"Has anyone figured out what it is about your job that is killing people so young? Is it just stress-related? "
The company does not release data about why we are dying so young, but we sometimes get to read it in the obituaries. Many cases of melanoma, brain tumors, brain cancer, heart issues, random cancers, unusual lung diseases like infections and mesothelioma. I suspect it has much to do with flying with a potpourri of hazardous materials ten feet away, while either being exposed to radiation during the day (20 min in the cockpit= one hour in a tanning bed), or if during the night, staying up all night really abuses your body.
But I do not think it is stress related at all. Unfortunately, we are too young to retire.
Oh well, we figure the best we can do is back off work, and reduce our schedule. Thatâs got to help. And we do like our jobs.
My husband was just reading that stress is the number one killer in the US, and it seems like there are a lot of people on this forum who have way too much stress in their lives. If someone with a stressful job can reduce their hours, that seems well worth the effort. Kind of practicing for retirement, I guess.
We are practicing retirement this week, working only one day this week. But it also comes with practicing living on retiree income. I donât get paid if I donât show up to work. Look forward to tax time because I know I wonât be paying much, at least itâs a positive thought.
No we have a few doctors appointment to go to. We go some where when kid #2 finish with her finals. But seriously, not going to work is like a vacation to us.
Thanks @notrichenough for the Forbes link for RMD tables for IRAs. That all has me thinking about tax planning and contingencies. I also went on and used some of the Forbes links to some pertinent things for our family. And gives me info for questions for our next financial planner meeting with Don.
Ran into an article about Suze Orman and her PBS special last year. Another article went into the details on how she handled her mother Ann moving to AL in FL at age 90 and Suze/spouse relocated to FL so they could see Ann every day. Suze paid $25K/mo over last two years of Annâs life for around the clock care, and says she was lucky she could afford to do so. This relates to the other recent PBS caring for parents show where a lady talked about her mom going through $500K of assets, and they were still worrying about how to continue paying and having proper care for her mom.
Although I donât agree with everything Suze or Dave Ramsey say/do, I do gain insight on what to do for my family.
.I have also looked at RMDs. I still have a few years to go, but when I am forced to make IRA withdrawals, AND we start collecting our maximum social security at age 70, we will suddenly have to worry about income tax, both state and federal. I guess it will be a nice problem to have. I also agree with the questionable value of a non deductible IRA (or even a deductible IRA for that matter) when you are converting capital gain and/or dividend income inside the IRA into ordinary income when you withdraw it. I was using an online calculator to figure RMDs until I saw how the IRS calculates them by giving you a âdivisorâ. At age 70.5 the magic number is â27.4â, so you simply divide your IRA balance by 27.4 to calculate your RMD. An example: $2mm divided by 27.4 = $72,992.70. Also, dividing by 27.4 is the same as multiplying by 1/27.4 = 3.65% . The divisor drops each year, which makes for a higer percentage each year. At age 80 it is 18.7. 1/18.7 = 5.35%. Not quite SAT level math. My first introduction to RMDs occurred when my mother in law forgot to make one of hers. The penalty (eventually forgiven) was huge, and I was furious. It is such a tax trap, designed especially for aging, increasingly forgetful seniors!
âThe penalty (eventually forgiven) was huge, and I was furious. It is such a tax trap, designed especially for aging, increasingly forgetful seniors!â
That also enrages me. It is so punitive, that it seems designed to steal money from seniors.
I can think of several reasons why these might still be desirable or advantageous:
potentially decades of tax-deferred growth, which is then taxed at (hopefully) lower rates when you are retired than when you are working
depending on what you invest in, taxable investments can throw off short-term capital gains or interest, which is taxed as ordinary income, so there is no advantage
by putting the money in an IRA I think you are less likely to raid it for something else, so it is more likely to still be there when you retire
it won't be counted as an asset for FA purposes. If being in a taxable account costs you free financial aid dollars, you lose up to 5.64% per college year. With two kids, this could add up to almost 40% of the account.
Mostly it comes down to tax rates. I think for many people their ordinary income tax rate in retirement may be less than the LTCG rate when they were working. Itâs also difficult to calculate what the benefit is of a long period of tax-deferred growth because so much depends on how you invest it.
I just talked to my brother and he said he knows one guy who had been laid off for a few years and applied to his old company and got basically a retirement job. Companies are moving jobs back here and people donât want to move to California. So maybe after I retire for 1 year I might take a job like that so I can stay busy, not bored. Iâm not the volunteer type except when my kids were younger. Provide the commute is not like what I have, that is doable. They are hiring but I have about 6 months before I can go. Iâm sure there are other jobs like that when I retire. Maybe this is why there are articles in the news to say baby boomers never retire.
My sister is already in retirement phase job, she gets a 6-month contract in the city she bought her house. She refuses to take any job outside of this city. She had exactly one month off, not long.
Anybody here is thinking of this working situation?
I am viewing our Roth IRA money to be able to be spent in years when we want to keep below a certain tax threshold but still need to pull out money from somewhere. Read today about leftover Roth IRA money being taxable when inherited by non-spouse. Yikes, want to keep the govât hands off money we have already paid taxes onâŠ
It is getting more complicated to making âcorrect decisions and choicesâ. You can try to work out variables, but some (like death) is usually out of our control.
I think Suze with around the clock care had âthe bestâ for her momma. When you have millions, that was a small expenditure for an important person in her life. I doubt anyone can truly ârip offâ Suze at this point in her life and her knowledge base.
Can you provide a link? I donât believe this is correct.
My understanding is that you have to start taking RMDs from the inherited Roth within a year or so, or have taken all the money out within 5 years if you donât do the RMD, but none of the withdrawals are taxable.
OK, I read the part about the withdrawal schedule on that Forbes link, and jumped to the conclusion that these withdrawals would be taxed - so if you follow the schedule, the Roth IRA inherited withdrawals are not taxed? Whew!
I will convert my money to Vanguard when I retire. But is there some reservation with Vanguard. I know HImom wrote something about her reason for not liking Vanguard.
Fidelity offers a similar service - you can request annual, quarterly, or monthly payments, and can specify which assets will be liquidated for the distribution.
Schwab also offers this, I would guess every major brokerage offers a similar service.
