Would recommend against unless whatever amount you can commit can stay there for a long time and you have no interest in moving it to something more profitable if interest rates change or another potentially lucrative investment opportunity presents itself. If you’re okay parking it and forgetting about it other than the check it generates, go for it.
agreed...just avoid annuities inside a retirement account. I see some of those being recommended and it doesn't make sense to me. It's like having a suitcase inside a suitcase.
as long as the time commitment is there the returns can be great
Remember the Thomas Nine !! (10/02/2018) The Golden Age is 2 months away. And guess what….. you’re gonna love it! (teskeinc 11.19.24)
1998: Noblesville; 2003: Noblesville; 2009: EV Nashville, Chicago, Chicago 2010: St Louis, Columbus, Noblesville; 2011: EV Chicago, East Troy, East Troy 2013: London ON, Wrigley; 2014: Cincy, St Louis, Moline (NO CODE) 2016: Lexington, Wrigley #1; 2018: Wrigley, Wrigley, Boston, Boston 2020: Oakland, Oakland:2021: EV Ohana, Ohana, Ohana, Ohana 2022: Oakland, Oakland, Nashville, Louisville; 2023: Chicago, Chicago, Noblesville 2024: Noblesville, Wrigley, Wrigley, Ohana, Ohana; 2025: Pitt1, Pitt2
Would recommend against unless whatever amount you can commit can stay there for a long time and you have no interest in moving it to something more profitable if interest rates change or another potentially lucrative investment opportunity presents itself. If you’re okay parking it and forgetting about it other than the check it generates, go for it.
agreed...just avoid annuities inside a retirement account. I see some of those being recommended and it doesn't make sense to me. It's like having a suitcase inside a suitcase.
as long as the time commitment is there the returns can be great
My Mom has an annuity right now that she opened over 12 years ago and she's been happy with it. But, like what's been said, a long-time commitment is probably the way to go and has worked out for her.
I don't have to decide anytime soon, but I do wonder if an annuity would be best for me in the future.
Retirement was basically thrown at me 7-10 years earlier than I had planned. But oh well, im alive and kicking. The last 2 years I have done plenty of research on how to make the money last. The best investments, the safest investments, the S&P, annuities, Cd's, high yield savings, etc. I'm pretty sure my wife and I will be able to live somewhat comfortable.
But I tell you, it's scary when you read about the American retirement situation as a whole. 50% of adult Americans do not have $500 in their savings account. THATS SCARY. So many people with no retirement savings, no 401k, no pension, just having to depend on their social security.
Plan ahead people!
That is all.
Agreed. With all the bullshit taught at schools it boggles my mind that basic financial classes aren’t part of a mandatory high school curriculum.
I agree with that, as far as education. It would certainly give people an idea of what needs to be done in order to make the money last. People make their own choices in life, and are content, at the time, with those choices. I have a whole group of friends who will work until they pass away, all because of their choices. They really didn't care about savings, or 401k's, or pensions. They worked construction, their own businesses, and now at 64-70 years old, they will continue working. But again, it was their choice.
Agreed. People will always make their own choices, for better or worse. But it’d be nice to give everyone a chance by educating them on the basics of Credit cards, credit score, mortgages, interest rates, 401ks, dividends and general information on the stock market as a whole.
I'm doing something at the age of 60 that most people highly frown upon. I'm pretty sure I'm selling my house and going to rent. And before anyone tells me I'm nuts, I can go over the facts and figures, and give my argument to how I will make more money with all that money I make on the house, sitting in various accounts. More than I would if I sat in the house for another 5-10 years. Call me crazy. But I know how much equity I've made in 15 years, and how much I would make investing for 15 years. I also know how much I've paid in property taxes for 15 years, and interest on my mortgage for 15 years. Equity? My ass Hahaha
Not crazy at all. Property Tax, insurance and basic maintenance of a property might cost you more depending on where you are. It’s exhausting and expensive maintaining a property.
Yup. I wouldn’t mind downsizing to an apartment/rented condo when I retire within the next decade….bit I still have to get my wife to agree.
I have always rented. Yeah, I could have paid for a house by now with all the rent I've paid, but it doesn't bother me one bit. I know exactly what my living expenses are each year. I don't spend any time maintaining the property, lining up contractors to fix stuff, etc... No paying for a new roof, water heater, driveway, etc.... I leave on vacation and don't have to think twice about it.
I'm sure I've left some net equity on the table, and if I could have predicted the housing boom I may have considered it, but the freedom of not being tied to home feels damn good.
Retirement was basically thrown at me 7-10 years earlier than I had planned. But oh well, im alive and kicking. The last 2 years I have done plenty of research on how to make the money last. The best investments, the safest investments, the S&P, annuities, Cd's, high yield savings, etc. I'm pretty sure my wife and I will be able to live somewhat comfortable.
But I tell you, it's scary when you read about the American retirement situation as a whole. 50% of adult Americans do not have $500 in their savings account. THATS SCARY. So many people with no retirement savings, no 401k, no pension, just having to depend on their social security.
Plan ahead people!
That is all.
Agreed. With all the bullshit taught at schools it boggles my mind that basic financial classes aren’t part of a mandatory high school curriculum.
I agree with that, as far as education. It would certainly give people an idea of what needs to be done in order to make the money last. People make their own choices in life, and are content, at the time, with those choices. I have a whole group of friends who will work until they pass away, all because of their choices. They really didn't care about savings, or 401k's, or pensions. They worked construction, their own businesses, and now at 64-70 years old, they will continue working. But again, it was their choice.
Agreed. People will always make their own choices, for better or worse. But it’d be nice to give everyone a chance by educating them on the basics of Credit cards, credit score, mortgages, interest rates, 401ks, dividends and general information on the stock market as a whole.
I'm doing something at the age of 60 that most people highly frown upon. I'm pretty sure I'm selling my house and going to rent. And before anyone tells me I'm nuts, I can go over the facts and figures, and give my argument to how I will make more money with all that money I make on the house, sitting in various accounts. More than I would if I sat in the house for another 5-10 years. Call me crazy. But I know how much equity I've made in 15 years, and how much I would make investing for 15 years. I also know how much I've paid in property taxes for 15 years, and interest on my mortgage for 15 years. Equity? My ass Hahaha
Not crazy at all. Property Tax, insurance and basic maintenance of a property might cost you more depending on where you are. It’s exhausting and expensive maintaining a property.
Yup. I wouldn’t mind downsizing to an apartment/rented condo when I retire within the next decade….bit I still have to get my wife to agree.
I have always rented. Yeah, I could have paid for a house by now with all the rent I've paid, but it doesn't bother me one bit. I know exactly what my living expenses are each year. I don't spend any time maintaining the property, lining up contractors to fix stuff, etc... No paying for a new roof, water heater, driveway, etc.... I leave on vacation and don't have to think twice about it.
I'm sure I've left some net equity on the table, and if I could have predicted the housing boom I may have considered it, but the freedom of not being tied to home feels damn good.
As a non-handy guy with not a ton of spare change, I think if we didn’t have kids, I would have wanted to stay in an apartment. So much easier, so much less maintenance.
No “who’s gonna water the flowers while we’re gone?” and all that shit.
"Oh Canada...you're beautiful when you're drunk" -EV 8/14/93
It is not just the equity you leave on the table. It is the mortgage interest tax deduction during the first ten years that puts more money in your pocket. Enough to buy cars and fund accounts for the kids and retirement. Then you sell it and have more liquidity. But if you are saving enough then it may be a wash. It's all in the numbers. Buying was actually cheaper than renting for my wife and I. We have a 2,000 sq. ft. condo 35 miles north of NYC. Very little maintenance and reasonable HOA fees. When we sell we will have more than enough to fund retirement. And we do not have any flowers LOL, just a few plants that seem to survive when we go away.
It is not just the equity you leave on the table. It is the mortgage interest tax deduction during the first ten years that puts more money in your pocket.
That deduction was kind of rendered moot for average folks when they upped the deduction amounts in 2017, I think it was. Made itemizing not necessary for a lot of people.
It is not just the equity you leave on the table. It is the mortgage interest tax deduction during the first ten years that puts more money in your pocket.
That deduction was kind of rendered moot for average folks when they upped the deduction amounts in 2017, I think it was. Made itemizing not necessary for a lot of people.
Yes but it still made sense for us. Always itemize. If you make less than 1m, it is most likely they will not come after you.
It is not just the equity you leave on the table. It is the mortgage interest tax deduction during the first ten years that puts more money in your pocket.
That deduction was kind of rendered moot for average folks when they upped the deduction amounts in 2017, I think it was. Made itemizing not necessary for a lot of people.
Yes but it still made sense for us. Always itemize. If you make less than 1m, it is most likely they will not come after you.
Mortgage interest is reported to the IRS so they won't come after you for itemizing unless you deduct more than reported.
Just remember that only $750K in debt is allowable. So right now there is a limit on mortgage interest and a cap on state tax (at $10K).
Remember the Thomas Nine !! (10/02/2018) The Golden Age is 2 months away. And guess what….. you’re gonna love it! (teskeinc 11.19.24)
1998: Noblesville; 2003: Noblesville; 2009: EV Nashville, Chicago, Chicago 2010: St Louis, Columbus, Noblesville; 2011: EV Chicago, East Troy, East Troy 2013: London ON, Wrigley; 2014: Cincy, St Louis, Moline (NO CODE) 2016: Lexington, Wrigley #1; 2018: Wrigley, Wrigley, Boston, Boston 2020: Oakland, Oakland:2021: EV Ohana, Ohana, Ohana, Ohana 2022: Oakland, Oakland, Nashville, Louisville; 2023: Chicago, Chicago, Noblesville 2024: Noblesville, Wrigley, Wrigley, Ohana, Ohana; 2025: Pitt1, Pitt2
It is not just the equity you leave on the table. It is the mortgage interest tax deduction during the first ten years that puts more money in your pocket.
That deduction was kind of rendered moot for average folks when they upped the deduction amounts in 2017, I think it was. Made itemizing not necessary for a lot of people.
Yes but it still made sense for us. Always itemize. If you make less than 1m, it is most likely they will not come after you.
Mortgage interest is reported to the IRS so they won't come after you for itemizing unless you deduct more than reported.
Just remember that only $750K in debt is allowable. So right now there is a limit on mortgage interest and a cap on state tax (at $10K).
It worked for us, we got large refunds for the first ten years. But I guess that was 2007-2017. Our mortgage was under 750K. We always itemize as we have many expenses that are deductible, such as the child tax credit and unreimbursed medical expenses.
I wish mortgage interest was tax deductible in Canada. I suppose our upside on our homes, is principle residence's are completely exempt from Capital Gains.
It is not just the equity you leave on the table. It is the mortgage interest tax deduction during the first ten years that puts more money in your pocket.
That deduction was kind of rendered moot for average folks when they upped the deduction amounts in 2017, I think it was. Made itemizing not necessary for a lot of people.
Yes but it still made sense for us. Always itemize. If you make less than 1m, it is most likely they will not come after you.
Mortgage interest is reported to the IRS so they won't come after you for itemizing unless you deduct more than reported.
Just remember that only $750K in debt is allowable. So right now there is a limit on mortgage interest and a cap on state tax (at $10K).
It worked for us, we got large refunds for the first ten years. But I guess that was 2007-2017. Our mortgage was under 750K. We always itemize as we have many expenses that are deductible, such as the child tax credit and unreimbursed medical expenses.
I hope you aren't deducting your child tax credit as an itemized deduction lol
Remember the Thomas Nine !! (10/02/2018) The Golden Age is 2 months away. And guess what….. you’re gonna love it! (teskeinc 11.19.24)
1998: Noblesville; 2003: Noblesville; 2009: EV Nashville, Chicago, Chicago 2010: St Louis, Columbus, Noblesville; 2011: EV Chicago, East Troy, East Troy 2013: London ON, Wrigley; 2014: Cincy, St Louis, Moline (NO CODE) 2016: Lexington, Wrigley #1; 2018: Wrigley, Wrigley, Boston, Boston 2020: Oakland, Oakland:2021: EV Ohana, Ohana, Ohana, Ohana 2022: Oakland, Oakland, Nashville, Louisville; 2023: Chicago, Chicago, Noblesville 2024: Noblesville, Wrigley, Wrigley, Ohana, Ohana; 2025: Pitt1, Pitt2
I wish mortgage interest was tax deductible in Canada. I suppose our upside on our homes, is principle residence's are completely exempt from Capital Gains.
Ours are exempt on gains up to $500K joint, $250K single
It's odd that there is a deduction for mortgage interest and not rent on the federal side. I remember being able to deduct personal interest as well. It's certainly nice not having to chase down interest paid on autos, credit cards, etc., anymore.
Remember the Thomas Nine !! (10/02/2018) The Golden Age is 2 months away. And guess what….. you’re gonna love it! (teskeinc 11.19.24)
1998: Noblesville; 2003: Noblesville; 2009: EV Nashville, Chicago, Chicago 2010: St Louis, Columbus, Noblesville; 2011: EV Chicago, East Troy, East Troy 2013: London ON, Wrigley; 2014: Cincy, St Louis, Moline (NO CODE) 2016: Lexington, Wrigley #1; 2018: Wrigley, Wrigley, Boston, Boston 2020: Oakland, Oakland:2021: EV Ohana, Ohana, Ohana, Ohana 2022: Oakland, Oakland, Nashville, Louisville; 2023: Chicago, Chicago, Noblesville 2024: Noblesville, Wrigley, Wrigley, Ohana, Ohana; 2025: Pitt1, Pitt2
It is not just the equity you leave on the table. It is the mortgage interest tax deduction during the first ten years that puts more money in your pocket.
That deduction was kind of rendered moot for average folks when they upped the deduction amounts in 2017, I think it was. Made itemizing not necessary for a lot of people.
Yes but it still made sense for us. Always itemize. If you make less than 1m, it is most likely they will not come after you.
Mortgage interest is reported to the IRS so they won't come after you for itemizing unless you deduct more than reported.
Just remember that only $750K in debt is allowable. So right now there is a limit on mortgage interest and a cap on state tax (at $10K).
It worked for us, we got large refunds for the first ten years. But I guess that was 2007-2017. Our mortgage was under 750K. We always itemize as we have many expenses that are deductible, such as the child tax credit and unreimbursed medical expenses.
I hope you aren't deducting your child tax credit as an itemized deduction lol
It is on there somewhere. We file as married. My accountant handles it. I did get a letter in 2021 from the IRS asking for proof of the child care expenses. I sent them a letter and 38 pages of receipts. Matter closed.
It is not just the equity you leave on the table. It is the mortgage interest tax deduction during the first ten years that puts more money in your pocket.
That deduction was kind of rendered moot for average folks when they upped the deduction amounts in 2017, I think it was. Made itemizing not necessary for a lot of people.
Yes but it still made sense for us. Always itemize. If you make less than 1m, it is most likely they will not come after you.
Mortgage interest is reported to the IRS so they won't come after you for itemizing unless you deduct more than reported.
Just remember that only $750K in debt is allowable. So right now there is a limit on mortgage interest and a cap on state tax (at $10K).
It worked for us, we got large refunds for the first ten years. But I guess that was 2007-2017. Our mortgage was under 750K. We always itemize as we have many expenses that are deductible, such as the child tax credit and unreimbursed medical expenses.
I hope you aren't deducting your child tax credit as an itemized deduction lol
It is on there somewhere. We file as married. My accountant handles it. I did get a letter in 2021 from the IRS asking for proof of the child care expenses. I sent them a letter and 38 pages of receipts. Matter closed.
Yeah it's on your return but it's not an itemized deduction. That was hilarious to accounting nerds.
I had someone bring me their return a few years ago that was getting IRS notices. The guys wife was basically plugging charitable contributions to get the refund she wanted. Their income was like $150K and she was listing charitable at $60K. Total fucking red flag.
The IRS accepted the original return and then a year later sent a letter disallowing the deduction and billing them for the tax difference. By then she had done the same thing on the next return. Crazy shit and I bet it happens a lot.
Remember the Thomas Nine !! (10/02/2018) The Golden Age is 2 months away. And guess what….. you’re gonna love it! (teskeinc 11.19.24)
1998: Noblesville; 2003: Noblesville; 2009: EV Nashville, Chicago, Chicago 2010: St Louis, Columbus, Noblesville; 2011: EV Chicago, East Troy, East Troy 2013: London ON, Wrigley; 2014: Cincy, St Louis, Moline (NO CODE) 2016: Lexington, Wrigley #1; 2018: Wrigley, Wrigley, Boston, Boston 2020: Oakland, Oakland:2021: EV Ohana, Ohana, Ohana, Ohana 2022: Oakland, Oakland, Nashville, Louisville; 2023: Chicago, Chicago, Noblesville 2024: Noblesville, Wrigley, Wrigley, Ohana, Ohana; 2025: Pitt1, Pitt2
It is not just the equity you leave on the table. It is the mortgage interest tax deduction during the first ten years that puts more money in your pocket.
That deduction was kind of rendered moot for average folks when they upped the deduction amounts in 2017, I think it was. Made itemizing not necessary for a lot of people.
Yes but it still made sense for us. Always itemize. If you make less than 1m, it is most likely they will not come after you.
Mortgage interest is reported to the IRS so they won't come after you for itemizing unless you deduct more than reported.
Just remember that only $750K in debt is allowable. So right now there is a limit on mortgage interest and a cap on state tax (at $10K).
It worked for us, we got large refunds for the first ten years. But I guess that was 2007-2017. Our mortgage was under 750K. We always itemize as we have many expenses that are deductible, such as the child tax credit and unreimbursed medical expenses.
I hope you aren't deducting your child tax credit as an itemized deduction lol
It is on there somewhere. We file as married. My accountant handles it. I did get a letter in 2021 from the IRS asking for proof of the child care expenses. I sent them a letter and 38 pages of receipts. Matter closed.
Yeah it's on your return but it's not an itemized deduction. That was hilarious to accounting nerds.
I had someone bring me their return a few years ago that was getting IRS notices. The guys wife was basically plugging charitable contributions to get the refund she wanted. Their income was like $150K and she was listing charitable at $60K. Total fucking red flag.
The IRS accepted the original return and then a year later sent a letter disallowing the deduction and billing them for the tax difference. By then she had done the same thing on the next return. Crazy shit and I bet it happens a lot.
Yeah we do not get too aggressive with our deductions but we also know they really do not care about us. We are small potatoes.
Retirement was basically thrown at me 7-10 years earlier than I had planned. But oh well, im alive and kicking. The last 2 years I have done plenty of research on how to make the money last. The best investments, the safest investments, the S&P, annuities, Cd's, high yield savings, etc. I'm pretty sure my wife and I will be able to live somewhat comfortable.
But I tell you, it's scary when you read about the American retirement situation as a whole. 50% of adult Americans do not have $500 in their savings account. THATS SCARY. So many people with no retirement savings, no 401k, no pension, just having to depend on their social security.
Plan ahead people!
That is all.
Agreed. With all the bullshit taught at schools it boggles my mind that basic financial classes aren’t part of a mandatory high school curriculum.
I agree with that, as far as education. It would certainly give people an idea of what needs to be done in order to make the money last. People make their own choices in life, and are content, at the time, with those choices. I have a whole group of friends who will work until they pass away, all because of their choices. They really didn't care about savings, or 401k's, or pensions. They worked construction, their own businesses, and now at 64-70 years old, they will continue working. But again, it was their choice.
Agreed. People will always make their own choices, for better or worse. But it’d be nice to give everyone a chance by educating them on the basics of Credit cards, credit score, mortgages, interest rates, 401ks, dividends and general information on the stock market as a whole.
To me, this is crazy. I grew up in a lower-middle class family. My father was a hard-no with credit. Very austere. But I didn't learn anything. I remember getting in trouble for signing up for Columbia House and BMG but never told why.
School taught me nothing.
Through college and my early-mid 20s, I had to put my hand on a lot of burning stoves to figure out how damaging credit card debt is, and how compounding interest can work and all that. Luckily in my late 20s I read a couple beginners books on personal finance and have done pretty well since. I am clear with my 11 year old son, and have introduced him to concepts like credit card debt, savings, and compounding interest.
Its crazy schools dont teach this. Its like the biggest pillar in our society.
Retirement was basically thrown at me 7-10 years earlier than I had planned. But oh well, im alive and kicking. The last 2 years I have done plenty of research on how to make the money last. The best investments, the safest investments, the S&P, annuities, Cd's, high yield savings, etc. I'm pretty sure my wife and I will be able to live somewhat comfortable.
But I tell you, it's scary when you read about the American retirement situation as a whole. 50% of adult Americans do not have $500 in their savings account. THATS SCARY. So many people with no retirement savings, no 401k, no pension, just having to depend on their social security.
Plan ahead people!
That is all.
Agreed. With all the bullshit taught at schools it boggles my mind that basic financial classes aren’t part of a mandatory high school curriculum.
I agree with that, as far as education. It would certainly give people an idea of what needs to be done in order to make the money last. People make their own choices in life, and are content, at the time, with those choices. I have a whole group of friends who will work until they pass away, all because of their choices. They really didn't care about savings, or 401k's, or pensions. They worked construction, their own businesses, and now at 64-70 years old, they will continue working. But again, it was their choice.
Agreed. People will always make their own choices, for better or worse. But it’d be nice to give everyone a chance by educating them on the basics of Credit cards, credit score, mortgages, interest rates, 401ks, dividends and general information on the stock market as a whole.
To me, this is crazy. I grew up in a lower-middle class family. My father was a hard-no with credit. Very austere. But I didn't learn anything. I remember getting in trouble for signing up for Columbia House and BMG but never told why.
School taught me nothing.
Through college and my early-mid 20s, I had to put my hand on a lot of burning stoves to figure out how damaging credit card debt is, and how compounding interest can work and all that. Luckily in my late 20s I read a couple beginners books on personal finance and have done pretty well since. I am clear with my 11 year old son, and have introduced him to concepts like credit card debt, savings, and compounding interest.
Its crazy schools dont teach this. Its like the biggest pillar in our society.
It makes no sense! But I guess these lenders benefit from irresponsible and uninformed people. It’s sad.
I got very confused cause I was on a college basketball forum and they were talking about the need for personal finance classes for NIL athletes and everyone….then it’s a topic on the Pearl Jam forum….
I just asked my kids if they took anything and high school and they didn't. It does seem odd to not have something about basic finance, taxes, home ownership, etc.
Luckily none of my kids have had issues with credit cards. I worked on them pretty hard to never keep a balance on it.
Remember the Thomas Nine !! (10/02/2018) The Golden Age is 2 months away. And guess what….. you’re gonna love it! (teskeinc 11.19.24)
1998: Noblesville; 2003: Noblesville; 2009: EV Nashville, Chicago, Chicago 2010: St Louis, Columbus, Noblesville; 2011: EV Chicago, East Troy, East Troy 2013: London ON, Wrigley; 2014: Cincy, St Louis, Moline (NO CODE) 2016: Lexington, Wrigley #1; 2018: Wrigley, Wrigley, Boston, Boston 2020: Oakland, Oakland:2021: EV Ohana, Ohana, Ohana, Ohana 2022: Oakland, Oakland, Nashville, Louisville; 2023: Chicago, Chicago, Noblesville 2024: Noblesville, Wrigley, Wrigley, Ohana, Ohana; 2025: Pitt1, Pitt2
I just asked my kids if they took anything and high school and they didn't. It does seem odd to not have something about basic finance, taxes, home ownership, etc.
Luckily none of my kids have had issues with credit cards. I worked on them pretty hard to never keep a balance on it.
Your kids are lucky to have your guidance. Most do not, unfortunately.
the biggest thing for me with retirement is what to do with my time once I retire. Don't have kids and travel to sightsee is not really my thing. Can't imagine sitting around all day. Pearl Jam will be close to done by the time I'm ready to retire. So need to decide how to spend my time once I decide to retire. I'm probably still 7-10 years away from retirement so don't have to decide right now what I want to do. I just pray i get the opportunity to enjoy it once I do retire. My dad was set to retire and got cancer and died 1 year before he was going to retire. To this day it kills me that he got so close and didn't get to enjoy his later years.
the biggest thing for me with retirement is what to do with my time once I retire. Don't have kids and travel to sightsee is not really my thing. Can't imagine sitting around all day. Pearl Jam will be close to done by the time I'm ready to retire. So need to decide how to spend my time once I decide to retire. I'm probably still 7-10 years away from retirement so don't have to decide right now what I want to do. I just pray i get the opportunity to enjoy it once I do retire. My dad was set to retire and got cancer and died 1 year before he was going to retire. To this day it kills me that he got so close and didn't get to enjoy his later years.
How to occupy our time has been the easiest part of this retirement decision for my wife and I. We both love the Orlando area and have been vacationing there twice a year for 15 years. We will move there, and mainly enjoy the warm weather. We will be basically the same distance from the Gulf coast and the Atlantic coast. So I see many drives to the Ocean in our future. My wife has always loved to travel and has been all over Europe. I'm guessing trips to Italy, Germany, etc. will become a yearly adventure, or every 2 years.
A daily routine of relaxing at the pool, and venturing over to Epcot for some dinner, sounds fantastic to us. People can laugh and think we are foolish, but we love Disney.
The sun Trips to the Ocean Disney fun One trip a year......to who knows where.
I am ready for retirement.
Take me piece by piece..... Till there aint nothing left worth taking away from me.....
the biggest thing for me with retirement is what to do with my time once I retire. Don't have kids and travel to sightsee is not really my thing. Can't imagine sitting around all day. Pearl Jam will be close to done by the time I'm ready to retire. So need to decide how to spend my time once I decide to retire. I'm probably still 7-10 years away from retirement so don't have to decide right now what I want to do. I just pray i get the opportunity to enjoy it once I do retire. My dad was set to retire and got cancer and died 1 year before he was going to retire. To this day it kills me that he got so close and didn't get to enjoy his later years.
Sorry about your dad. My dad’s quality of life stopped at 50. There is no guarantee that retirement will be filled with fun times and nice dinners. I hope to be retired by 52. Have no kids and not married, but I do love golf and travel. I want to retire while the body still works and travel/golf isn’t too tiring.
i think i will need to volunteer or work part time, because I am concerned by brain will turn to mush. It seems like the body really deteriorates when you don’t have a sense of purpose and keeping the brain stimulated.
Comments
as long as the time commitment is there the returns can be great
The Golden Age is 2 months away. And guess what….. you’re gonna love it! (teskeinc 11.19.24)
1998: Noblesville; 2003: Noblesville; 2009: EV Nashville, Chicago, Chicago
2010: St Louis, Columbus, Noblesville; 2011: EV Chicago, East Troy, East Troy
2013: London ON, Wrigley; 2014: Cincy, St Louis, Moline (NO CODE)
2016: Lexington, Wrigley #1; 2018: Wrigley, Wrigley, Boston, Boston
2020: Oakland, Oakland: 2021: EV Ohana, Ohana, Ohana, Ohana
2022: Oakland, Oakland, Nashville, Louisville; 2023: Chicago, Chicago, Noblesville
2024: Noblesville, Wrigley, Wrigley, Ohana, Ohana; 2025: Pitt1, Pitt2
I don't have to decide anytime soon, but I do wonder if an annuity would be best for me in the future.
Thanks for the feedback.
I'm sure I've left some net equity on the table, and if I could have predicted the housing boom I may have considered it, but the freedom of not being tied to home feels damn good.
-EV 8/14/93
Yes but it still made sense for us. Always itemize. If you make less than 1m, it is most likely they will not come after you.
Just remember that only $750K in debt is allowable. So right now there is a limit on mortgage interest and a cap on state tax (at $10K).
The Golden Age is 2 months away. And guess what….. you’re gonna love it! (teskeinc 11.19.24)
1998: Noblesville; 2003: Noblesville; 2009: EV Nashville, Chicago, Chicago
2010: St Louis, Columbus, Noblesville; 2011: EV Chicago, East Troy, East Troy
2013: London ON, Wrigley; 2014: Cincy, St Louis, Moline (NO CODE)
2016: Lexington, Wrigley #1; 2018: Wrigley, Wrigley, Boston, Boston
2020: Oakland, Oakland: 2021: EV Ohana, Ohana, Ohana, Ohana
2022: Oakland, Oakland, Nashville, Louisville; 2023: Chicago, Chicago, Noblesville
2024: Noblesville, Wrigley, Wrigley, Ohana, Ohana; 2025: Pitt1, Pitt2
It worked for us, we got large refunds for the first ten years. But I guess that was 2007-2017. Our mortgage was under 750K. We always itemize as we have many expenses that are deductible, such as the child tax credit and unreimbursed medical expenses.
The Golden Age is 2 months away. And guess what….. you’re gonna love it! (teskeinc 11.19.24)
1998: Noblesville; 2003: Noblesville; 2009: EV Nashville, Chicago, Chicago
2010: St Louis, Columbus, Noblesville; 2011: EV Chicago, East Troy, East Troy
2013: London ON, Wrigley; 2014: Cincy, St Louis, Moline (NO CODE)
2016: Lexington, Wrigley #1; 2018: Wrigley, Wrigley, Boston, Boston
2020: Oakland, Oakland: 2021: EV Ohana, Ohana, Ohana, Ohana
2022: Oakland, Oakland, Nashville, Louisville; 2023: Chicago, Chicago, Noblesville
2024: Noblesville, Wrigley, Wrigley, Ohana, Ohana; 2025: Pitt1, Pitt2
It's odd that there is a deduction for mortgage interest and not rent on the federal side. I remember being able to deduct personal interest as well. It's certainly nice not having to chase down interest paid on autos, credit cards, etc., anymore.
The Golden Age is 2 months away. And guess what….. you’re gonna love it! (teskeinc 11.19.24)
1998: Noblesville; 2003: Noblesville; 2009: EV Nashville, Chicago, Chicago
2010: St Louis, Columbus, Noblesville; 2011: EV Chicago, East Troy, East Troy
2013: London ON, Wrigley; 2014: Cincy, St Louis, Moline (NO CODE)
2016: Lexington, Wrigley #1; 2018: Wrigley, Wrigley, Boston, Boston
2020: Oakland, Oakland: 2021: EV Ohana, Ohana, Ohana, Ohana
2022: Oakland, Oakland, Nashville, Louisville; 2023: Chicago, Chicago, Noblesville
2024: Noblesville, Wrigley, Wrigley, Ohana, Ohana; 2025: Pitt1, Pitt2
It is on there somewhere. We file as married. My accountant handles it. I did get a letter in 2021 from the IRS asking for proof of the child care expenses. I sent them a letter and 38 pages of receipts. Matter closed.
I had someone bring me their return a few years ago that was getting IRS notices. The guys wife was basically plugging charitable contributions to get the refund she wanted. Their income was like $150K and she was listing charitable at $60K. Total fucking red flag.
The IRS accepted the original return and then a year later sent a letter disallowing the deduction and billing them for the tax difference. By then she had done the same thing on the next return. Crazy shit and I bet it happens a lot.
The Golden Age is 2 months away. And guess what….. you’re gonna love it! (teskeinc 11.19.24)
1998: Noblesville; 2003: Noblesville; 2009: EV Nashville, Chicago, Chicago
2010: St Louis, Columbus, Noblesville; 2011: EV Chicago, East Troy, East Troy
2013: London ON, Wrigley; 2014: Cincy, St Louis, Moline (NO CODE)
2016: Lexington, Wrigley #1; 2018: Wrigley, Wrigley, Boston, Boston
2020: Oakland, Oakland: 2021: EV Ohana, Ohana, Ohana, Ohana
2022: Oakland, Oakland, Nashville, Louisville; 2023: Chicago, Chicago, Noblesville
2024: Noblesville, Wrigley, Wrigley, Ohana, Ohana; 2025: Pitt1, Pitt2
Yeah we do not get too aggressive with our deductions but we also know they really do not care about us. We are small potatoes.
School taught me nothing.
Through college and my early-mid 20s, I had to put my hand on a lot of burning stoves to figure out how damaging credit card debt is, and how compounding interest can work and all that. Luckily in my late 20s I read a couple beginners books on personal finance and have done pretty well since. I am clear with my 11 year old son, and have introduced him to concepts like credit card debt, savings, and compounding interest.
Its crazy schools dont teach this. Its like the biggest pillar in our society.
same argument. Offered vs mandatory
-EV 8/14/93
Luckily none of my kids have had issues with credit cards. I worked on them pretty hard to never keep a balance on it.
The Golden Age is 2 months away. And guess what….. you’re gonna love it! (teskeinc 11.19.24)
1998: Noblesville; 2003: Noblesville; 2009: EV Nashville, Chicago, Chicago
2010: St Louis, Columbus, Noblesville; 2011: EV Chicago, East Troy, East Troy
2013: London ON, Wrigley; 2014: Cincy, St Louis, Moline (NO CODE)
2016: Lexington, Wrigley #1; 2018: Wrigley, Wrigley, Boston, Boston
2020: Oakland, Oakland: 2021: EV Ohana, Ohana, Ohana, Ohana
2022: Oakland, Oakland, Nashville, Louisville; 2023: Chicago, Chicago, Noblesville
2024: Noblesville, Wrigley, Wrigley, Ohana, Ohana; 2025: Pitt1, Pitt2
but obviously the public should be armed with all the tools necessary to mitigate those other circumstances.
-EV 8/14/93
A daily routine of relaxing at the pool, and venturing over to Epcot for some dinner, sounds fantastic to us. People can laugh and think we are foolish, but we love Disney.
The sun
Trips to the Ocean
Disney fun
One trip a year......to who knows where.
I am ready for retirement.
Till there aint nothing left worth taking away from me.....
i think i will need to volunteer or work part time, because I am concerned by brain will turn to mush. It seems like the body really deteriorates when you don’t have a sense of purpose and keeping the brain stimulated.