSi . Our plan was moving along and on schedule until,,, adult son got very ill and is now disabled. He will never work again and as of now lives with us and requires tons of meds and drs.
So remember plans can change in 1 second as now our goal is to make sure he will have enough to survive after we are gone...
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I am sorry to hear about your son becoming disabled. He might qualify for disability benefits on his own work record or if he wasn't able to work long enough, then he might qualify for Supplemental Security Income for the disabled. Also, he might qualify as an Disabled Adult Child on one of his parent's records when the parent starts receiving social security, if he became disabled before age 22 and is unmarried. You should check into these programs for him through the Social Security Administration, if you have not done so. Good Luck.
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04-16-2021, 04:44 PM
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#87
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Thinks s/he gets paid by the post
Join Date: Jul 2003
Location: Pasadena CA
Posts: 3,346
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Quote:
Originally Posted by ncbill
I think DW's grandparents got it right.
They owned & ran a dairy farm, their only real asset...when they retired in their 60s they divvied it up (separate deeds) between their children, but continued living there until their late 80s...IIRC, granddad went from home to hospital then directly to the funeral home.
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Sorry if this is a hijack,
Glad it worked for them. My grandfather had a dairy farm in Wisconsin, spent some summers up from Chicago visiting him or the uncles, none of which took up farming. Met a few happy farmers and could appreciate aspects of the life but just shoot me before ever becoming a DAIRY farmer, there is just no let up. Other farmers worked hard in their seasons and enjoyed their downtime (ice fishing?) but there is no downtime with dairy farming.
__________________
T.S. Eliot:
Old men ought to be explorers
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04-17-2021, 04:39 PM
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#88
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Thinks s/he gets paid by the post
Join Date: Jun 2017
Location: Western NC
Posts: 4,633
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Quote:
Originally Posted by yakers
Sorry if this is a hijack,
Glad it worked for them. My grandfather had a dairy farm in Wisconsin, spent some summers up from Chicago visiting him or the uncles, none of which took up farming. Met a few happy farmers and could appreciate aspects of the life but just shoot me before ever becoming a DAIRY farmer, there is just no let up. Other farmers worked hard in their seasons and enjoyed their downtime (ice fishing?) but there is no downtime with dairy farming.
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Yep, after doing all that work while growing up the kids now just lease the land to other farmers to meet the minimum annual revenue required in our state to qualify as a farm.
With that designation property taxes are only charged on the residence & the land it occupies...other buildings, land, equipment continue to be exempt.
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