Retirement thoughts Past Present Future

[MossRoad]

We converted our standard IRAs to ROTH IRAs so long ago, I can't remember the year. We did it within a month or two of when it became legal to do so. I think it was late 90s or early 2000s.

 

[deserteagle71]

I have never noticed slow wait times personally but have seen those around me that use the VA being subjected to long, long waits, even to get appointments scheduled. Medicare is my Primary followed by retiree coverage. I have not told anyone about also being covered by the VA because it could really screw things up.

They supposedly "fixed" the problems with VA medical care a couple years ago but you'd never know it by me. Not long ago I got a letter from the VA stating that they hadn't seen me in a while and that I needed to call and set up an appointment. They were right - it had been a while - so I called the number they provided...and called...and called...and called. Called I don't know how many times. No one ever answered. After many rings a recording would come on telling me that no one was available to take my call and to call back later when they weren't so busy.

For those who advocate for universal medical care provided by the government I say "Oh, yes, just like the excellent (unavailable) medical care provided by the VA".

 

[buckeyefarmer]

You get same non response calling other government agencies.

 

[scaredychicken]

After 26.5 years in Community Corrections (Probation, Bail, Parole, Young Offender Supervision), I left that career in 2013 at the age of 48, in order to focus on needs at home ... caregiver for wife's health issues primarily, hobby farming, and my taxes / bookkeeping (home office). I had no idea what to expect, and as difficult as that was, it was the right thing to do. I went back to school (part time, casual) and completed a Business Administration Diploma (2016) in order to have some current credentials.

Now at 57 yrs old, we are managing our new semi-retired lifestyle with my government pension (since 2020), my disability pension (since 2018), some minimal rental income, proceeds from egg sales, and my home office efforts.

As far as Retirement Funding, I need to get back at the RRSPs and TFSA (Tax Free Savings Account) - that is the next goal.

The house, cars, most other things are paid off. We have some incidental debts, including a significant HELOC from the suddenly required home accessibility renovation that was done in 2015. I have managed to sell off a few vehicles in the last 2 years, making some extra cash. Our 3 children are now independent, and not too far away.

We won't be "rich", but we will do our best to be comfortable.

 

[Gale Hawkins]

After 26.5 years in Community Corrections (Probation, Bail, Parole, Young Offender Supervision), I left that career in 2013 at the age of 48, in order to focus on needs at home ... caregiver for wife's health issues primarily, hobby farming, and my taxes / bookkeeping (home office). I had no idea what to expect, and as difficult as that was, it was the right thing to do. I went back to school (part time, casual) and completed a Business Administration Diploma (2016) in order to have some current credentials.

Now at 57 yrs old, we are managing our new semi-retired lifestyle with my government pension (since 2020), my disability pension (since 2018), some minimal rental income, proceeds from egg sales, and my home office efforts.

As far as Retirement Funding, I need to get back at the RRSPs and TFSA (Tax Free Savings Account) - that is the next goal.

The house, cars, most other things are paid off. We have some incidental debts, including a significant HELOC from the suddenly required home accessibility renovation that was done in 2015. I have managed to sell off a few vehicles in the last 2 years, making some extra cash. Our 3 children are now independent, and not too far away.

We won't be "rich", but we will do our best to be comfortable.

Thanks for sharing your path. The company below talks about taxes in retirement as our largest retirement expense. Turning 72 next year and facing forced income taxes is getting my attention refocused.

Covid long-term effects messed with my my ability to focus on retirement money management for all of 2021. Resolving then preventing life threatening blood clots became Job #1. Realizing taxes in retirement can be one's major expense really shocked me.

Your focus on your wife health is impressive.

 

[dmccarty]

Thanks. I can see this is an ASAP decision. I was thinking tax planning is over when you retire.

With RMD from retirement funds, I am not sure tax planning ever ends. We are not retired, and depending on the reality at retirement time, we will be making decisions to minimize taxes later. Almost certainly, we will try to take out more money from the retirement funds than we need to spend and reinvest the excess. This will minimize the money in the funds when RMDs hit. Course, this has to be balanced by tax rates, markets, spending, etc.

 

[JethroB]

Vanguard has a service or option called Min Tax (Minimum Tax). When I make a withdrawal the service or computer analyzes my holdings to sell in the most tax efficient manner possible. I figure that goes a long way to offset the management fees.

 

[Gale Hawkins]

Sounds like a sweet spot to convert traditional retirement accounts to Roth accounts is in the making perhaps.

Economist David Rosenberg predicts the S&P 500 will crash a further 17%, and says we're currently 'reliving the summer of 2008'

"The past two years represented a fake bull market built on sand, not concrete," the founder of Rosenberg Research said in an op-ed on Monday.

markets.businessinsider.com

 

[9973720wb19]

We became debt free 9 years ago. I just turned 45 yesterday. I have a goal to be able to retire at 55. Whether I exercise that option, is another question. It’s difficult to leave a job that you work 12 days per month. Who knows?

Debt free is the key!

 

[Jstpssng]

You get same non response calling other government agencies.

You also could have just said "You get same non response calling other agencies."